The IPT Tribunal has ruled that an administration fee payable to Homeserve GB Limited (Homeserve), an FSA authorised insurance intermediary, is subject to IPT, notwithstanding that the fee was payable under an administration contract which was separate from the insurance policy.
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Financial Chaos Leads to the Hardening of Reinsurance Rates? At Least One Major Reinsurer Thinks So
By Troutman Pepper Locke on
A recent report by Munich Re stated that it believes the reinsurance market is hardening, due partly to the recent financial turmoil around the globe. …
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Florida Insurance Commissioner Rejects Workers’ Compensation Rate Filing
By Troutman Pepper Locke on
The National Council on Compensation Insurance (NCCI) proposes rates for workers’ compensation insurance in many states. Owing to a significant drop in claims frequency and reductions in the costs of claims, NCCI proposed to reduce the cost of workers’ compensation in Florida by 14.1 percent effective January 1, 2009. The increased reduction would save employers in Florida more than $610 million during 2009.
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SDNY Judge Transfers Coverage Dispute to California Based on Location of Witnesses and Events in the Underlying Action
By Troutman Pepper Locke on
A New York federal court recently held that a coverage action between former television producers and their insurers should be transferred from New York to California because the events involved in the underlying action occurred and a majority of the witnesses and evidence is located in California.
Brazil: SUSEP Issues Circular No. 126 Strengthening Vetting Requirements Before Purchase of Foreign Insurance
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued a circular imposing stricter vetting requirements upon Brazilian companies before they may purchase insurance from foreign insurers. …
Read More Brazil: SUSEP Issues Circular No. 126 Strengthening Vetting Requirements Before Purchase of Foreign Insurance
New York State Court: Insurer Waives Denial Grounds Not Specifically Asserted in its Notice of Disclaimer
By Troutman Pepper Locke on
A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter. …
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Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy
By Troutman Pepper Locke on
A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy.
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Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program
The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the “Program”) for insured losses at $100 billion.
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22nd Congress of Central American and Caribbean Insurers Comes to Close in Nicaragua
By Troutman Pepper Locke on
The XXII Congreso de Aseguradoras de Centroamerica y El Caribe took place this week in Managua, Nicaragua, with participation by nearly 300 representatives from insurers, reinsurers, regulators and industry associations. The event was hosted by the Asociacion Nicaraguense de Aseguradoras Privadas (ANAPRI), an autonomous association representing the individual insurance companies of Nicaragua. …
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Representative Neal Introduces Reinsurance Tax Legislation
Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete. H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
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