Mr McCreevy noted in a recent speech to the EUROFI Conference in Nice, that discussions on the proposed Solvency II Framework Directive have been progressing at an impressive rate in both the European Council and Parliament. 

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Read More EU/UK: Commissioner for Internal Markets, Charlie McCreevy, Updates the Market on Solvency II

As reported in our previous blog, the FSA has been focusing on the application of the Unfair Terms in Consumer Contracts Regulations (the Regulations) to consumer insurance policies and recently issued a statement regarding the use of the phrase “consequential loss” in consumer policy wordings (see: UK: FSA Published Statement Regarding Use of the Term “Consequential Loss”). …
Read More UK: FSA Obtains Undertaking from UK Insurance Limited in Relation to its Contracts for Travel Insurance Containing the Phrase “Consequential Loss”

A petition for damages recently filed in the Circuit Court of Missouri, St. Louis County, alleges that Doe Run Resources Corporation, one of the world’s largest lead producers, its related entities, and six Doe Run officers and directors released lead and other toxic substances from the company’s metallurgical complex in Peru, injuring numerous children. 

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Read More Petition Filed Against U.S. Natural Resources Company Accusing the Company and Certain Officers and Directors of Causing Injury to Peruvian Children

According to media reports, American International Group (AIG) is considering selling some or all of its Brazilian holdings as part of its strategy to repay the recent loan from the Federal Reserve Bank of New York. …
Read More Reports: AIG Considering Selling Brazilian Assets

On September 17, House of Representatives Speaker Nancy Pelosi (D-Ca.) removed H.R. 5840 from the legislative calendar.  As previously discussed here, the legislation would establish a federal Office of Insurance Information. 

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Read More House Removes H.R. 5840 from Consideration; Passes NARAB

As previously reported here, the National Flood Insurance Program (“NFIP”) is due to expire at the end of this month.  With the House of Representatives and Senate still at odds over key provisions, Rep. Barney Frank (D-MA) has introduced a bill, H.R. 6965, which would temporarily extend the NFIP for an additional seven months. …
Read More Congress Still Unable to Agree on NFIP, Considers Short-Term Extension

In an effort to aggressively counter the recent market crisis, the United States Securities & Exchange Commission and United Kingdom’s Financial Services Authority announced today that they have temporarily banned all short-selling in financial companies. …
Read More BREAKING NEWS: SEC AND FSA Ban Short-Selling in Financial Companies

Following the turbulent events on Wall Street in recent days, the Comité Européen des Assurances (CEA) has issued a statement proclaiming the relative health of the European insurance industry. 

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Read More EU: Following US Turmoil, CEA Issues Statement on European Insurers

The U.S. House of Representatives will take up a vote this week on legislation, H.R. 5840, which would create a federal insurance office that would be responsible for monitoring insurance markets. …
Read More U.S. House of Representatives to Vote on Creation of Federal Insurance Office