Regulatory

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On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Macau

Legislation (Senate Bill 1894) introduced in the Florida Senate to exempt surplus lines insurers from the provisions of Chapter 627 has been amended by the Committee on Banking and Insurance and re-referred to the Judiciary Committee. 

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Read More UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation

The Solvency II framework directive has finally been agreed and the proposals are expected to be formally passed in the next six weeks by both the European Parliament and the European and Financial Affairs Council (a subset of the Council of Ministers). 

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Read More EU: Solvency II Directive Agreed – Group Supervision Proposals Dropped

The European Commission has stated in a report, adopted on 24 March 2009, that two of the four forms of cooperation benefiting from the Insurance Block Exemption Regulation (the “BER”) may continue to be protected under a partially renewed BER when the current one expires on 31 March 2010. 

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Read More EU: European Commission Issues Provisional Views on the Renewal of the Insurance Block Exemption Regulation (358/2003/EEC)

As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting. 

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Read More NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework

Legislation is under consideration in Connecticut and New Jersey that may significantly expand a claimant’s ability to directly sue an insurer over unfair claims settlement practices. 

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Read More Legislation Proposed in Connecticut and New Jersey Allows for Direct Action by Claimants for Unfair Claims Settlement Practices

Last week, Senator John D. Rockefeller IV, (D-W.Va.) introduced the Preexisting Condition Patient Protection Act of 2009 (S. 623) (the “Bill”).  According to Senator Rockefeller, the Bill will address any coverage gaps created in the Health Insurance Portability and Accountability Act of 1996 regarding preexisting condition exclusions by eliminating the use of preexisting condition exclusions in all health insurance markets. 

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Read More Senate Bill Aims to End the Use of Preexisting Condition Exclusions by Health Insurers