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On 27 July 2009 the Insurance Industry Working Group (IIWG) published a report on its vision for the insurance industry in 2020. The IIWG is co-chaired by Alistair Darling, the Chancellor of the Exchequer, and Andrew Moss, Aviva group chief executive, and is made up of representatives from a number of UK insurers and insurance brokers. …
Read More UK: Insurance Industry Working Group Sets Out 2020 Vision

Democrats in the Michigan House are supporting about a dozen consumer protection bills that address unfair trade and “bad faith” claims practices by insurance companies.  The underlying rationale for the Democrats’ staunch support of these bills is that Michigan has weak laws to protect consumers against wrongful denial of insurance claims by home, auto and health care insurance companies. 

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Read More Michigan Democrats Advocate Consumer Protection Legislation Regarding Bad Faith Claims Denials

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Third Party May Not Bring Direct Action Against Insurer in Foreign Jurisdiction Pursuant to New Insurance Law § 3420

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Insurance Law § 3420 Also Applies to Claims-Made Policies

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. …
Read More OGC Opinion: New Prejudice Rule Set Forth in Insurance Law § 3420 May Also Be Incorporated in Non-Liability Policies at Insurer’s Option

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. …
Read More OGC Opinion: Insurance Law § 3420 Also Applies to Policies Issued in NY But Delivered Out of State

On Tuesday, July 28, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the International Department of the China Insurance Regulatory Commission (“CIRC”), China’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with China

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance. …
Read More N.Y. Insurance Department Issues Opinion Prohibiting Contingent Annuity Contracts

This updates our January 28, 2009 posting.  Earlier this year, American Equity Investment Life Holding Company (“American Equity”), together with a coalition of insurance companies and independent marketing organizations, filed suit in the U.S. Court of Appeals for the District of Columbia Circuit (the “Court”) seeking to overturn Securities and Exchange Commission (“SEC”) Rule 151A which classified certain indexed annuities, previously regulated as insurance, as securities, thus subjecting them to federal, rather than state, regulation. 

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Read More D.C. Circuit Remands Rule 151A Back to the SEC