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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. …
Read More Recession Will Test Massachusetts’ Mandatory Health Insurance Program

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. …
Read More Comparison Consortium to Self Regulate Online Price Comparison Industry Despite Efforts of the FSA

The UK Treasury has proposed opening a new information gateway between the Financial Services Authority (FSA) and the Claims Management Regulator (CMR) so the two regulatory bodies can share information of mutual interest. The Treasury expects that the gateway would increase the efficiency and effectiveness of regulatory activities but would not cause significant savings or impose additional costs. …
Read More UK: Treasury Proposes Information Gateway Between FSA and Claims Management Regulator

On Wednesday, February 25, 2009, the House of Representatives passed legislation extending the National Flood Insurance Program (“NFIP”), which was set to expire in March.  As we reported here, Congress previously extended the NFIP at the end of September 2008. …
Read More Update: House of Representatives Approves NFIP Extension

Companion legislation has been introduced in the Florida House of Representatives and Senate to exempt surplus lines insurers from the provisions of Chapter 627, except when specifically stated otherwise, which contains Florida’s rate and form filing statutes. 

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Read More Florida Introduces Legislation to Exempt Surplus Lines Insurers from Form Filing Requirements

Thursday’s third session addressed the D&O risks and insurance issues that globalization poses for U.S. corporations doing business through subsidiaries abroad.  The Panel discussed the issues to keep in mind when placing D&O insurance for a global corporation and its foreign subsidiaries. 

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Read More LIVE PLUS UPDATE: International D&O: Solutions, Not Questions

A preliminary inquiry is being undertaken into the operations of AIGFP in the UK. AIGFP is a  non insurance subsidiary of AIG and investigations will not touch upon the insurance operations of AIG in the UK or elsewhere. …
Read More The Serious Fraud Office (SFO) and the Financial Services Authority (FSA) Launches a Preliminary Inquiry into the UK Operations of AIG Financial Products Corporation (AIGFP)

In a recent interview, New York State Insurance Department Superintendent and returning chairman of the National Association of Insurance Commissioner’s (“NAIC”) Life Insurance and Annuities Committee Eric R. Dinallo stated that in light of the current economic crisis he will be reevaluating NAIC’s regulations with respect to variable annuities. 

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Read More New York Superintendent Eric Dinallo Discusses NAIC’s Variable Annuity Regulations

The Pan European Insurance Forum (PEIF) issued a paper on 12 February 2009 giving its regulatory recommendations for the insurance industry in the wake of the economic downturn. The PEIF is a group of CEOs of major European insurance companies such as Aegon, Allianz, Aviva, AXA, Generali, ING, Mapfre, Munich Re, RSA, Swiss Re, Uniqa and Zurich Financial Services. In this paper, the PEIF considers the impact on the European insurance industry and makes policy recommendations to combat the crisis. 

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Read More Europe: PEIF Issues Paper on Regulatory Consequences of the Economic Crisis