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The U.S. Department of Labor (“DOL”) has given final approval for Intel Corp. to use its Hawaii-based captive insurer to reinsure group term life insurance and accidental death and dismemberment policies issued by Minnesota Life Insurance Co. …
Read More U.S. Department of Labor Gives Final Approval for Intel Corp. to Use its Hawaiian Captive Insurer to Fund Certain Employee Benefit Risks

The New York Department of Financial Services (“DFS”) has issued subpoenas to four insurers as part of an ongoing probe into violations of U.S. trade sanctions against Iran. …
Read More Four Insurers Subpoenaed as Part of Iranian Sanctions Investigation; Suspected of Insuring Foreign Commodities Trader Accused of Violating Trade Sanctions against Iran

On 25 March 2014, the Government of the Hong Kong Special Administrative Region (Hong Kong) signed an agreement with the Government of the United States of America (US) relating to the exchange of information relating to taxes. This is the first TIEA signed by Hong Kong. …
Read More Hong Kong Signed its First Tax Information Exchange Agreement (TIEA) With US

We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. …
Read More Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation

On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm. …
Read More Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine

The Principle-Based Reserving (“PBR”) Implementation (EX) Task Force (the “Task Force”) discussed a variety of topics related to the development and implementation of PBR at the Spring NAIC Meeting. During introductory comments, it was noted that 9 states have enacted PBR legislation, with 4 states waiting for their respective governors to sign PBR into law. …
Read More Live Blog: Principle-Based Reserving Implementation (EX) Task Force

The Financial Regulation Standards and Accreditation (F) Committee (the “Committee”) Spring NAIC Meeting addressed a number of pertinent topics; however, the majority of debate and comments centered around the definition of “Multi-State Insurer” for accreditation purposes. …
Read More Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting

The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
Read More Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting