In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc.   Click here to review the press release, petition and final judgment with AIG.  The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.

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Read More Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier

Last week, a federal district court in New York issued a ruling in Life Product Clearing LLC v. Angel, 07 Civ. 475 (S.D.N.Y) (2008), that may have implications for stranger owned/ initiated life insurance (“STOLI”) transactions. 

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Read More U.S. District Court Issues STOLI Decision

Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment. …
Read More Zurich Financial Services Appoints Tony Blair as Climate Change Advisor

Recent research from the British Insurance Brokers’ Association (BIBA) suggests that consumers are confused about the details of the insurance policies listed on price comparison websites and about the regulatory status of the websites. …
Read More UK: Regulatory: Price Comparison Websites – An Unfair Comparison?

On 28th November 2007 the China Insurance Regulatory Commission (CIRC) issued a new regulation, “Circular Concerning Risk Issues in Reinsurance Business” (the “Circular”). The Circular tightens up controls on foreign reinsurers to minimise risks in reinsurance transactions by setting out specific financial rating and capital requirements and further evidences the CIRC’s commitment towards the steady and regulated development of the Chinese reinsurance market. 

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Read More Hong Kong: Regulatory: China Insurance Regulatory Commission Issues a New Regulation, “Circular Concerning Risk Issues in Reinsurance Business”

The  CEA, the representative organisation for European insurers and reinsurers has called for further impact analysis of Europe’s insurance regulation standard Solvency II. The CEA announced at the European Commission public hearing that the latest qualitative impact study (QIS4) on Solvency II needs to align more closely with the framework directive published in July 2007. 

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Read More UK/EU: Comité Européen des Assurances (CEA) Calls for Extra Scrutiny of Solvency II

The United States District Court for the Eastern District of Pennsylvania recently ruled that a non-signatory insured was obligated to arbitrate her claims against a reinsurer pursuant to the reinsurance contract’s arbitration provision, finding that the insured was a third-party beneficiary of that contract. 

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Read More Non-Signatory Compelled to Arbitrate Claims Against Reinsurer

In Zeller v British Caymanian Insurance Company [2008] UKPC 4, Mr Zeller sought indemnification under his employer’s health insurance policy in respect of his costs of having major heart surgery. 

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Read More The Privy Council Overrules the Cayman Islands Court of Appeal in Respect of the Repudiation of a Health Insurance Contract

UK insurers have been subject to increasing levels of flood and storm claims in recent years. A new report from the Marine Climate Change Impacts Partnership indicates that the trend is likely to continue. 

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Read More A New Climate Change Report is Bad News for UK Insurers

On January 17, 2008, Leonard Crouse announced his plan to retire from his post as Deputy Commissioner of the Captive Insurance Division (“Division”) effective June 1st of this year.  The Division is part of the Vermont Department of Banking, Insurance, Securities and Health Care Administration (“BISHCA”).  Vermont is the largest captive insurance domicile in the United States. 

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Read More Leonard Crouse to Retire June 1, 2008