Regulatory

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One of the proposed budget savings recently proposed by President Obama is a reduction in the federal government’s role in the terrorism insurance market via a reduction in funding of Terrorism Risk Insurance Act (TRIA). 

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Read More President Obama’s Proposed Budget Calls for Reduction to TRIA

Last week, the New Jersey Senate Commerce Committee began its review of the New Jersey Consumer Catastrophe Preparedness and Protection Act, S. 2089 (the “Bill”), by hearing testimony from representatives of the insurance industry and first responders.  We previously reported about a version of the Bill that was introduced last year, but was never enacted. …
Read More New Jersey Senate Committee Begins Review of Catastrophe Fund Bill

We have previously reported on two consultation papers issued by the European Commission on the regulation of credit rating agencies (click here for our earlier post). The consultation process culminated in the publication of draft regulations (the Regulations). On 23 April the European Commission announced that the Regulations had been approved by the European Parliament and the European Council. 

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Read More EU: European Parliament and Council Approve Regulation of Credit Rating Agencies

We recently reported that the Solvency II directive had been approved by the European Parliament (see the post here). The final stage of the European legislative process has now been completed with the European Commission adopting the directive on Tuesday 5 May. The implementation date, by which each of the EU member states must bring into force implementing regulations, is stated in the directive to be 31 October 2012. 

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Read More Solvency II Directive Adopted; UK Financial Services Authority Publishes Solvency II Feedback

Brazil: The Brazilian government is expected to soon announce the creation of a credit guarantee fund for small and medium-sized businesses in order to encourage bank lending to such entities.  The fund would be used to guarantee a percentage of bank loans made to qualifying businesses. …
Read More Latin American Update: Brazilian Government to Launch Credit Insurance; First Title Insurer Authorized in Chile; Ninth Central American and Caribbean Insurance Congress to be Held in Costa Rica; Proposed New Venezuelan Insurance Law Encounters Opposition

Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. …
Read More Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009

On February 12, 2009, House Representative Henry “Hank” Johnson (D-GA) re-introduced legislation relating to the Federal Arbitration Act, which is now called the Arbitration Fairness Act of 2009.  In June 2008, we first reported on the initial introduction of this legislation, the Arbitration Fairness Act of 2007 (click here for previous post). …
Read More Proposed Senate Bill Seeks to Enact Significant Changes in Arbitration

Last week, both the Florida Senate and House passed legislation, Senate Bill 1894 and House Bill 853 respectively (the “Legislation”), to exempt surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise, which contains Florida’s rate and form filing statutes. …
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Passed By Florida Senate and House

Under Ley 253 de 1995 (Ley de Seguro de Responsabilidad Obligatorio para Vehiculos de Motor), a system of compulsory minimum automobile coverage was instituted in Puerto Rico.  The coverage, obtained from the Puerto Rican government itself, currently carries a premium of $99 per year. …
Read More Puerto Rico: Insurance Commissioner Considers 20% Reduction in Compulsory Auto Insurance Premiums