The Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote.  The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here. …
Read More Senate Banking Committee Approves Bill to Amend NFIP

On October 12, 2007, Caterpillar filed suit (the “Complaint”) against Aon Corporation, Aon Risk Services, Inc. of Illinois, and Aon Re Global, Inc. (“Aon”) in the United States District Court for the Central District of Illinois. …
Read More Caterpillar Sues Aon Alleging Violations of Federal and State Antitrust Laws

As discussed here, Florida established a Hurricane Catastrophe Fund (“CAT Fund”) in November 1993, to protect and advance the state’s interest in maintaining insurance capacity, by reimbursing insurers for a portion of their catastrophic hurricane losses. …
Read More Florida Proposes Catastrophe Fund Reform

On Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
Read More New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

Earlier this week, the NAIC announced its proposal, as discussed in our  June 7, September 12 and October 9 postings, to modernize U.S. reinsurance regulation to its international counterparts during a panel discussion at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS). 

…
Read More NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS

Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote. …
Read More Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

A recent report by Lehman Brothers Equity Research (“Lehman”) concluded that the estimated impact to D&O/E&O insurers from subprime issues will likely be no more than $1 billion.  Lehman Brothers arrived at this estimate using past financial institution professional liability problems as a benchmark. 

…
Read More Commentators Disagree Over D&O/E&O Exposure from Subprime Litigation

On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that  they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations.  The subpoena calls for the testimony to take place on January 15-16, 2008. 

…
Read More Florida Issues Subpoena to Insurer in Investigation into Whether Federal and State Antitrust Laws are Being Broken

On September 7, 2007, the Securities and Exchange Commission announced approval of new NASD Rule 2821 (click here to view the text of New Rule 2821), designed to protect customers against abusive sales practices in the context of deferred variable annuity transactions. 

…
Read More SEC Approves NASD Rule 2821 on Deferred Variable Annuities

Florida’s Chief Financial Officer, Alex Sink, recently co-authored an op-editorial for the Washington Post, noting the insurance industry’s recognition of the perils related to climate change. 

…
Read More Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change