As previously reported here, the European Commission (the Commission) published its revised draft BER for the insurance sector on 5 October 2009. Regular followers of the blog will recall that the draft regulation proposes to renew two of the four categories of agreements exempted by the current BER, namely information exchange and insurance pools, with certain amendments.
Topics
UK – High Court Sanctions Trimark Solvent Scheme of Arrangement
By Troutman Pepper Locke on
On 11 November the High Court sanctioned the solvent scheme of arrangement of the Trimark Pools, which had been in run-off for over 40 years. The schemes involved London market reinsurance business written by 48 different companies. …
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UPDATE: Congress Passes Another Short-Term Extension of the NFIP through December 18, 2009
By Troutman Pepper Locke on
Posted in Regulatory, United States
Congress recently approved another short-term extension of the National Flood Insurance Program (the “NFIP”) through December 18, 2009. …
Read More UPDATE: Congress Passes Another Short-Term Extension of the NFIP through December 18, 2009
Third Circuit Holds That Lack of Coverage Precludes Bad Faith Claim and That Failure to Follow “Best Practices” Is Not Bad Faith
By Troutman Pepper Locke on
Recently, the Third Circuit Court of Appeals held that where a policy’s exclusion clearly precluded coverage, the insurer could not be held liable under Pennsylvania’s statute for bad faith denial of coverage.
EU: Committee of European Securities Regulators Publishes its Analysis of Financial Instruments Disclosures
By Troutman Pepper Locke on
Posted in European Union, Regulatory
On 30 October 2009, the European Committee of European Securities Regulators (CESR) published a statement reporting on the results of its analysis of the application of disclosure requirements related to financial instruments in the 2008 financial statements of 96 listed European banks and insurers, including 22 in the FTSE Eurotop index.
Last Week in DC: The Healthcare Reform Debate – November 16, 2009
By Troutman Pepper Locke on
Following the House’s November 7 vote on healthcare reform, the Senate now faces increasing pressure to vote on a bill this year, as evidenced by the words of both the current President and a former President last week. In the House, Members spent the week in their congressional districts, in recess for Veterans Day.
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Greenberg Calls for Commission to Scrutinize Standards for Government Bailouts
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Earlier today, Maurice R. Greenberg (Chairman & CEO of C.V. Starr & Co., Inc. and former CEO of American International Group, Inc.) participated in a panel with other guest speakers at the Federalist Society’s National Lawyers Convention. The panel was entitled “Bailouts and the Government as Insurer of Last Resort.” …
Read More Greenberg Calls for Commission to Scrutinize Standards for Government Bailouts
Brazil: SUSEP Reports Results of Brazilian Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments
The Superintendencia de Seguros Privados (SUSEP), recently released statistics regarding the performance of the Brazilian insurance market through the end of August 2009.
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Central American Insurance Regulators Report on Market Performance
By Troutman Pepper Locke on
Posted in Latin American Developments
The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF) (Nicaragua), Superintendencia del Sistema Financiero (SSF) (El Salvador) and Superintendencia de Bancos (Superban) (Guatemala) recently released insurance industry results for the first nine months of 2009.
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Read More Central American Insurance Regulators Report on Market Performance
Brazil: Regulatory Change Removes Prohibition Against Life Insurers Selling Home and Personal Casualty Insurance
By Troutman Pepper Locke on
Posted in Latin American Developments
In a move expressly designed to stimulate competition and reduce prices for personal lines insurance, the Brazilian government recently removed the previously existing prohibition against life insurers selling home and personal casualty insurance.