Federal Legislative Developments

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A hearing by the Senate Banking Subcommittee on Securities, Insurance and Investment on March 19, 2013 kicked into gear legislation that would allow insurance producers to more easily obtain licensure to sell, solicit or negotiate insurance in multiple states. The National Association of Registered Agents & Brokers Reform Act of 2013 (the “Act”), introduced on March 12, 2013 as S. 534, is a reintroduction of the previous session’s S. 2342. …
Read More Reemergence of the National Association of Registered Agents and Brokers Reform Act on Capitol Hill

On 25 January 2013, Validus Reinsurance Ltd (Validus), a reinsurer domiciled in Bermuda, filed a suit in the District Court of the District of Columbia against the United States of America for the repayment of taxes which they allege were wrongly demanded by the IRS. The tax was assessed under the Federal Excise Tax (FET) regime, which (among other things) imposes a 1% tax on premiums under contracts of reinsurance with foreign reinsurers covering risks in the US (s4371 of the Internal Revenue Code). …
Read More Validus Launches a Challenge to the IRS’ Cascading Federal Excise Tax Ruling

As we recently blogged, Rep. Michael Grimm (R-NY) and Rep. Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee, have introduced a bill to extend the federal Terrorism Risk Insurance Program (the “Program”) through 2019. …
Read More TRIA – Possible Extension Involves Many Unresolved Issues

Legislation was recently introduced in the House of Representatives to extend the federal Terrorism Risk Insurance Program through 2019. The lead sponsors of the bill, the TRIA Reauthorization Act of 2013 (H.R. 508), are Rep. Michael Grimm (R-NY) and Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee. …
Read More TRIA Extension Bill Proposed in Congress

On Thursday, October 18, 2012, the Financial Stability Oversight Council (FSOC) will meet in a closed session. At this meeting FSOC will continue its consideration of nonbank firms that might be designated as systemically important financial institutions (nonbank SIFIs).  For the posting on the Treasury Department’s website about Thursday’s meeting click here. …
Read More FSOC To Hold Another Closed-Session Meeting; Appears Close to Designating First Set of Non-Bank SIFIs

Among the far-reaching reforms included in the Dodd-Frank Act (the “DFA”) was a comprehensive new regulatory framework for derivatives.  Title VII of the DFA authorizes the Commodity Future Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) to require that certain “swaps” (regulated by the CFTC) and “securities-based swaps” (regulated by the SEC) be cleared through a clearing organization as to swaps or a clearing agency as to securities-based swaps. …
Read More Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry

October 10, 2012
Edwards Wildman Palmer LLP
225 West Wacker Drive, Suite 3000
Chicago, Illinois  60606

Edwards Wildman Speakers:  Chris Finney, Thomas F. Bush, Neil R. (“Nick”) Pearson, Theodore P. Augustinos, Brian J. Green, Brent R. Austin, Patrick J. Gennardo…
Read More Half-Day Insurance and Reinsurance Seminar

U.S. House Representative from Michigan Hansen Clarke (D) proposed legislation on July 13, 2012 that would prohibit insurance companies from using credit scores to determine automobile insurance rates.   The bill, H.R. 6129, is titled the “Ban the Use of Credit Scores in Auto Insurance Act,” and was referred to the House Committee on Financial Services. …
Read More Bill to Ban the Use of Credit Score in Insurance Rating Introduced into United States House of Representatives