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On June 1, 2009, Texas legislators unanimously passed HB 4409, An Act Relating to Emergency Preparation and Management (the “Act”).  The Act represents a compromise between the House and Senate to improve the funding structure for the Texas Windstorm Insurance Association (“TWIA”), a state-chartered organization that provides wind and hail insurance coverage to 229,000 homeowners and businesses on the Texas Gulf Coast when insurance companies exclude it from their homeowners and other property policies. 

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Read More Texas Windstorm Insurance Bill Passes

CESR has published its final report into the progress that EU based credit rating agencies’ (CRAs) have made in complying with the International Organisation of Securities Commission’s 2008 Code of Conduct Fundamentals for Credit Rating Agencies (the IOSCO Code). 

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Read More EU: The Committee of European Securities Regulators (CESR) Publishes Report on Credit Rating Agencies Code of Conduct

A recent Lloyd’s Market Bulletin ref: Y4280 (14 May 2009) gives details of three individuals who, when changing employment to a competitor, committed various breaches of their obligations to their previous employer. Alistair Mark Mellis and Ksenya Mazalova were involved in the appropriation of documents from their previous employer for use in their new employment. Mr Mellis, who had not yet moved to his new employer, also provided underwriting assistance to Ms Mazalova. 

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Read More UK: Regulation: Notice of Censure Published by Lloyd’s Enforcement Board in Relation to Ark Syndicate Management (ASM) Employees

Late last month, the Connecticut legislature passed S.B. 301 (the “Act”), which requires group health insurers to provide coverage for the diagnosis and treatment of autism spectrum disorders.  Specifically, policies must provide coverage for treatments that are medically necessary and prescribed by a licensed physician, licensed psychologist or licensed clinical social worker. 

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Read More Connecticut Passes Autism Coverage Legislation

On Thursday, May 28, 2009, it was announced that Eric Dinallo, Superintendent of the New York State Insurance Department (“NYSID”), intends to resign effective as of July 3, 2009.  Dinallo has accepted a position as a visiting professor at New York University’s Stern School of Business. …
Read More New York Insurance Superintendent Eric Dinallo Resigns

On May 21, 2009, Representative Ron Klein (D-FL) reintroduced the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”), which would allow states to join a national catastrophe insurance pool and would potentially reduce the cost and improve the availability of homeowners’ insurance in Florida and in other states.  As we reported here, the Act is similar to the legislation previously passed in the House, but failed to gain Senate support in 2007 and 2008. 

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Read More Representative Ron Klein (D-FL) Reintroduces the Homeowners’ Defense Act