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Since the end of November 2013, the so-called P5 + 1 (the United States and its partners, China, France, the United Kingdom, Germany and Russia) have been negotiating with Iran regarding its nuclear program. The negotiations proceeded pursuant to a Joint Plan of Action (JPOA) providing temporary sanctions relief to…

Read More JPOA Extended until July 7, 2015: “Temporary” Iran Sanctions Relief Continues until July 7, 2015

The International Association of Insurance Supervisors (“IAIS”) recently requested comments from the public as part of its effort to finalize development of the Higher Loss Absorbency (“HLA”) requirement for global systemically important insurers (“G-SIIs”). The HLA requirement, which stems from IAIS’ 2013 publication of its assessment methodology and policy measures…

Read More Feedback Sought on Higher Loss Absorbency Requirement for Global Systemically Important Insurers; Additional Information Regarding Risk-Based Global Insurance Capital Standard Released

It was announced today that New Jersey Governor Christie intends to replace Ken Kobylowski who is leaving his position as Commissioner of Banking and Insurance with Richard J. Badolato who will be nominated to the position shortly. Mr. Badolato, a partner at the law firm of Connell Foley in Roseland…

Read More Governor Christie to Appoint Commissioner of Banking and Insurance

This month Texas Governor Greg Abbott has signed two pieces of recent legislation into law which expand Texas’s growing captive insurance market.

First, Senate Bill 667 amends Chapter 964 of the Texas Insurance Code to permit Texas captive insurance companies to pool risk with other affiliated captives subject to approval…

Read More New Legislation Expands Texas Captive Insurance Market

New York Superintendent of Financial Services Benjamin M. Lawsky’s chief of staff will take over leadership of the Department of Financial Services after Lawsky’s departure next week. Mr. Lawsky recently announced that he is leaving the DFS to start his own firm. Anthony Albanese, chief of staff to Benjamin M.

Read More NY DFS Temporary Head Named

On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code. The NAIC’s model act version of ORSA was adopted in 2012 and Texas…

Read More Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers

The NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products. The approval comes after more than a year of consideration about whether reinsurers organized as captives and reinsurance business written in other states should be…
Read More NAIC Panel Approves Draft Captive Accreditation Standards

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. The decision represents a second major victory for Validus, a Bermuda reinsurer. The IRS…

Read More Validus Wins Round Two: Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax