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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. 

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Read More A Former Independent Insurance Director is Ordered to Pay £1.28 Million or Face Further Imprisonment

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.

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Read More UK: Regulation – Financial Services Authority Letter to CEOs Re Single Premium Payment Protection Insurance (PPI) with Unsecured Personal Loans

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. 

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Read More Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement

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. …
Read More De Larosière Report on Financial Supervision in the EU

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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Read More Connecticut Insurance Commissioner Supports Bail Bond Reform