The China Insurance Regulatory Commission (CIRC) has recently issued a Circular aimed at expanding the scope of domestic insurers’ bond investments and enhancing their internal risk management mechanisms (the “Circular”).
Regulatory
National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation
As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
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VCIA Appoints Diane Leach as Interim President
By Troutman Pepper Locke on
Posted in Regulatory, United States
As an update to our previous post, the Board of Directors of the Vermont Captive Insurance Association (VCIA) announced its appointment of Diane Leach, the Association’s current Director of Education and Program Planning, as its interim president. …
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UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 20 March 2009, the Financial Services Authority (FSA) wrote to compliance officers of all the firms which hold client money permissions to remind them of their responsibilities in abiding with Principle 10: “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.
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EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II
By Troutman Pepper Locke on
Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II regime.
Mississippi Adopts NAIC Uniform Producer Licensing Standards
By Troutman Pepper Locke on
On March 26, 2009, Mississippi Governor Haley Barbour signed into law House Bill 777 (the “New Producer Law”), whereby the Mississippi Insurance Department will adopt the NAIC uniform standards for the licensing of producers.
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United States Treasury Department to Offer Financial Assistance to Life Insurers
Recently, the United States Treasury Department (the “Treasury”) has announced that certain life insurers that have acquired banks and thrifts are eligible to receive assistance from the Capital Purchase Program, a sub-program of the Troubled Asset Relief Program.
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Molly Lambert, VCIA President, Recommended by Senator Leahy (D-VT) for Regional USDA Post
By Troutman Pepper Locke on
Posted in Regulatory, United States
On April 9, 2009, U.S. Senator Patrick Leahy (D-Vt.) recommended Molly Lambert, current President of the Vermont Captive Insurance Association (VCIA), to President Barack Obama for the post of U.S. Department of Agriculture (USDA) State Director for Rural Development for Vermont and New Hampshire.
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UK: FSA Approves Industry Guidance on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority has previously voiced concerns with the lack of transparency regarding brokers’ commission and invited the insurance industry to prepare guidance on commission disclosure and the management of the potential conflicts of interest.
Washington Governor Signs Annuity Sales Bill into Law
By Troutman Pepper Locke on
On March 30, 2009, Washington Governor Chris Gregoire signed into law Senate Bill 5671, An Act Relating to the Suitability of Annuities Sold in Washington (the “Act”).
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