The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently published a report on the results of its survey on the practical supervisory co-operation by Coordination Committees under the Solvency I framework. The survey was sent to the ‘lead’ supervisors of all 110 cross-border insurance groups.
Read More CEIOPS Highlights Improved Performance of Authorities in the Supervision of Cross-Border Insurance Groups
Regulatory
Florida Insurance Commissioner Conditionally Approves State Farm Withdrawal Plan
By Troutman Pepper Locke on
Florida Insurance Commissioner Kevin McCarty (McCarty) issued an Order on February 13, 2009 announcing that he has conditionally approved the withdrawal plan , which State Farm Florida Insurance Company’s (State Farm Florida) submitted on January 27, 2009, as reported here.
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Read More Florida Insurance Commissioner Conditionally Approves State Farm Withdrawal Plan
NAIC and NCOIL File Suit to Overturn SEC Rule Classifying Indexed Annuities as Securities
By Troutman Pepper Locke on
This updates our January 28, 2009 and December 22, 2008 blog postings. On February 10, 2009, the National Association of Insurance Commissioners (“NAIC”) and the National Conference of Insurance Legislators (“NCOIL”) filed suit in the U.S. Court of Appeals for the District of Columbia Circuit seeking to overturn Rule 151A adopted by the Securities and Exchange Commission (“SEC”) which classifies certain indexed annuities, previously regulated as insurance, as securities, and thus subjects them to federal, rather than state, regulation. …
Read More NAIC and NCOIL File Suit to Overturn SEC Rule Classifying Indexed Annuities as Securities
Lawmakers to Introduce the National Insurance Consumer Protection and Regulatory Modernization Act
By Troutman Pepper Locke on
On February 11, 2009, Representatives Melissa Bean (D-IL) and Ed Royce, (R-CA) announced that they plan to introduce the National Insurance Consumer Protection and Regulatory Modernization Act (the “Act”). The Act would create a federal charter for insurance regulation and would create, according to Rep. Bean, a “streamlined and uniform regulatory process that enhances competition and reduces the multi-state regulation barriers.” …
Read More Lawmakers to Introduce the National Insurance Consumer Protection and Regulatory Modernization Act
UK: FSA Clarifies ICOBS Rules in Response to Competition Commission’s Final Report into Payment Protection Insurance (PPI) Market
By Troutman Pepper Locke on
In response to the Competition Commission’s (the Commission) final report into the PPI market which was published on 29 January 2009 (see our previous blog here), the Financial Services Authority (FSA) has considered the measures proposed by the Commission and as a result has clarified its own handbook rules for a firm selling PPI contained in the Insurance Conduct of Business sourcebook (ICOBS).
UK: Competition Commission (CC) Publishes Final Report into Payment Protection Insurance (PPI) Market
By Troutman Pepper Locke on
The CC’s Final Report (the Report) was published on 29 January 2009 and sets out the measures it feels are necessary to enhance the competitiveness of the PPI market.
House of Representatives to Reintroduce the Nonadmitted and Reinsurance Reform Act
Reps. Dennis Moore (D-Kan.) and Scott Garrett (R-N.J.) recently announced their intention to reintroduce the Nonadmitted and Reinsurance Reform Act (the “NRRA”). As we previously reported here and here, the NRRA would establish national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. …
Read More House of Representatives to Reintroduce the Nonadmitted and Reinsurance Reform Act
Superintendent Dinallo Discusses More on the Revival of the New York Insurance Exchange
By Troutman Pepper Locke on
In a recent interview with National Underwriter magazine, New York Superintendent of Insurance Eric Dinallo stated that there are “major top-end brokers” interested in doing business on the potentially-resurrected New York Insurance Exchange (the “Exchange”) if it can help increase market capacity.
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Read More Superintendent Dinallo Discusses More on the Revival of the New York Insurance Exchange
Connecticut Legislatures Proposes Sale Tax on Insurance Service Transactions
By Troutman Pepper Locke on
On February 9, 2009, the Connecticut Legislature held a public hearing regarding on House Bill 6349, An Act Concerning Sales Tax on Services (the “Bill”). The Bill would eliminate the current exemption from the sales tax for professional, insurance, and personal services transactions found in Conn. Gen. Stat. § 12-412(11) and would specifically add professional, insurance, occupational, and personal service transactions to those services that are subject to the state’s sales and use tax under Conn. Gen. Stat. § 12-407(a)(37).
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Read More Connecticut Legislatures Proposes Sale Tax on Insurance Service Transactions
NJ Supreme Court Finds Umbrella Policy Issued by Excess/Surplus Lines Carrier Not Subject to Automatic Renewal Statute
By Troutman Pepper Locke on
The New Jersey Supreme Court has held that an umbrella policy issued by an excess/surplus lines insurer was not subject to the state’s automatic renewal statute. New Jersey has a statute which provides that no policy shall be “nonrenewed” on its expiration date unless a valid written notice of nonrenewal has been sent to the insured.