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The First Circuit recently heard an appeal regarding a challenge to amendments to Puerto Rico’s Compulsory Motor Vehicle Liability Insurance Act, Law No. 253.  The law requires auto vehicle registrants, upon vehicle registration, to pay premiums for compulsory auto insurance through a Commonwealth-created association of private insurers in Puerto Rico. …
Read More First Circuit Remands Challenge to Puerto Rico’s Compulsory Auto Insurance Law Back to District Court, But with Little Chance of Success

This updates our February 11, 2009 blog posting.  On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Original Draft”), which aimed to protect public interests by setting forth minimum disclosure requirements regarding the role of insurance producers and the “actual or potential conflicts of interest created by compensation paid to insurance producers.” …
Read More New York Revises Draft Commission Disclosure Rule

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced on July 7th that all licensed agencies (resident and nonresident) must complete a new online survey by July 23rd, with a threat of administrative action against licensees who fail to meet the deadline. …
Read More REGULATORY ALERT: Michigan Insurance Regulators Request Information from All Active Agencies in Michigan by July 23, 2009

On July 8, 2009,  Substitute Senate Bill No. 894, An Act Requiring Disclosure of Automobile Liability Insurance Policy Limits Prior to the Filing of a Claim, was signed by Governor Jodi Rell as Public Act 240 (2009). 

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Read More Connecticut: Governor Rell Signs Bill Requiring Insurers to Disclose Automobile Liability Insurance Policy Limits Prior a Claim Being Filed

Last week Rep. Barney Frank (D-MA) introduced H.R. 3139 that would temporarily extend the National Flood Insurance Program (“NFIP”) for an additional six months to March 31, 2010.  The NFIP was temporarily extended through September 30, 2009 as part of the omnibus appropriations bill signed into law by President Obama on March 11. …
Read More National Flood Insurance Program Extension Bill Proposed in House

Aseguradora Mundial, a Panamanian insurance company owned by regional conglomerate Grupo Mundial, recently became the first foreign company to receive preliminary authorization from Costa Rica’s interim insurance regulator, the Superintendency of Pensions, to offer insurance in the Central American country. …
Read More Panamanian Company Becomes First Foreign Insurer Authorized in Costa Rica

On 2 July 2009, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) released their second set of advice on Solvency II Level 2 implementing measures. The first set of advice was released on 26 March 2009 and the third and final set of advice is expected in November 2009. …
Read More EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors Release Their Second Set of Advice on Solvency II Level 2 Implementing Measures

Insurance companies in China are undergoing a major shake-up as smaller and weaker insurers are struggling to meet the heightened solvency requirements introduced by the China Insurance Regulatory Commission (“CIRC”) in December 2008 in light of the economic crisis. The aims of these requirements are to increase risk management and efficiency in the insurance sector. …
Read More China: Tough Times for Smaller Insurers in China

The Financial Services Authority (FSA) has recently appointed Ken Hogg as Director of Insurance Sector. Mr Hogg, who was due to start his new role at the FSA this week, has a strong actuarial background and has previously been employed as interim Chief Financial Officer at MGM Assurance, Chief Operating Officer at AIG Life before which he spent 20 years working for AEGON. …
Read More UK: Financial Services Authority Appoints New Director of Insurance Sector

The Financial Services Authority (FSA) has fined Richard Holmes, a director of insurance broker AIF Limited, £20,020 for control failings in relation to an appointed representative firm (AR). …
Read More UK: The Financial Services Authority Fines Director of an Insurance Brokers for Failure to Control an Appointed Representative