As we previously reported here, the Florida Office of Insurance Regulation recently held a hearing on the use of credit information in insurance ratemaking by insurers.
Regulatory
UK: Amendments to FSA’s Systems and Controls Regime
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
From 1 April, amendments to the FSA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC) will extend the application of the so-called “common platform requirements” (SYSC 4 to 10) to all FSA-regulated firms other than insurers, managing agents and the Society of Lloyd’s.
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Legislation Introduced to Repeal Insurance Industry’s Antitrust Exemption
By Troutman Pepper Locke on
On March 18, 2009, U.S. Congressmen Gene Taylor (D-Miss.) and Peter DeFazio (D-Ore.) introduced the Insurance Industry Competition Act of 2009 (H.R. 1583). H.R. 1583 seeks to amend the McCarran-Ferguson Act, 15 U.S.C. §§ 1011 et seq., by removing the federal antitrust exemption for the insurance industry.
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Multiperil Bill Amending NFIP Reintroduced In House
By Troutman Pepper Locke on
Earlier this month, Rep. Gene Taylor (D-Miss.) reintroduced legislation, the Multiple Peril Insurance Act of 2009 (H.R. 1264), into the House of Representatives that would amend the National Flood Insurance Program (“NFIP”) to allow homeowners to purchase multiperil insurance covering windstorm damage in addition to flood damage.
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UK: FSA Publishes Turner Review on Global Banking Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA) published its much-anticipated review of global banking regulation on 18 March 2009. The review analyses the events that led to the financial crisis and recommends reform based on a “macro-prudential” approach rather than focussing solely on specific firms.
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NAIC Releases Update to Producer Licensing Assessment
By Troutman Pepper Locke on
Posted in Regulatory, United States
On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) announced the release of an update (the “2009 Update”) to its 2008 assessment of state producer licensing laws, practices and processes (the “2008 Assessment”).
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New Medicare Reporting Requirement for Non-Group Health Plan Providers Effective July 1, 2009
By Troutman Pepper Locke on
The Medicare, Medicaid, and SCHIP Extension Act of 2007 (S. 2499) (the “Act”), signed into law late last year, contains a new mandatory reporting requirement for insurers covering medical expenses.
Texas Proposes Prior Approval Legislation for Personal Lines Rates
By Troutman Pepper Locke on
Posted in Regulatory, United States
Legislation has been introduced into the Texas House of Representatives and Senate that would return the state to a prior approval system for rates for personal automobile and residential property insurance policies.
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NAIC Adopts Climate Change Risk Disclosure Requirement
By Troutman Pepper Locke on
On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) adopted a reporting requirement mandating that insurance companies disclose financial risks posed by climate change and the actions taken by such insurance companies to respond to such risks.
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UK/EU: Association of British Insurers Proposes Regulatory Principles, Backs European Supervisory Body
By Troutman Pepper Locke on
The Association of British Insurers (ABI) has backed the proposed creation of a European body to act as “supervisor of supervisors” across the EU as part of regulatory reform, and put forward five key principles in order to help ensure that reforms bring benefits for consumers.