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On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Florida Agrees to Reduce Collateral Requirements for Lloyd’s

In National Union Fire Insurance Co. v. Source One Staffing, LLC, the Supreme Court of New York County was asked to consider the interrelationship of three statutes: the McCarran-Ferguson Act (15 U.S.C. § 1101 et seq.), the Federal Arbitration Act (“FAA”) (9 U.S.C. § 1 et seq.), and the California Insurance Code (Cal. Ins. Code § 11658). …
Read More New York Court Errs in Consideration of Interplay Between California Insurance Code, McCarran-Ferguson, and Federal Arbitration Act

This case (Case C-442/10, Churchill Insurance Company Limited v Benjamin and Tracy Evans v Equity Claims Limited) which arose out of two references to the European Court of Justice (ECJ) made in separate cases before the English courts, concerned an issue unique to the system of vehicle insurance in the UK. In the UK, motor insurance policies are personal policies, such that only the person insured, or drivers nominated by the insured, are covered for damage caused while driving the vehicle. …
Read More EU: Advocate General Gives Opinion in Relation to the Insurance of Injuries Caused by Unauthorised Drivers

On September 23, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the Swiss Financial Market Supervisory Authority (“FINMA”), the governmental body responsible for financial regulation in Switzerland. …
Read More Connecticut Insurance Department enters Cooperation Agreement with Swiss Regulators

As we previously report here, Ambac Financial Group, Inc. (“AFG”), the holding company for the bond insurer, Ambac Assurance Corp. (“AAC”), filed for bankruptcy in November 2010 after it was unable to raise additional capital or come to terms with its debt holders. …
Read More Ambac and Rehabilitator Reach Amended Bankruptcy Reorganization Plan

MEDPAC PROPOSES PLAN TO FIX MEDICARE PHYSICIAN PAYMENT FORMULA
The Medicare Payment Advisory Commission (MedPAC) recently unveiled a new approach to overhaul the complicated Medicare physician payment formula. Every year, that formula – known as the sustainable growth rate (SGR) – calculates larger and larger mandated cuts to doctors’ Medicare reimbursements, and each year, Congress acts to temporarily halt the cuts via short-term patches. …
Read More Healthcare Update: MedPAC Proposes Medicare Physician Payment Overhaul; CMS Releases Notice for Using Identifiable Data in Accountable Care Organizations; President Proposes Medicare Changes In Deficit Reduction Package

On September 20, 2011, the Florida Office of Insurance Regulation (“FOIR”) issued an order on the proposed rate increases by Citizens Property Insurance Corporation (“Citizens”) for homeowners, dwelling fire, and sinkhole coverage. …
Read More Florida Office of Insurance Regulation Issues Order Regarding Sinkhole Rate Increases