Regulatory

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The State of Connecticut Department of Insurance (the “Department”) has recently stated that de minimis gifts not exceeding $15 in aggregate value per year are permissible under Connecticut’s anti-rebating statute, Conn. Gen. Stat. § 38a-825. 

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Read More The State of Connecticut Insurance Department Issues Guidance on Connecticut’s Anti-Rebating Statute

We reported last year on the SEC’s and FSA’s bans on short selling in financial companies (see the post by clicking here). The FSA has now published a consultation paper reviewing the short selling measures that it implemented last year, which are due to expire on 16 January 2009. Those measures required disclosure to the market of significant (greater than 0.25% of the issued share capital) short positions in UK financial sector companies and banned the creation of, or increase of existing, short positions in those companies. 

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Read More UK: FSA Consults on Changes to Short Selling Rules

As we previously reported here, the American Council of Life Insurers (“ACLI”) submitted a letter to the National Association of Insurance Commissioners (“NAIC”) asking the NAIC to consider changing reserve and risk-based capital requirements that it believes are too conservative.  On January 2, 2009, the NAIC issued a press release to announce that its Capital and Surplus Relief Working Group will hold a public hearing on January 27, 2009 at the Marriott Wardman Park Hotel in Washington D.C. to gather additional comments and information regarding current reserves and capital requirements. 

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Read More NAIC to Hold Public Hearing on Reserve and Capital Relief Proposal

On December 24, 2008, the New York State Insurance Department (“NYSID”) released a draft of its proposed amendments (the “Proposal”) to New York’s insurance regulations that authorize admitted insurers to receive credit for reinsurance ceded to unauthorized insurers. 

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Read More Update: New York Releases Draft Proposal Of Amendments To Credit For Reinsurance From Unauthorized Insurers Regulations

The Statement issued by the FSA sets out its continued interest in improving transparency in the mediation of commercial general insurance and the management of conflicts of interest  (click here to see the full statement). 

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Read More UK: FSA Releases Feedback Statement 08/7 on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market (Statement)

The Florida Office of Insurance Regulation (“OIR”) recently announced that Administrative Law Judge Daniel Manry of the Division of Administrative Hearings issued a Recommended Order on December 12, 2008 denying State Farm’s statewide homeowner’s insurance rate request. …
Read More Florida Office of Insurance Regulation to Issue Final Order on State Farm Rate Request

Qualitas, Mexico’s largest automobile insurer, has reportedly indicated that it is considering expanding its operations into Costa Rica and Panama.  The announcement comes on the heels of Qualitas’ entry into the insurance market in El Salvador at the beginning of December.  Referring to the more than year and a half it took for Qualitas to obtain authorization in El Salvador, company CFO Wilfrido Castillo reportedly commented that the company hopes authorization would come more quickly in Panama and Costa Rica. 

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Read More Costa Rica Roundup: Mexican Auto Insurer Expresses Interest in Market; Tourism Concerns and New Foreign Investment

On November 11, 2008, Frank Keating, President and Chief Executive Officer of the American Council of Life Insurers (“ACLI”), submitted a proposal to the National Association of Insurance Commissioners (“NAIC”) asking the NAIC to consider changing reserve and risk-based capital requirements that it believes are too conservative (the “Proposal”). 

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Read More NAIC Considers Reserve and Capital Relief Proposal for Life Insurers

The National Conference of Insurance Legislators (“NCOIL”) has proposed to hold a strategy summit in early 2009 to plan and organize opposition to any federal involvement in the regulation of insurance.  This announcement follows the recent adoption of the Resolution Opposing Continuing Federal Insurance Chartering Efforts by the Council of State Governments (“CSG”) where it was resolved, amongst other things, that state officials continue to monitor, review and regulate the banking, insurance and securities industries as it relates to their individual jurisdictions. 

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Read More NCOIL Proposes Summit to Discuss Opposition to Proposed Regulatory Reform

Latin American countries are liberalizing their regulatory schemes to conform to the nations’ free trade agreements with Europe and the United States and to satisfy internal demands for better pricing and products.  With economic conditions continuing to deteriorate in many of the world’s largest economies, international companies are taking a closer look at Latin America as a potential alternative market for investment and operations. …
Read More Free Webinar: (Re)emerging Mercados: Significant Recent Developments in the Latin American Insurance and Reinsurance Markets