On 24 October 2007, Michael Bright, the former chief executive of Independent Insurance Company, was convicted by jury trial of two charges of conspiracy to defraud. Former deputy managing director, Philip Condon, was found guilty on one count of fraud but was cleared on another, while the ex-finance director, Dennis Lomas, was found guilty of two fraud offences.
Regulatory
Texas Department of Insurance Recommends Unauthorized Insurance Guaranty Fund
By Troutman Pepper Locke on
In the Biennial report of the Texas Department of Insurance (the “TDI”) to the 81st Texas Legislature, a recommendation was submitted to create an unauthorized insurance guaranty fund. …
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Update on Use of Credit-Scores by Insurers in Underwriting
By Troutman Pepper Locke on
As we have previously reported here, here and here, the use of credit scores by insurers is a controversial topic.
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UK: Regulation – Financial Services Authority Letter to CEOs Re Single Premium Payment Protection Insurance (PPI) with Unsecured Personal Loans
By Troutman Pepper Locke on
Following on from its statements of 30 September 2008 and 20 January 2009 (see our previous blog on this statement here) suggesting firms may wish to stop selling single premium PPI, the FSA has sent a letter to CEO’s requesting that if they have not already done so, to stop selling single PPI with unsecured personal loans as soon as possible and in any event no later than 29 May 2009.
UK: Association of British Insurers Argues Against Age Restriction in Equality Bill
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Association of British Insurers (ABI) has published a report warning that customers are likely to face higher premiums and less choice if insurers are restricted from using age to help assess risk under proposed legislation. …
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Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement
By Troutman Pepper Locke on
A delegation of representatives from municipal bond issuer advocacy groups, the National League of Cities and the National Association of Counties, met last month with the staff of the New York State Insurance Department (the “NYSID”) to discuss the possible formation of a not-for-profit mutual municipal bond insurer that would be broadly-owned by the issuers of municipal debt. During the discussion, the staff of the NYSID walked the delegation through the mutual insurance company licensing process.
De Larosière Report on Financial Supervision in the EU
The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
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Connecticut Insurance Commissioner Supports Bail Bond Reform
By Troutman Pepper Locke on
On February 19, 2009, Connecticut Insurance Commissioner Thomas R. Sullivan testified before the Connecticut Insurance and Real Estate Committee in support of House Bill 6354, titled “An Act Regulating Surety Bail Bond Agents” (the “Act”). The Act would reform the bail bond industry and allow the Connecticut Insurance Department to better regulate the industry through stronger laws.
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Recession Will Test Massachusetts’ Mandatory Health Insurance Program
By Troutman Pepper Locke on
As we previously reported here, former Massachusetts Governor Mitt Romney signed a health care bill, known as “An Act Providing Access to Affordable, Quality, Accountable Health Care” (the “Act”), into law on April 12, 2006. The Act became effective on July 1, 2007 and requires that all Massachusetts residents carry health insurance, unless they have a waiver for religious reasons or have a waiver from the Commonwealth Health Insurance Connector Authority (the “Connector”). Individuals that do not have a waiver and do not have health care insurance face fines of more than $1,000 per individual for the 2009 tax year. …
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Comparison Consortium to Self Regulate Online Price Comparison Industry Despite Efforts of the FSA
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Comparison Consortium recently announced that it is to join forces with the Association of British Insurers (ABI) to develop a new code of practice for online insurance aggregators. The Comparison Consortium was established earlier this year to regulate and represent the online price comparison industry. …
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