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Lloyd’s may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd’s is considering the purchase of an appropriate ready made tool rather than building a bespoke platform. 

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Read More Proposal to Trial Messaging Hub Experiment at Lloyd’s

The House of Representatives’ Subcommittee on Oversight and Investigations held a field hearing in West Palm Beach, Florida regarding the “crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.” …
Read More Oversight and Investigations Subcommittee Holds Florida Field Hearing on Homeowners Insurance in Disaster Prone Areas

Merrill Lynch recently agreed to “make whole” the city of Springfield, Massachusetts by paying nearly $14 million in connection with subprime losses the city suffered in cash accounts held with the brokerage firm. 

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Read More Broker Agrees To Reimburse Massachusetts City for $14 Million in Subprime Losses

Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer.  Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. …
Read More Brazilian Bank Seeks Authorization for Reinsurance License

The proposed rates of 15 auto insurers have been reviewed and approved by the Massachusetts Division of Insurance since the implementation at the beginning of this year of a “managed competition” system for setting auto insurance rates. …
Read More Update: Massachusetts Managed Competition System for Auto Insurance Rates

Charlie McCreevy, European Commissioner for Internal Market and Services, recently gave a speech at the Insurance Institute of London about the European Commission’s policy priorities for the insurance sector. Solvency II is currently the key project and will remain so until its transposition, which is intended to take place in 2012. 

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Read More EU: Solvency II and the European Commission’s Policy Priorities for the Insurance Sector