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The New Jersey Department of Banking and Insurance recently issued Bulletin 09-21, which advises that amendments to N.J.S.A. § 17:22-6.59 and 17:22-6.64 were enacted on June 29, 2009.  The amendments change the surplus lines premium tax rate from three percent to five percent. 

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Read More New Jersey Increases Surplus Lines Premium Tax Rates

On June 26, 2009, Senate Bill 894, An Act Requiring Disclosure of Automobile Liability Insurance Policy Limits Prior to the Filing of a Claim (“SB 894”), was sent to the Connecticut Secretary of State for approval or veto by the Governor. 

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Read More Proposed Legislation in Connecticut Will Require Insurers to Disclose Automobile Liability Insurance Policy Limits Prior to a Claim Being Filed

On Monday, July 6, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into an Exchange of Letters (“EoL”) with the Financial Services Agency of Japan (“FSA”), Japan’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Japan

The Financial Services Authority has published a consultation paper (CP09/18) in connection with the distribution of retail investments (including life products but excluding pure protection products: see below) – known as its retail distribution review (RDR). 

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Read More UK: Financial Services Authority to Abolish Commission Payment Structures

We have previously reported on the UK Financial Services Authority’s (FSA) temporary ban on the short selling of stocks in the UK financial sector (which has now expired) and the ongoing disclosure requirements in relation to new and existing short positions. 

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Read More UK: FSA Extends Short Selling Disclosure Requirements

In ‘Brent London Borough Council (Appellant) v Risk Management Partners Ltd. (Respondent) & (1) London Authorities Mutual Ltd. (2) Harrow London Borough Council (Interested Parties) (2009)’ [EWCA Civ 490] the Court of Appeal held that the actions of Brent London Borough Council (Brent), specifically in relation to its decision to abandon a tender process for insurance cover in favour of a mutual insurer in which it was a participating member, were beyond the authority granted to it by Parliament. …
Read More UK: Court of Appeal Ends Local Authorities’ Insurance Venture

On June 25, 2009, the Non-Admitted and Reinsurance Reform Act of 2009 (S. 1363) was reintroduced into the Senate by Senators Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.).  S. 1363 is a companion bill to H.R. 2571, discussed here, which was introduced into the House on May 21, 2009.

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Read More Non-Admitted and Reinsurance Reform Act Reintroduced into the Senate

In response to recent investigations of reimbursements of out-of-network treatment, New York Governor Paterson announced a proposed regulation that will require health and accident insurers, including health maintenance organizations (collectively, “insurers”), to inform insureds as to the actual reimbursement amount for out-of-network treatment before receiving such treatment. 

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Read More New York Announces Proposed Regulation on Health Insurance Reimbursements

On 25 June 2009, the High Court approved the statutory transfer of the 1992 and prior non-life business of members and former members of Lloyd’s to Equitas Insurance Limited by way of Part VII transfer under the Financial Services and Markets Act 2000 (FSMA). 

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Read More UK: Equitas Part VII Transfer Approved by High Court