Lloyd’s announced on 13 February that it will be making a formal application to be admitted as a reinsurer in Brazil with plans to set up its first representative office in Rio de Janeiro, subject to regulatory approval. 

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Read More Lloyd’s to Apply for Admission as a Reinsurer in Brazil

The credit crisis ushered in by the collapse of the market for subprime-mortgage-backed securities continues to spread through the debt markets. …
Read More Latest Aspect of the Credit Crisis: Auction Rate Securities Auction Failures

The proposed rates of 15 auto insurers have been reviewed and approved by the Massachusetts Division of Insurance since the implementation at the beginning of this year of a “managed competition” system for setting auto insurance rates. …
Read More Update: Massachusetts Managed Competition System for Auto Insurance Rates

The Association of Insurers and Risk Managers (AIRMIC) has indicated that the EC has softened its position on the London subscription market following the recent Commission Inquiry into business insurance. 

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Read More AIRMIC Welcomes Softened EC Stance on Subscription Market

Charlie McCreevy, European Commissioner for Internal Market and Services, recently gave a speech at the Insurance Institute of London about the European Commission’s policy priorities for the insurance sector. Solvency II is currently the key project and will remain so until its transposition, which is intended to take place in 2012. 

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Read More EU: Solvency II and the European Commission’s Policy Priorities for the Insurance Sector

Under recently-enacted legislation, New York State has switched to a loss cost system for determining workers’ compensation rates.   The New York Compensation Insurance Rating Board (“NYCIRB”) has been tasked with developing loss cost values, and each insurer will submit its own loss cost multiplier to the New York State Insurance Department (the “Department”) for approval. …
Read More New York Adopts Loss Cost System For Setting Workers’ Compensation Rates

As the credit crunch of the subprime meltdown continues, a recent question has been whether a government or private bailout of the troubled bond insurers is on the way.  While early reactions were positive, recent events seem to indicate that a bailout by state and federal regulators or private industry is getting more unlikely by the day. …
Read More Bond Insurers – Bailout on the Way?

The Alabama Senate has voted 33-0 to raise the minimum auto liability insurance requirements for resident motorists.  The current law requires motorists to carry $20,000 in coverage for the injury or death of one person, $40,000 for multiple injuries or deaths, and $10,000 in coverage for property damage. …
Read More Alabama Proposes Increases to Auto Insurance Minimums

Financial Security Assurance Holdings Ltd.’s (“FSA”) bond insurance unit reported in an 8-K filed February 4, 2008, that the U.S. Securities and Exchange Commission (the “SEC”) may bring a complaint against the company as part of an investigation into whether bids were rigged on investment contracts with local governments. 

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Read More Bond Insurer Discloses Receipt of Wells Notice from U.S. Securities and Exchange Commission Related to Antitrust Investigation