On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code. The NAIC’s model act version of ORSA was adopted in 2012 and Texas…
Read More Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers
State Senator Dean Cameron has been appointed as the Idaho Director of Insurance as announced today by Governor C.L. Otter. The appointment is effective June 15 and is subject to Senate confirmation next year. Senator Cameron will step down from his legislative seat before beginning his new job.
Senator Cameron…
The NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products. The approval comes after more than a year of consideration about whether reinsurers organized as captives and reinsurance business written in other states should be…
Read More NAIC Panel Approves Draft Captive Accreditation Standards
It was announced on May 29, 2015 that Anne Melissa Dowling, CFA, will be appointed the Director of the Illinois Department of Insurance (IDOI) by Governor Bruce Rauner.
Dowling has close to 30 years of insurance industry experience. She spent 25 years in the private sector working at MassMutual, Aetna…
On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. The decision represents a second major victory for Validus, a Bermuda reinsurer. The IRS…
Read More Validus Wins Round Two: Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax
June 9, 2015
8:00 am – 1:30 pm
Locke Lord LLP
750 Lexington Avenue, 8th Floor
New York, NY 10022
Program:
Registration 8:00 am
Program 8:30 am
Lunch 12:30 pm
Program:
The Current State of Antitrust Immunity for Insurance Companies
by Thomas F. Bush and Rowe W. Snider
…
Read More Complimentary Seminar – 14th Annual Half-Day Insurance and Reinsurance Seminar
Last week, Sen. Elizabeth Warren (D- MA) wrote the heads of the 15 companies with the highest 2014 U.S. individual annuity sales expressing concern about whether the rewards and incentives offered by the companies to brokers and dealers create a conflict of interest that may result in inadequate advice or…
Read More Senator Contacts 15 Largest Individual Annuity Companies, Expressing Concern About Broker Incentive Programs and Requesting Information
New York Superintendent of Financial Services Benjamin Lawsky has brought his criticism of so-called “shadow insurance” (through which life insurers set up reinsurance captives to divert reserves to jurisdictions with less stringent regulatory requirements) to the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In his recent letter to…
Read More New York Continues Its Opposition to “Shadow Insurance”
The Internal Revenue Service late last week issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (“PFIC”) rules. These regulations were issued in part in response to the perceived problem of hedge funds using offshore reinsurance companies to…
Read More Proposed Tax Regulations Issued on PFIC Rules for Insurance Companies
Earlier this week, the European Union’s executive body gained key approval to begin negotiations with the United States on a deal aimed at cutting the minimum collateral levels required of foreign reinsurers operating in the US. The authorization to enter negotiations, which was trumpeted by European officials as the first…
Read More Europeans Authorize Negotiations with US to Loosen Reinsurance Collateral Requirements
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