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As previously discussed here, Ambac Financial Group Inc. has filed for bankruptcy for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York. …
Read More Ambac and IRS Come to Temporary Terms Regarding Dispute Over $700 Million in Tax Refunds

Earlier this year, the leadership at the United States Securities and Exchange Commission (the “SEC”) directed its staff at the Office of the Chief Accountant to develop a Work Plan to consider the convergence of the U.S. Generally Accepted Accounting Standards (“GAAP”) and the International Financial Reporting Standards (“IFRS”). …
Read More SEC Issues First Progress Report on Convergence of Global Accounting Standards

The California Insurance Commissioner Steve Poizner has filed a lawsuit challenging the determination made by the California Office of Administrative Law (“OAL”) that the Commissioner’s attempt to place a moratorium on new investment in companies doing business in Iran by insurers licensed in California is an overreach of the Commissioner’s powers. …
Read More California Insurance Commissioner Sues to Uphold Moratorium on Investment in Iran

As we last discussed here, the Independent Insurance Agents and Brokers of New York (“IIABNY”) and the Council of Insurance Brokers of Greater New York (“CIBGNY”) jointly filed an Article 78 proceeding to block the implementation of Insurance Regulation 194, which requires insurance producers to disclose certain information regarding their compensation to their clients.  Regulation 194 is scheduled to take effect on January 1, 2011. …
Read More New York Court Rules in Favor of Producer Compensation Disclosure Regulation

On November 9, 2010, the Equal Employment Opportunity Commission (the “EEOC”) published final regulations (the “Regulations”) implementing the employment provisions (Title II) of the Genetic Information Nondiscrimination Act of 2008 (“GINA”).  Title II of GINA, which went into effect in November of 2009, prohibits employment discrimination based on genetic information, and restricts the acquisition and disclosure of genetic information. …
Read More Final GINA Regulations Published in Federal Register

We have reported previously on the proposed overhaul of the European Financial Regulatory System (click here to see our previous post). On 17 November 2010, the Council of the European Union formally adopted the legal texts to establish the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs): a European Banking Authority (EBA), a European Insurance and Occupations Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA). …
Read More Europe: European Systemic Risk Board and Industry-Specific Supervisory Authorities to be Operational from 1 January 2011

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010.  Ambac’s troubles began when the mortgage-backed securities market collapsed in late 2008, causing a cascade of claims on policies issued by the bond insurer to protect creditors in the event of a default by borrowers. …
Read More During Hearing to Consider Ambac’s Rehabilitation Plan, Insurance Regulator Reveals that Liquidation of the Bond Insurer was Considered