Panama has passed a new Insurance Law which aims to boost the country’s insurance industry and changes the way local and foreign companies do business there.
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Topics
FSOC Issues Rule for “Nonbank SIFIs”
By Troutman Pepper Locke on
Posted in Regulatory, United States
In April 2012, the Financial Stability Oversight Council (“FSOC”) issued its Final Rule (the “Rule”) and interpretive guidance on the regulation of systemically important nonbank financial companies, or what many refer to as SIFIs (i.e., “systemically important financial institutions”). …
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UK: FSA Speech: A New Approach to Insurance Regulation & the Implementation of Solvency II – Comments on the Resolution of Insurers
By Troutman Pepper Locke on
Posted in Solvency II, United Kingdom
In a speech given at the City & Financial Conference on 19 April 2012, (see our blog here) Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), described the supervisory strategy to be followed by the Prudential Regulatory Authority when it takes over responsibility for insurance supervision in 2013. …
Read More UK: FSA Speech: A New Approach to Insurance Regulation & the Implementation of Solvency II – Comments on the Resolution of Insurers
EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval
By Troutman Pepper Locke on
Posted in European Union, Solvency II
On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”. …
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Oregon Adopts Captive Legislation
By Troutman Pepper Locke on
Posted in Regulatory, United States
Oregon Governor John Kitzhaber recently signed S.B. 1547 into law, making Oregon the latest state to permit the formation of captive insurance companies. S.B. 1547 allows for the formation of pure captives, association captives, branch captives, and captive reinsurers. …
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EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey
By Troutman Pepper Locke on
A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
Read More EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey
UK: Asbestos: Third Parties (Rights against Insurers) Act 2010 Delayed
By Troutman Pepper Locke on
Posted in Asbestos, United Kingdom
A Ministry of Justice Report released in March 2012 has confirmed that the implementation of the Third Parties (Rights against Insurers) Act 2010 (the “Act“) is to be delayed until 2013. …
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Healthcare Update: CMS Announces First ACO Participants; HHS Proposes Delaying ICD-10 Compliance Deadline, Adopts Unique Health Plan Identifier; New York Governor Issues Executive Order for Health Exchange
By Troutman Pepper Locke on
Posted in Healthcare, United States
CMS ANNOUNCES FIRST ACO PARTICIPANTS
On April 10, the Centers for Medicare & Medicaid Services (CMS) announced the first 27 accountable care organizations (ACOs) that will participate in the Medicare Shared Savings Program (MSSP), established under the Patient Protection and Affordable Care Act (PPACA). …
Read More Healthcare Update: CMS Announces First ACO Participants; HHS Proposes Delaying ICD-10 Compliance Deadline, Adopts Unique Health Plan Identifier; New York Governor Issues Executive Order for Health Exchange
Video of Cybersecurity Legislation Panel
Congress will take up cybersecurity legislation the week of April 23. On April 5, Vince Vitkowsky, of Edwards Wildman’s New York office, moderated a panel on Capitol Hill that included, among others, representatives of the House Permanent Select Intelligence Committee, the U. S. Chamber of Commerce, and the Constitution Project. …
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AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence
By Troutman Pepper Locke on
Posted in Solvency II, United States
This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
Read More AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence