Topics

Subscribe to Topics via RSS
The New York State Insurance Department (the “Department”) recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. §§ 5311-5330 (“BSA”); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. § 78dd-1-78dd-3 (“FCPA”); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. § 313(a)(6)(c) (“OFAC”, collectively with BSA and FCPA, the “Federal Laws”). 

…
Read More New York State Insurance Department Reminds Licensees of Compliance Obligations under Federal Laws

Fitch Ratings recently issued its annual report on the Argentinean insurance market entitled “El mercado asegurador argentino: Resultados y perspectivas 2009.”  The report reflects significant turmoil in the market given the fluid political, economic and regulatory situation in Argentina. 

…
Read More Argentina: Fitch Issues Mixed Annual Report on Insurance Market

Mapfre’s Latin American operation, Mapfre America, recently announced that its net profits increased 25.0% and its total premiums 20.3% when comparing the first half of 2009 to the first half of 2008.  Mapfre America’s net profits for the period totaled 64.4 million euros (US$ 91.9 million), while its premiums for Latin America totaled 2.03 billion euros (US$ 2.88 billion).  Mapfre America’s total premiums increased by 40.4% in the life sector (453 million euros/US$ 643 million) and 15.5% in the non-life sector (1.58 billion euros/US$ 2.24 billion). 

…
Read More Latin American Insurance and Reinsurance Update: Premium Growth Results and Forecasts

On 22 July 2009 three HSBC companies: HSBC Life UK Ltd; HSBC Actuaries and Consultants Ltd; and HSBC Insurance Brokers Ltd, were fined £1.6m, £875,000, and £700,000 respectively by the UK Financial Services Authority (FSA). The fines are in response to those companies failing to have in place adequate systems and controls to protect customers’ confidential information from being lost or stolen. …
Read More UK: Financial Services Authority Punishes Failure to Protect Confidential Customer Information with Hefty Fines

In Washington, DC, two new laws were enacted this month that will impact insurance coverage eligibility in same-sex marriages performed out-of-state.  The Jury and Marriage Amendment Act of 2009, effective July 6, 2009, provides that “marriages legally entered into in another jurisdiction between two persons of the same sex shall be recognized as a marriage in the District.” 

…
Read More New District of Columbia Laws to Impact Insurance Coverage Eligibility for Same-Sex Marriages Performed Out of State

On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department.  This proposal is just one in a series of legislative drafts being sent to Congress as part of the Administration’s large scale financial regulatory reform efforts (previous proposals discussed here). …
Read More Treasury Department Releases Proposal to Create Office of National Insurance

According to a recent Accenture study, cross-border expansion into emerging markets is a major short-term priority for insurance companies based in both developed and developing nations. …
Read More Latin American Insurance Update: Expansion into Emerging Markets a Priority for Insurance Companies Despite Economic Crisis; Grupo Mundial Lays Out Plans for Costa Rica; Chilean Insurer Expands into Peru; Premium Growth in Guatemala and Venezuela

On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the United Kingdom Financial Services Authority (“FSA”), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets. 

…
Read More The Florida Office of Insurance Regulation Enters Cooperation Agreement with the United Kingdom’s Financial Regulator

On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand’s insurance regulator. 

…
Read More New York Insurance Department Announces Cooperation Agreement with Thailand

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council – the Financial Services Oversight Council – to identify and manage emerging risks. 

…
Read More Treasury Department Sends Systemic Risk Regulation Proposal to Congress, and Other Financial Regulatory Overhaul News