An aviation repair company recently filed a lawsuit in federal court in Florida seeking recovery from its insurance broker and Lloyds of London for their alleged failure to cover a purported loss of plane engines leased to a Mexican airline that were confiscated by the Mexican government. 

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Read More Aviation Repair Company Files Lawsuit to Recover for Alleged Total Loss of its Leased Plane Engines Due to Confiscation by the Mexican Government

From 1 April, amendments to the FSA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC) will extend the application of the so-called “common platform requirements” (SYSC 4 to 10) to all FSA-regulated firms other than insurers, managing agents and the Society of Lloyd’s. 

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Read More UK: Amendments to FSA’s Systems and Controls Regime

On March 18, 2009, U.S. Congressmen Gene Taylor (D-Miss.) and Peter DeFazio (D-Ore.) introduced the Insurance Industry Competition Act of 2009 (H.R. 1583).   H.R. 1583 seeks to amend the McCarran-Ferguson Act, 15 U.S.C. §§ 1011 et seq., by removing the federal antitrust exemption for the insurance industry. 

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Read More Legislation Introduced to Repeal Insurance Industry’s Antitrust Exemption

Earlier this month, Rep. Gene Taylor (D-Miss.) reintroduced legislation, the Multiple Peril Insurance Act of 2009 (H.R. 1264), into the House of Representatives that would amend the National Flood Insurance Program (“NFIP”) to allow homeowners to purchase multiperil insurance covering windstorm damage in addition to flood damage. 

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Read More Multiperil Bill Amending NFIP Reintroduced In House

The Financial Services Authority (FSA) published its much-anticipated review of global banking regulation on 18 March 2009. The review analyses the events that led to the financial crisis and recommends reform based on a “macro-prudential” approach rather than focussing solely on specific firms. 

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Read More UK: FSA Publishes Turner Review on Global Banking Regulation

On 13 March 2009, the application to quash the decision of the Secretary of State for Transport and the Secretary of State for Communities and Local Government to grant planning permission for the expansion of London’s Stansted airport was refused. 

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Read More UK: Stansted Passengers and Air Traffic Movements to Increase

On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) announced the release of an update (the “2009 Update”) to its 2008 assessment of state producer licensing laws, practices and processes (the “2008 Assessment”). 

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Read More NAIC Releases Update to Producer Licensing Assessment

The Medicare, Medicaid, and SCHIP Extension Act of 2007 (S. 2499) (the “Act”), signed into law late last year, contains a new mandatory reporting requirement for insurers covering medical expenses. 

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Read More New Medicare Reporting Requirement for Non-Group Health Plan Providers Effective July 1, 2009

The heirs of the victim of a 1996 terrorist attack in Israel who, in an earlier federal court proceeding, were recently awarded a judgment against Hamas for over $100 million for damages suffered as a result of the terrorist attack, recently filed a Petition seeking to satisfy the outstanding judgment from funds in a Hamas bank account in the New York branch of an Egyptian bank. 

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Read More Heirs of Terror Victim Seek to Satisfy Outstanding Judgment Against Hamas Using TRIA

Amafore, the Mexican pension fund industry association, announced recently that all Mexican pension fund managers (Afores) have agreed to invest only in local instruments in the coming year in an attempt to help ameliorate the ongoing deterioration of the country’s economy. 

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Read More Mexico: Pension Funds Agree to Invest Only in Mexican Instruments