On May 13, 2008, the Senate passed its version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”) that would extend the National Flood Insurance Program (“NFIP”) through 2013.  The NFIP is set to expire in September unless renewed. 

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Read More Senate Extends NFIP Without Windstorm Coverage

On 12 May 2008 the Comité Européen des Assurances (CEA) and the American Council of Life Insurers (ACLI) issued a joint statement calling for the formation of an E.U.-U.S. bilateral forum on insurance and reinsurance issues. 

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Read More EU/US: European and US Insurance Bodies Call for Bilateral Forum

As the general insurance comparison website industry has expanded in recent years, the FSA has carried out a fresh review into general insurance comparison websites (the review). This fresh review comes in light of a study, commissioned by the British Insurance Brokers’ Association (BIBA), which showed potential for serious consumer detriment across insurance comparison websites. 

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Read More UK: Regulatory: The Financial Services Authority (FSA) Calls for Fairness in Insurance Comparison Websites

In a crowded court room of the High Court on Friday 2 May, the pre-trial review for six lead test cases in the employers’ liability trigger litigation was heard by Mr Justice Burton. The trial date has been set for 3 June 2008 and the trial is scheduled to end by the beginning of August. …
Read More UK: High Court to Decide Which Policies Should Respond to Asbestos Claims

The Government of Bermuda has reinforced its commitment to ensuring that Bermuda has a strong, robust and effective regime for the combating of money laundering and terrorist financing by issuing, for consultation and comment, draft legislation and other related documents relating to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF). 

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Read More Bermuda Issues Draft Legislation Relating to Anti-Money Laundering and Counter Terrorism Financing

ACR Capital Holdings, the parent of Asia Capital Reinsurance, a Singapore-based reinsurer, has announced the formation of ACR ReTakaful Holdings Limited, a Dubai-based retakaful company.  ACR ReTakaful will be a joint venture among ACR Capital and Malaysian and Dubai investment companies. …
Read More Launch of Large ReTakaful Company Announced

The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
Read More UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)