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By most measures, Chile is considered the third largest insurance market in Latin America.  It is widely considered to have the most stable market and political environment in the region.  These advantages, however, are significantly counterbalanced by the relatively high costs of doing business in the nation and the advanced development of the country’s insurance market, as reflected by the region’s highest insurance penetration rate (6%). …
Read More Chile: A Mature Latin American Insurance Market Seeking to Modernize

In Woodworth v. Erie Insurance Company, No. 05-CV-6344CJS (Jun. 12, 2009), the federal district court for the Western District of New York held that recovery of consequential damages under Bi-Economy Mkt., Inc. v. Harleysville Ins. Co. of NY, 10 N.Y. 3d 187 (2008), is not limited to commercial property insurance claims. …
Read More NY Federal Court: Availability of Consequential Damages Not Limited to Commercial Property Insurance

As previous reported here, President Obama’s release of his plan to overhaul the regulation of the financial industry was followed by Treasury Secretary Timothy Geithner’s defense of the Administration’s proposal before the Senate Committee on Banking, Housing and Urban Affairs on Thursday.  The Secretary’s expected appearance before the House Committee on Financial Services later in the day was postponed, due to an extended series of votes on the House floor. 

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Read More Financial Regulatory Overhaul Update

On June 16, 2009, the United States Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing regarding how to improve oversight of the insurance industry in order to protect insurance consumers and prevent insurance companies from posing a systemic risk to the American financial system. 

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Read More House Financial Services Subcommittee Holds Hearing Regarding the Federal Regulation of Insurance and Systemic Risk

Last weekend, President Obama proposed $313 billion in new Medicare and Medicaid reimbursement cuts to help pay for healthcare reform. These cuts would be in addition to the cuts that were proposed in the President’s budget.  The new proposal includes cuts for almost all types of providers, including hospitals, nursing homes and other facilities. …
Read More New Medicare and Medicaid Cuts Proposed

The Government of Hong Kong has long planned to establish a safety net for Hong Kong policy holders in the event of an insurance company collapse. The first consultation exercise on a safety net for policy holders was held in 2003 where it was suggested two protection funds be established – one for life insurance and the other for general insurance, but the scheme was put on hold due to a lack of support from the insurance industry. …
Read More HK: HKFI Presents a Protection Fund Proposal

On June 15, 2009, five trade associations (the American Council of Life Insurers, National Association of Insurance and Financial Advisors, National Association of Independent Life Brokerage Agencies, National Fraternal Congress of America, and the Life Insurance Council), which together represent the majority of the U.S. life insurance industry’s carriers and sales force, issued a joint statement (the “Statement”) supporting “responsibly crafted optional federal insurance regulation, with continued viable state regulation.” …
Read More Life Insurance Trade Associations Issue Joint Statement Supporting Optional Federal Regulation

While President Obama has taken a hands-off approach to other major policy initiatives such as healthcare reform and climate change legislation, he will take much more of a hands-on role with his proposed financial regulatory overhaul when he sends actual draft legislation to Capitol Hill this week.  In advance of a detailed roll out on June 17, the administration released an outline of its proposed overhaul that contains the reform elements the administration has floated since March. 

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Read More Obama Administration’s Financial Regulatory Overhaul to be Unveiled Wednesday