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The head of the Insurance and Pensions Unit at the European Commission, Karel Van Hulle, confirmed that a meeting had been scheduled in early May to discuss extending the current October 2012 implementation deadline for the Solvency II regulatory regime to 1 January 2013. 

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Read More EU: Further Delays for Solvency II Implementation; No Exemptions for the Legacy Industry

Foreign reinsurers are beginning to count the cost of the earthquake in Chile last month, with announced loss estimates already surpassing $1.5 billion.  Total losses from the magnitude 8.8 earthquake are expected to be between $4 billion and $7 billion, although some estimates range as high as $10 billion. …
Read More Chile: Foreign Reinsurers Announce Earthquake Loss Estimates as Industry Sectors Survey Damage

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday.  While citing “significant progress” and indicating that many sticking points had been resolved, Chairman Dodd also acknowledged that “a few outstanding issues remain.” 

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Read More Senate Financial Reform Bill to be Unveiled Monday; Bipartisan Negotiations Fall Apart

On March 1, 2010, the Florida Supreme Court heard oral argument in Rafael Vargas v. Enterprise Leasing Company, et al., SC08-2269.  The case challenges the application of a federal law that shields rental car companies from vicarious liability for accidents involving rental cars. 

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Read More Florida Supreme Court Considering Question of Rental Car Company Vicarious Liability

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers.  As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. 

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Read More Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut

This updates our February 10, 2010 posting.  According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate.  The current federal corporate tax rate is approximately 35%. 

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Read More New York Insurance Exchange Considering Requesting Lower Federal Tax Rate

Democrats moved steadily forward last week on their reinvigorated efforts to enact comprehensive healthcare reform, as the White House specified its procedural preferences and Congressional leaders continued to hammer out policy provisions.  However, given the various complications that stand in their way, it remains to be seen whether Democrats will be able to finalize legislation before the end of the month – their new self-imposed deadline. …
Read More Last Week in DC: The Healthcare Reform Debate – March 8, 2010