On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”).
Read More PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
Topics
“Dormant Status” Now Granted Under Vermont Captives Law
By Troutman Pepper Locke on
On April 15, 2014, legislation was passed in Vermont enhancing the state’s captive law. H.563, known as “An Act Relating To Captive Insurance Laws And Accreditation Standards,” allows a “dormant” captive to maintain licensing status within Vermont. …
Read More “Dormant Status” Now Granted Under Vermont Captives Law
U.S. Department of Labor Gives Final Approval for Intel Corp. to Use its Hawaiian Captive Insurer to Fund Certain Employee Benefit Risks
By Troutman Pepper Locke on
The U.S. Department of Labor (“DOL”) has given final approval for Intel Corp. to use its Hawaii-based captive insurer to reinsure group term life insurance and accidental death and dismemberment policies issued by Minnesota Life Insurance Co. …
Read More U.S. Department of Labor Gives Final Approval for Intel Corp. to Use its Hawaiian Captive Insurer to Fund Certain Employee Benefit Risks
New York to License Title Insurance Agents for the First Time
By Troutman Pepper Locke on
Posted in New York Developments, United States
New York’s latest budget agreement was announced on March 30, 2014 and includes a measure to provide the Department of Financial Services (“DFS”) with authority to issue licenses to title insurance agents for the first time. …
Read More New York to License Title Insurance Agents for the First Time
UK: PPI
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Saville v Central Capital Limited [2014] EWCA Civ 337, the Court of Appeal upheld an appeal brought by a couple provided with insufficient payment protection insurance (PPI) sold in breach of the Insurance Conduct of Business Rules (the ICOB Rules). …
Read More UK: PPI
Texas Regulators Adopt Rules Implementing Captive Insurance Laws
By Troutman Pepper Locke on
The Texas Department of Insurance (TDI) has adopted new rules implementing provisions of the Texas Insurance Code that remove regulatory barriers for captives. The new rules go into effect on April 27, 2014. …
Read More Texas Regulators Adopt Rules Implementing Captive Insurance Laws
Four Insurers Subpoenaed as Part of Iranian Sanctions Investigation; Suspected of Insuring Foreign Commodities Trader Accused of Violating Trade Sanctions against Iran
By Troutman Pepper Locke on
Posted in Industry Developments, Sanctions
The New York Department of Financial Services (“DFS”) has issued subpoenas to four insurers as part of an ongoing probe into violations of U.S. trade sanctions against Iran. …
Read More Four Insurers Subpoenaed as Part of Iranian Sanctions Investigation; Suspected of Insuring Foreign Commodities Trader Accused of Violating Trade Sanctions against Iran
Hong Kong Signed its First Tax Information Exchange Agreement (TIEA) With US
By Troutman Pepper Locke on
On 25 March 2014, the Government of the Hong Kong Special Administrative Region (Hong Kong) signed an agreement with the Government of the United States of America (US) relating to the exchange of information relating to taxes. This is the first TIEA signed by Hong Kong. …
Read More Hong Kong Signed its First Tax Information Exchange Agreement (TIEA) With US
U.S. Senators Announce Bipartisan Agreement to Extend TRIA
A bipartisan group of senators have co-sponsored a measure to extend the Terrorism Risk Insurance Act (“TRIA”) for the next seven years. TRIA, which is set to expire at the end of 2014, was put into place after the terrorist attacks on September 11, 2001. …
Read More U.S. Senators Announce Bipartisan Agreement to Extend TRIA
Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation
By Troutman Pepper Locke on
We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. …
Read More Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation