As reported here – CEIOPS Meeting Discusses Draft Advice to European Commission on Key Solvency II Issues], the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has now released it’s Consultation Papers of Draft Advice on Aspects of the Framework Directive Proposal related to Proportionality and on Insurance Groups. …
Read More EU: CEIOPS Releases Two Solvency II Consultation Papers

The National Association of Insurance Commissioners (NAIC) issued a press release last week announcing completion of its membership-wide producer licensing assessment.  This assessment, conducted by a group of volunteer regulators, examined and verified compliance with the NAIC’s 2002 reciprocity standards, state adoption of the Producer Licensing Model Act, and adoption of the Uniform Resident Licensing Standards. 

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Read More NAIC Producer Licensing Assessment

Recently, in Nationwide Mutual Ins. Co. v. Randall & Quilter Reinsurance Co., No. C2-07-120 (S.D. Ohio, Jan. 24, 2008), the U.S. District Court for the Southern District of Ohio examined the scope of a court’s authority to confirm arbitration awards and orders under Section 9 of the Federal Arbitration Act (“FAA”). 

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Read More Federal Court Denies Reinsurer’s Motion to Enforce Confidentiality Order, Vacate Arbitration Award

Earlier this month, Rhode Island’s Lt. Governor, Elizabeth Roberts, proposed the Healthy Rhode Island Reform Act of 2008.  Among other things, Part V of the proposed act, commonly known as the “play or pay” proposal, requires employers in Rhode Island to either provide employee health benefits or to contribute to a state fund that will cover the uninsured up to a certain level. …
Read More Rhode Island’s Play or Pay Proposal

The United States District Court for the Southern District of New York recently held that an arbitrator was not precluded by the doctrine of functus officio from modifying his findings regarding a prior award in a dispute between parties, since that award did not resolve the question of damages related to a particular issue and thus was not “final.”

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Read More Federal Court Confirms Arbitration Award, Finding that Arbitrator did not Exceed His Powers in Amending a Portion of a Prior Award Regarding a Reinsurer’s Liability for Payments Made by its Cedent

In a recently released revenue ruling, the IRS has established procedures for determining if insurance written through protected cell companies constitutes insurance for federal income tax purposes.  This is a result of the previously issued Notice 2005-49, in which the IRS requested comments from the public on this issue.  Concurrently, the IRS issued Notice 2008-19, in which it is requesting comments from the public on guidance regarding the issues that arise if such arrangements actually do constitute insurance. …
Read More IRS Requests Comments on a Revenue Ruling Concerning Taxation of Protected Cell Captive Arrangements

HM Treasury is expected to publish a consultation paper shortly (in the next few weeks) on updating Lloyd’s corporate governance procedures and other matters concerning the efficient operation of Lloyd’s. The consultation period will last 3 months. …
Read More UK: Forthcoming Consultation on Lloyd’s Act Amendments Expected to Allow Third Term for Chairman of Lloyd’s, Lord Levene

On Thursday, the Florida House Committee unanimously passed a bill backed by Chief Financial Officer Alex Sink requiring insurer’s that buy into the state’s catastrophe fund to purchase reinsurance from the private market.  It was estimated that the bill, which was backed by Republican’s such as Ron Reagan, could inject as much as $3 billion of limits back to the private reinsurance market. …
Read More Florida House Committee Passes Legislation to Expand Private Reinsurance Market

A New York state appellate court recently held that an insured’s failure to notify its insurer of an occurrence and the possibility of a claim until eight months after an accident breached the notice requirement of the liability policy in question. 

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Read More New York Appellate Court: Eight Month Delay in Notice of Occurrence Breached Policy Condition Precedent Even Without Showing of Prejudice