Regulatory

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On November 21, the New York Insurance Department (the “NYID”) issued Circular Letter No. 27 (the “Circular Letter”), “Recognition in New York of Marriages Between Same-Sex Partners Legally Performed in Other Jurisdictions.”  The Circular Letter requires insurers to treat all couples in New York, including same-sex couples who were legally married outside of New York, equally. 

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Read More New York Insurance Department: Insurers Must Treat All Married Same-Sex Couples Equally

As reported in a previous post, the new Massachusetts security regulations affect almost every employer in the Commonwealth and many other companies with other relationships with Massachusetts residents.  They will require significant security and other policy changes, including encryption of laptops and wireless communications containing personal information. 

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Read More Extension of Robust New Massachusetts Security Rules – What is Needed Now to Comply by May 1

In congressional testimony before the House Agriculture Committee on Thursday, November 20, 2008, New York Superintendent of Insurance Eric Dinallo announced that New York is postponing its plans to regulate certain credit default swap contracts (“CDS Contracts”) as insurance. …
Read More N.Y. Reconsiders Regulating Credit Default Swaps as Insurance

The Office of Fair Trading, on 7 February 2007, referred the supply of PPI to non business customers in the UK to the CC. The subsequent CC investigation found that the vast majority of policies are sold at the same time that consumers take out loans or other credit and that consumers rarely shop around or switch PPI providers. 

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Read More UK: Competition Commission (CC) Publishes its Proposals to Increase Competition in the Payment Protection Insurance (PPI) Market (the Provisional Decision)

The FSA continues to monitor insurance comparison websites to ensure that information is conveyed to the public in a clear, fair and not misleading way. In doing so, the FSA has revisited the 17 websites that were originally assessed in May 2008 to gauge where and how progress has been made since the initial review. 

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Read More UK: Financial Services Authority (FSA) Review of Insurance Comparison Websites

Sarah Wilson, Director and Insurance Sector Leader at the FSA has given a speech on the FSA’s view of life insurance. She acknowledged that the insurance sector was coming under increased attention as a result of the turbulence in financial markets but stressed that it was stronger and better placed to deal with the stressed market conditions than during the last bear market of 2003 

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Read More UK: FSA’s View of Life Insurance

As reported in our previous blog posts here and here, Congress has for some time been considering an Optional Federal Charter that would allow insurance companies to choose between state and federal regulation.  As an outgrowth of this concept and in light of the recent the federal bailout of insurance giant America International Group, Congress is now considering expanding the power of the Federal Deposit Insurance Corp. (“FDIC”) to cover insurance companies. …
Read More FDIC Chairman Indicates that FDIC’s Powers Could Extend to Insurers

The Dominican Republic’s second-largest insurance broker, First Insurance Group, intends to expand its operations into the mainland United States under its new name, Fulcro Insurance.  According to the company’s founder and president, Ramon Perez, Fulcro intends to establish a presence in the state of Georgia by the end of the year through either acquisition or establishment of a new entity. 

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Read More Dominican Republic Insurance Broker Looks To Expand Into Mainland United States

Edwards Angell Palmer & Dodge LLP has recently drafted two Client Advisories related to Massachusetts data security requirements.  Click here and here to view the Advisories.  They describe new requirements imposed by Massachusetts to be effective May 1, 2009 mandating procedures to be put into effect to protect personal information

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Read More Urgent Information on Security Policies for Companies with Employee, Customer or Other Relationships with Massachusetts Residents