CEIOPS has published an issues paper on the supervisory review process and undertakings’ reporting requirements under Solvency II. (See: Issues Paper) The issues paper covers some of the main components of Pillar II (concerning the way supervisors conduct their reviews) and Pillar III (supervisory reporting and public disclosure) elements of the Solvency II regime. 

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Read More UK: The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Publishes an Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements Under Solvency II

During their convention, which ended on August 28, 2008, the Democratic National Committee presented a platform that includes the endorsement of a National Catastrophe Fund.  The platform specifically calls for “a National Catastrophic Insurance Fund to offer an affordable insurance mechanism for high-risk catastrophes that no single private insurer can cover by itself for fear of bankruptcy.” …
Read More Democratic National Committee Platform Endorses a National Catastrophe Fund

In a Technical Advice Memorandum (“TAM”) released by the IRS in July, the IRS determined that a large retailer’s purchase of warranty reimbursement policies from a related captive insurance subsidiary that reimburse the retailer for expenses incurred under its manufacturer’s warranty obligations did not constitute an insurable risk for federal tax purposes. …
Read More Purchase of Warranty Reimbursement Polices from an Affiliated Captive does not Create an Insurance Risk for Federal Tax Purposes

The Ninth Circuit recently reversed the California district court’s decision in the case of Northrop Grumman Corp. v. Factory Mutual Ins. Co. (click here to read our blog post about the district court’s decision and click here to read the Ninth Circuit’s opinion).  The Ninth Circuit held that Factory Mutual’s excess all risk policy’s flood exclusion was not ambiguous and served to exclude coverage for damage caused by Hurricane Katrina’s storm surge to the insured’s shipyards. 

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Read More Ninth Circuit Holds Flood Exclusion Clearly Barred Coverage for Katrina Storm Surge Losses

The U.S. Court of Appeals for the Second Circuit recently upheld the S.D.N.Y.’s decision to dismiss federal indictments against thirteen former KPMG executives for alleged tax-fraud after finding that federal prosecutors violated the KPMG executives’ constitutional rights. …
Read More Second Circuit Affirms Dismissal Of Indictments Against KPMG Executives

The Nevada Supreme Court recently held that Nevada’s willful self-injury exclusion does not apply to a suicide if a sufficient chain of causation exists to demonstrate that a workplace injury is the cause of the suicide. 

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Read More Nevada Supreme Court Holds that Suicide is the Result of an Industrial Injury

The United States Court of Appeals for the Eighth Circuit recently held that an insurer had no duty to defend or indemnify where the insured service provider’s own abandoned materials caused the property damage at issue. 

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Read More Eighth Circuit Holds That “Your Work” Exclusion Precluded Coverage For Property Damage Caused by Insured’s own “Abandoned” Materials

Chief Financial Officer Alex Sink recently announced that she has created a “Financial Action Team” comprised of an assortment of financial and housing stakeholders to identify federal assistance available to Floridians. 

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Read More Florida CFO Alex Sink Creates Task Force to Examine Foreclosures

According to media sources, Rana Tahboub, Assistant Director General of the Insurance Commission of Jordan (“IC”), recently stated that the IC is planning on introducing legislation to the Council of Ministers to create a captive insurance market in Jordan, the fourth such market in the region. …
Read More Jordan to Introduce Captive Insurance Guidelines by Year End

On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney.  McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative