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The Financial Conduct Authority (FCA) has fined Porta Verde Financial Services Limited (Porta Verde) £25,000 for the serious mis-selling of insurance products by two of its appointed representatives (ARs).
Read More FCA fines Porta Verde £25,000, reminding firms to keep a close watch on their appointed representatives

The Court of Appeal in European Risk Insurance Company HF v Collette Ann McManus & Ors [2013] EWHC 18 (Ch), has upheld a High Court judge’s decisions to a) refuse declaratory relief and b) award the claimants 60% of the costs of the hearing, stating that the first instance judge had given detailed and rational explanations for her decision to withhold the declaratory relief sought and that it could see no basis for interfering with this exercise of her discretion on either this or the issue of costs. …
Read More UK: Notification of ‘Circumstances’ Need Not Specify An Incident

On December 12, 2013, the Federal Insurance Office (the “FIO”) published its long-delayed report entitled “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”). The FIO was required under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act to issue the Report almost two years ago. …
Read More FIO Weighs in on Financial Captive Reinsurers and the Use of PBR

Until last week, Indiana courts were strict in their treatment of an insurance bad-faith lawsuit. Not only must the plaintiff show ill will by the insurer, he must show that the insurer denied coverage wrongfully. E.g., Foster v. State Farm Fire & Cas. Co., no. 1:10-cv-20 (N.D. Ind. Aug. 17, 2011). …
Read More An Indiana Court Allows a Bad-Faith Claim Even Though the Insurer Denied Coverage Correctly

At the International Insurance Relations (G) Committee meeting on Sunday, December 15, there were presentations by Gordon Brady, Deputy Secretary General of the International Association of Insurance Supervisors (IAIS) and Gabriel Bernadino, Chairman of the European Insurance and Occupational Pension Authority (EIOPA) on the development of international standards for insurance company solvency by the IAIS. …
Read More NAIC Disputes Need for Global Capital Standards

On November 24, Iran entered into a Joint Plan of Actionwith the United States, China, the Russian Federation, France, Germany, and the United Kingdom (the “E3/EU+3”), whereby in exchange halting to certain uranium enrichment activities and agreeing to be monitored by the International Atomic Energy Agency, the E3/EU+3 agreed to, among other things, suspend U.S. and E.U. sanctions on Iran’s petrochemical exports and associated services (“Joint Plan”). …
Read More Suspension of U.S. and E.U. Sanctions on Insurance Related to Iran’s Petrochemical Exports

Edwards Wildman hosted a roundtable at the 2013 NAIC Fall National Meeting in Washington, DC with Richard Schlesinger, Chief of Reinsurance and Surplus Lines, from the New Jersey Department of Banking and Insurance for a discussion about the New Jersey Reinsurance Certification Program. …
Read More NAIC: Edwards Wildman Roundtable with Richard Schlesinger, Chief of Reinsurance and Surplus Lines New Jersey Department of Banking and Insurance

The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped

The long-awaited report from the Federal Insurance Office on how to modernize and improve the system of insurance regulation in the U.S. has been released. The Report and related transmittal to Rep. Hensarling can be accessed by clicking here and here, respectively. …
Read More BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED