The FSA has published a ‘quick and easy’ six-page guide to FSA regulation for small firms. (See: Quick Guide For Small Firms). The guide highlights key aspects of FSA regulation relevant to small firms and provides links to further information on the FSA website. (Click here to review the highlights).
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FSA Publishes Statement Regarding Use of the Term ‘Consequential Loss’
By Troutman Pepper Locke on
The FSA has published a statement regarding the use of the term ‘consequential loss’ in general insurance contracts.
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August 28 EAPD Webinar: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
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Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law
Last week, the U.S. Senate passed H.R. 3221, the Housing and Economic Recovery Act of 2008, which provides measures to shore up Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and provides relief to thousands of homeowners facing foreclosure. …
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Report: Subprime Mortgage and Auction Rate Securities Issues Fuel Increase In Securities Class Action Filings In The First Half of 2008
By Troutman Pepper Locke on
Cornerstone Research, in cooperation with Stanford Law Schools Securities Class Action Clearinghouse, recently released a report on federal securities class action filings in the first half of 2008. …
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UK: The Financial Service Authority (FSA) is Taking Action on Treating Customers Fairly (TCF) Failings
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Hastings Insurance Services Ltd (Hastings) (a subsidiary of Insurance Australia Group) has been fined £735,000 by the FSA for not treating customers fairly. The fine is the largest ever imposed on an insurance broking firm.
EU: CEA Publishes Response to Consultation on Insurance Guarantee Schemes
By Troutman Pepper Locke on
Posted in European Union, Regulatory
On 7 July 2008, the Comité Européen des Assurances (CEA) published a response to the European Commission’s consultation paper on Insurance Guarantee Schemes (IGS) (see our previous blog here).
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Pay-as-You-Drive Auto Insurance in New Jersey
By Troutman Pepper Locke on
New Jersey has become the latest state to allow pay-as-you-drive auto insurance plans, which are also permitted in Alabama, Michigan, Minnesota and Oregon. A pay-as-you-drive auto insurance plan is one that charges a driver based on the numbers of miles driven and how abruptly drivers brake and accelerate. Two large insurers, GMAC Insurance and Progressive, currently offer such plans.
Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws
The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile’s Code of Commerce. If enacted, the legislation would replace Chile’s current laws concerning private insurance and reinsurance in their entirety.
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Continental Casualty Co. Pays California Guarantee Association $56 Million
By Troutman Pepper Locke on
On July 23, 2008, the California Insurance Department announced that it had recovered $56.25 million from Continental Casualty Co. (“Continental”) in connection with a surety bond issued by Continental that guaranteed the obligations of Superior National Insurance Company (“Superior”), a workers’ compensation insurer that was liquidated in 2000. …
Read More Continental Casualty Co. Pays California Guarantee Association $56 Million