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In a letter dated November 10, 2013 (the “Letter”) to the United States Senate Banking Committee (the “Committee”), the National Association of Insurance Commissioners (“NAIC”) showed support for Committee members seeking to address the potential confusion regarding capital and leverage requirements for insurers regulated by the Federal Reserve due to being either considered (1) a thrift holding company, or (2) a systemically important financial institution as designated by the Financial Stability Oversight Council. …
Read More Insurance Regulators Make a Plea to the United States Senate Banking Committee Regarding Capital Regulations for Insurers

Storm Shutters

Pursuant to the Connecticut Insurance Code, “[n]o insurer that delivers, issues for delivery, renews, amends or endorses a homeowners insurance policy in this state shall refuse to renew or issue such a policy solely on the basis that the insured or prospective insured has failed to install permanent storm shutters on his or her residential dwelling as a means of mitigating loss from hurricanes or other severe storms.” …
Read More Connecticut Lawmakers Consider Bill that Would Mandate Coverage by Insurers for Homes that Lack Permanent Storm Shutters; Provides Authority for Private Insurers to Offer Flood Insurance Coverage

In Intervest Construction of Jax v. General Fidelity Ins. Co., the Florida Supreme Court considered insurance policy language that called for a self-insured retention to be exhausted by “payments made by the insured.” …
Read More The Florida Supreme Court Takes the “Self” Out of “Self-Insured Retention” and Rules that the Insured’s Self-Insured Retention Can Be Satisfied by Payment by Someone Other Than the Insured

On March 6, 2014, President Obama issued an Executive Order setting forth the foundation for imposing sanctions against any individual or entity responsible for or complicit in actions or policies that undermine democratic processes or institutions in Ukraine or threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine. …
Read More New Executive Order Regarding U.S. Sanctions against Certain Persons Contributing to the Situation in Ukraine

Earlier in 2014, Governor Andrew Cuomo introduced a series of tax reforms in his budget bill (the “Bill”) which is currently being addressed by the state legislature. …
Read More Potential New York Legislation to Introduce Tax Changes With Respect To Captive Insurers

In late January 2014, Brazil applied for Solvency II equivalence for its insurance solvency regime. Its regulator, Superintendência de Seguros Privados (SUSEP), is currently negotiating an agreement with EIOPA in order to evaluate the extent to which Brazil’s insurance legislation complies with the upcoming Solvency II rules. …
Read More Brazil U-Turn on Solvency II Equivalence