Last week, the federal government revealed several new ideas in its continuing effort to simplify and reform the country’s healthcare system.
Connecticut Legislation Would Require Licensure or Registration of Third Party Administrators
By Troutman Pepper Locke on
On February 19, 2009, the Connecticut Committee on Insurance and Real Estate introduced House Bill 6529, An Act Concerning the Licensing and Regulation of Third Party Administrators (the “Bill”).
Up Close Look at Massachusetts’ New Data Security Regulations
Massachusetts has adopted final data security regulations that are now fully effective Jan. 1, 2010, and will affect almost every business in the state (and others outside Massachusetts), large and small, including law firms.
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House Overwhelmingly Passes Bill to Mandate Upfront Disclosure of Source of Injury Coverage Exclusions in Group Health Plans
By Troutman Pepper Locke on
H.R. 1253, the Health Insurance Restrictions and Limitations Clarification Act of 2009, was passed on March 31, 2009 in the House of Representatives by a vote of 422 to 3.
Global Insurance Research Organization Offers Guidance to G20 Members on Regulating the Insurance Industry
By Troutman Pepper Locke on
In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry.
EU: CEIOPS to Conduct a Fifth Quantitative Impact Study
By Troutman Pepper Locke on
The Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) will conduct a fifth quantitative impact study (QIS) in order to gather input for measures relating to the implementation of the Solvency II directive in 2012.
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BREAKING NEWS: Legislation Introduced for Federal Regulation of National Insurers and Producers
By Troutman Pepper Locke on
This morning, Representatives Melissa Bean, D-Ill., and Ed Royce, R-Calif., introduced the National Insurance Consumer Protection Act of 2009 (“NICPA”) in the House of Representatives. NICPA would establish a new system of federal regulation and supervision for insurers and insurance producers.
Chinese Drywall– Florida Department of Health Finds Corrosive Compound
By Troutman Pepper Locke on
Historically, builders used drywall (a/k/a sheetrock, gypsum board or wallboard) that was manufactured in the United States for residential construction. However, during the construction boom years of 2002-2007, a shortage of domestic drywall forced many builders to purchase product that was manufactured in China.
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UPDATE: Amended Surplus Lines Insurer Exemption Legislation Passed By Florida Senate Judiciary Committee
By Troutman Pepper Locke on
On April 1, 2009, the Florida Senate Judiciary Committee passed an amended Senate Bill 1894 (the “Amended Bill”) by a vote of 5-4. The Amended Bill, while differing in form, incorporated some of the concepts proposed by Senator Jeremy Ring (D) that we reported about here.
Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement
On March 30, 2009, Judge Lawrence M. McKenna granted UBS’s Motion to Dismiss a putative class action complaint filed against it by investors in Auction Rate Securities (ARS). This dismissal was based on Lead Plaintiffs having availed themselves of UBS’s offer to buy back the securities, as mandated by UBS’s settlement with state and federal regulators.
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