Earlier this month, the Michigan Office of Financial and Insurance Regulation (“OFIR”) announced that it would reject, on a case-by-case basis, all new homeowner’s insurance rate filing that use insurance credit scoring as a factor in setting premium discounts. The OFIR has taken the position that basing rates on consumer credit scores is unfairly discriminatory and does not result in reasonably anticipated reductions in losses or expenses.
Read More Michigan Court Stays Michigan Insurance Regulator’s Attempt to Ban the Use of Insurance Credit Scoring on a Case-by-Case Basis
Bermuda: Bermuda Monetary Authority (BMA), Regulatory Update, March 2009
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The BMA has recently issued a bulletin which reports on its recent activities and on recent developments affecting the financial sector, as well as the community generally. The bulletin includes the following regulatory update on the (re)insurance sector. …
Read More Bermuda: Bermuda Monetary Authority (BMA), Regulatory Update, March 2009
Bermuda: Continuing the Regulatory Changes
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
As part of its continued review and update of the regulatory system in Bermuda, the Bermuda Monetary Authority (BMA) has published three papers: a discussion paper on the implementation of a group-wide supervisory framework and a guidance note on Special Purpose Insurers, both published on 31 March 2009, and the road map to mutual recognition published 13 February 2009. …
Read More Bermuda: Continuing the Regulatory Changes
Montana Amends Captive Insurance Laws
By Troutman Pepper Locke on
Posted in Regulatory, United States
In an effort to entice more captive insurers to operate within its borders, Montana enacted a bill, HB 106 (the “Bill”), at the end of March that reduces the burdens for forming a captive insurer in the state. …
Read More Montana Amends Captive Insurance Laws
NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
By Troutman Pepper Locke on
On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes. …
Read More NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
Proposed Legislation Updates Several Aspects of Missouri Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this year, Missouri State Representative Brian Yates, Chairman of the Insurance Policy Committee of the Missouri House of Representatives, introduced H.B. 777 (or the “Bill”), which proposes changes to several aspects of insurance regulation in the State of Missouri. …
Read More Proposed Legislation Updates Several Aspects of Missouri Insurance Law
HK: Civil Justice Reform in Hong Kong
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
Litigators in Hong Kong are getting to grips with the shake up of its High Court Rules as a result of the recent Civil Justice Reform initiative (“CJR”). The changes came into force in Hong Kong on 2 April 2009. …
Read More HK: Civil Justice Reform in Hong Kong
China: Insurance Regulatory Update
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) has recently issued a Circular aimed at expanding the scope of domestic insurers’ bond investments and enhancing their internal risk management mechanisms (the “Circular”).
Government to Cut Payments to Medicare Advantage Insurers
By Troutman Pepper Locke on
Posted in Healthcare, United States
The federal government continues to make changes to the Medicare Advantage program, which allows private insurance companies to provide more than 10 million seniors with healthcare coverage.
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Read More Government to Cut Payments to Medicare Advantage Insurers
UK: Clarifying ‘Inherent Vice’
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The claimant insured held an ‘all risks’ policy with the defendant insurer. The insured claimed for a loss which it incurred when three legs from one of its oil rigs fell off as the rig was being towed from Texas to Malaysia.