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On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits.  Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits

On November 4, 2011, the National Association of Insurance Commissioners (“NAIC”) elected the following officers for the upcoming year:

President: Florida Insurance Commissioner Kevin M. McCarty
President-Elect: Louisiana Insurance Commissioner James J. Donelon
Vice President: North Dakota Insurance Commissioner Adam Hamm
Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica J. Lindeen 

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Read More NAIC Elects New Officers For 2012

Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).   The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. …
Read More Appointments Made to the Federal Advisory Committee on Insurance

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

In Williams v University of Birmingham [2011] EWCA Civ 1242 the Court of Appeal analysed the correct approach to proving liability in a mesothelioma case. The Court emphasised that the relaxation of normal principles of proof in relation to mesothelioma claims, laid down by the House of Lords in the Fairchild case (Fairchild v Glenhaven Funeral Services Ltd [2002] UKHL 22), apply only to the need to prove causation. …
Read More UK: Mesothelioma – Fairchild Principles of Proof Apply Only to the Need to Prove Causation

On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Read More UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland

On October 25, 2011, the House Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs, Part 2.”  Michael T. McRaith, Director of the Federal Insurance Office (“FIO”) testified before the Committee providing a report of the FIO’s progress to date. …
Read More McRaith Testifies Before House Committee Regarding FIO Progress

The Supreme Court has published its decision in the case of AXA General Insurance Limited and others v The Lord Advocate and Others [2011] UKSC 46 in which AXA and other insurers (the Insurers) appealed against the decision of the Inner House of the Court of Session regarding the legality of the Damages (Asbestos-Related Conditions) (Scotland) Act 2009 (the 2009 Act) (please see our previous blog here for further information on that decision). …
Read More UK: Supreme Court Decides on Legality of Scottish Pleural Plaques Legislation

The National Association of Insurance Commissioners (“NAIC”) has charged its Financial Condition Committee with investigating how insurers are using captives to transfer third party insurance risks in connection with state laws and regulations.  If the investigation reveals reasons for concern, the committee will consider recommendations to amend the relevant existing model NAIC laws or create a new model law. …
Read More NAIC Investigates Use of Captives

At the annual National Association of Professional Surplus Lines Offices, Ltd. (“NAPSLO”) convention, the surplus lines industry recently reported that it has seen an increase of 10-15 percent in submission volume over the last year.  Although the price of most insurance written by surplus lines insurers has not increased (other than for insurance written on catastrophe exposed accounts), the industry reported that terms and conditions of such insurance is improving. …
Read More Surplus Lines Market Reports Increase in Business