This blog updates our September 24, 2008 posting.

The NAIC Financial Condition (E) Committee voted to adopt the reinsurance modernization and collateral proposal (the “Proposal”), which was approved by the Reinsurance Task Force earlier this week. 

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Read More NAIC Financial Condition (E) Committee Approves Reinsurance Modernization Proposal

President Bush and Congress came to terms this weekend on the $700 billion bailout bill designed to aid the struggling U.S. economy.  It is expected that the House of Representatives will vote on the “Emergency Economic Stabilization Act of 2008” (the “Act”) today, with the Senate to follow

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Read More BREAKING NEWS: Bailout Bill Terms Finalized, Congress Expected to Vote Today

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’

On September 16, 2008, the Florida Office of Insurance Regulation (OIR) announced that, in its capacity as the Financial Services Commission, the Florida Cabinet approved a rule permitting approved, unaccredited reinsurance companies to conduct business in Florida without posting 100% collateral. 

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Read More Florida Relaxes Collateral Rules for Unaccredited Reinsurers

“Given the turbulence affecting the financial services industry these days—including recent announcements concerning Lehman Brothers—you may be wondering what would happen to your securities account if your brokerage firm closed its doors.” 

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Read More FINRA Publishes Release Entitled “If a Brokerage Firm Closes Its Doors”

The Acquisitions Directive
HM Treasury and the FSA have published a joint CP entitled “Implementation of the Acquisitions Directive: a consultation document “.

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Read More UK: HM Treasury and the Financial Services Authority (FSA) publish a consultation paper (CP) on the Acquisitions Directive

Two federal district courts recently reached different results on the question whether a subpoena received by an insured constitutes a “claim” under an insurance policy. …
Read More Whether a Subpoena Is a “Claim” Depends on the Policy Language and the Nature of the Subpoena

On September 23, 2008, at the NAIC Fall meeting in National Harbor, Maryland, the Life Insurance and Annuities (A) Committee (the “Committee”) covered a number of issues with respect to viatical settlements.  Specifically, the Committee discussed whether it should revise the NAIC Viatical Settlement Model Act to incorporate provisions from the NCOIL Model Act to address, among other things, the issue of stranger initiated life insurance trusts. …
Read More NAIC Life Insurance and Annuities Committee Discussed Viatical Settlements

In Insurance Institute of Michigan, et al. v. Commissioner, No. 262385, 2008 WL 190394 (Mich. Ct. App., Aug. 21, 2008), the appellate court opinion of Presiding Judge Helen N. White vacated a lower court’s permanent injunction against regulations prohibiting the use of credit scores in home and auto insurance. …
Read More Michigan Court of Appeals Reinstates Regulations Prohibiting the Use of Credit Scoring in Home and Auto Insurance

On September 24, 2008, the National Association of Insurance Commissioners (“NAIC”) adopted a Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (the “Model Regulation”). …
Read More NAIC Adopts Model Regulation to Protect Seniors