Regulatory

Subscribe to Regulatory via RSS

In order to comply with its free trade agreement with the United States, the Colombian legislature recently passed legislation revising various provisions of the nation’s insurance laws so as to allow certain cross-border insurance activities.  As of the date of this post, the legislation still awaits the President’s signature, at which point it will immediately enter into effect. …
Read More Colombia Revamps Cross-Border Insurance Regulations to Comply with Free Trade Agreement with the United States

The UK Financial Services Authority published Policy Statement PS09/13 on 24 July 2009 confirming that proprietary life insurance companies will no longer be able to use their with-profit funds to meet future compensation and redress payments. …
Read More UK: Financial Services Authority Announces Changes to With-Profits Rules

The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has introduced new regulations relating to technical provisions made by general insurers, including members underwriting general insurance business at Lloyd’s. 

…
Read More UK: New Regulations Relating to Calculation of General Insurance Technical Provisions for Tax Purposes

The New York State Insurance Department (the “Department”) recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. §§ 5311-5330 (“BSA”); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. § 78dd-1-78dd-3 (“FCPA”); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. § 313(a)(6)(c) (“OFAC”, collectively with BSA and FCPA, the “Federal Laws”). 

…
Read More New York State Insurance Department Reminds Licensees of Compliance Obligations under Federal Laws

On 22 July 2009 three HSBC companies: HSBC Life UK Ltd; HSBC Actuaries and Consultants Ltd; and HSBC Insurance Brokers Ltd, were fined £1.6m, £875,000, and £700,000 respectively by the UK Financial Services Authority (FSA). The fines are in response to those companies failing to have in place adequate systems and controls to protect customers’ confidential information from being lost or stolen. …
Read More UK: Financial Services Authority Punishes Failure to Protect Confidential Customer Information with Hefty Fines

In Washington, DC, two new laws were enacted this month that will impact insurance coverage eligibility in same-sex marriages performed out-of-state.  The Jury and Marriage Amendment Act of 2009, effective July 6, 2009, provides that “marriages legally entered into in another jurisdiction between two persons of the same sex shall be recognized as a marriage in the District.” 

…
Read More New District of Columbia Laws to Impact Insurance Coverage Eligibility for Same-Sex Marriages Performed Out of State

On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department.  This proposal is just one in a series of legislative drafts being sent to Congress as part of the Administration’s large scale financial regulatory reform efforts (previous proposals discussed here). …
Read More Treasury Department Releases Proposal to Create Office of National Insurance

On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the United Kingdom Financial Services Authority (“FSA”), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets. 

…
Read More The Florida Office of Insurance Regulation Enters Cooperation Agreement with the United Kingdom’s Financial Regulator

On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand’s insurance regulator. 

…
Read More New York Insurance Department Announces Cooperation Agreement with Thailand