On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”).  The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

…
Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision

In light of several recent aviation insurance claims, the question of whether specific planes and/or specific engines are more prone to incidents is becoming relevant to aviation underwriters. 

…
Read More Aviation Insurers Reportedly Remain Confident in Boeing 777 Engines

On 11 March 2009, the District Court of Hong Kong reached its decision in a landmark trial, convicting five defendants of a total of 12 charges of “insider dealing” under section 291 of the Securities and Futures Ordinance, Cap.571 (“SFO”). 

…
Read More HK: Landmark Trial on “Insider Dealing” in Hong Kong

Premiums on direct and reinsurance inward business in Hong Kong grew by over 11% in the first nine months of 2008, according to the latest figures available from the Office of the Commissioner of Insurance (OCI). 

…
Read More HK: Insurance Premiums and Registered Agents Increase but Underwriting Profits Suffer

In a market bulletin published on 5 March 2009, Lloyd’s announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009.

…
Read More UK: Changes Announced to Lloyd’s American Trust Fund (LATF)

The Court of Appeal has in Youell v La Reunion [2009] EWCA Civ 175 confirmed that, in light of the important West Tankers decision of the European Court of Justice, (see here) the arbitration exclusion to the Brussels I Regulation will be narrowly applied by the English courts. 

…
Read More UK: Court of Appeal Clarifies Narrow West Tankers Arbitration Exclusion – Youell v La Reunion

In September 2008, the New Jersey Legislature enacted Senate Bill 1165 (the “Act”) setting forth standards and procedures with respect to the direct solicitation of consumers regarding annuity products.  The Act is designed to prevent the fraudulent and misleading marketing of annuity products by insurers, brokers and agents, and to provide standards for the disclosure of information about such products to consumers. 

…
Read More New Jersey Issues Bulletin Regarding Annuity Form Filing and Suitability Requirements

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced last week that it has begun disapproving insurance rate filings made by automobile insurance companies that use insurance credit scoring as a factor in determining premium rates. 

…
Read More Michigan Regulators Disapprove Automobile Insurance Rate Filings Based on Insurance Scoring

As part of its ongoing review of insurance contract law, the Law Commission has recently published a policy statement on the passing of pre-contract information from consumer to insurer. 

…
Read More UK: Law Commission Publishes Policy Statement on Status of Intermediaries in Consumer Insurance Contract Law

On 11 March the Scottish Parliament voted to pass the Damages (Asbestos-related Conditions) (Scotland) Bill, previously reported here, which is intended to restore the right of claimants in Scotland to obtain compensation for pleural plaques. 

…
Read More UK: Compensation for Pleural Plaques in Scotland a Step Closer