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.
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Regulatory
D.C. Circuit Remands Rule 151A Back to the SEC
By Troutman Pepper Locke on
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.
Colombia Revamps Cross-Border Insurance Regulations to Comply with Free Trade Agreement with the United States
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
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. …
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UK: Financial Services Authority Announces Changes to With-Profits Rules
By Troutman Pepper Locke on
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. …
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UK: New Regulations Relating to Calculation of General Insurance Technical Provisions for Tax Purposes
By Troutman Pepper Locke on
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.
New York State Insurance Department Reminds Licensees of Compliance Obligations under Federal Laws
By Troutman Pepper Locke on
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”).
UK: Financial Services Authority Punishes Failure to Protect Confidential Customer Information with Hefty Fines
By Troutman Pepper Locke on
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. …
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New District of Columbia Laws to Impact Insurance Coverage Eligibility for Same-Sex Marriages Performed Out of State
By Troutman Pepper Locke on
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.”
Treasury Department Releases Proposal to Create Office of National Insurance
By Troutman Pepper Locke on
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). …
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The Florida Office of Insurance Regulation Enters Cooperation Agreement with the United Kingdom’s Financial Regulator
By Troutman Pepper Locke on
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