Regulatory

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Eric R. Dinallo, Superintendent of the New York Insurance Department, recently proposed an amendment to Regulation 41 (11 NYCRR 27) that governs the standards for excess lines placement (the “Proposed Regulation).  The Proposed Regulation seeks to include additional risks to be insured by excess lines carriers on the New York Export List. …

Read More New York Export List Proposed Regulation

On June 24, 2009 Florida Governor Charlie Crist vetoed Florida HB 1171, a property insurance reform bill, sought by the insurance industry and business advocacy groups.  HB 1171 would have permitted insurers with adequate reserves to offer policies at whatever rate the market would bear while rate regulated companies continued to sell policies in Florida. …
Read More Florida Governor Charlie Crist Vetoes Property Insurance Reform Bill

June 30th is the deadline for filing a Report of Foreign Bank and Financial Accounts (“FBAR”), Treasury Form TD F 90-22.1 for calendar year 2008. In general, an FBAR must be filed by any U.S. person who had either a financial interest in or signatory authority (or other authority) over one or more “financial accounts” in a foreign country if the aggregate value of all such accounts exceeded $10,000 at any time during the year. …
Read More Foreign Bank and Financial Account Reporting Requirements for June 30, 2009

This week, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), Germany’s integrated financial regulator responsible for regulatory oversight of the insurance, banking and securities markets. 

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Read More The Florida Office of Insurance Regulation Enters Cooperation Agreement with Germany’s Financial Regulator

As we previously reported here, President Obama has proposed a broad overhaul of the federal financial regulatory system.  Click here to see the Treasury Department’s report on the proposal.  The proposed reforms if adopted by Congress would have far-reaching impacts upon the U.S. financial system, including new regulation of hedge funds, over-the-counter derivatives, rating agencies and securitizations and enhanced regulation of banks, investment banks and bank holding companies. …
Read More The Potential Impact of the Proposed Financial Regulatory Overhaul on the Insurance and Reinsurance Industry

By most measures, Chile is considered the third largest insurance market in Latin America.  It is widely considered to have the most stable market and political environment in the region.  These advantages, however, are significantly counterbalanced by the relatively high costs of doing business in the nation and the advanced development of the country’s insurance market, as reflected by the region’s highest insurance penetration rate (6%). …
Read More Chile: A Mature Latin American Insurance Market Seeking to Modernize

On June 16, 2009, the United States Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing regarding how to improve oversight of the insurance industry in order to protect insurance consumers and prevent insurance companies from posing a systemic risk to the American financial system. 

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Read More House Financial Services Subcommittee Holds Hearing Regarding the Federal Regulation of Insurance and Systemic Risk

The Government of Hong Kong has long planned to establish a safety net for Hong Kong policy holders in the event of an insurance company collapse. The first consultation exercise on a safety net for policy holders was held in 2003 where it was suggested two protection funds be established – one for life insurance and the other for general insurance, but the scheme was put on hold due to a lack of support from the insurance industry. …
Read More HK: HKFI Presents a Protection Fund Proposal