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As previously discussed here, here, here, and here, in enacting the Emergency Economic Stabilization Act (“EESA”), Congress authorized the United States Treasury to establish the Troubled Asset Relief Program (“TARP”).  As part of the Treasury’s effort to inject capital into the credit markets, the Treasury initiated the Capital Purchase Program (“CPP”) as part of the TARP. …
Read More Insurance Company Participation in the Troubled Asset Relief Program

The 18th annual Convencion Internacional de Seguros recently took place in Colombia, with the potential ramifications of the international credit crisis taking center stage together with the pre-planned agenda regarding catastrophic and political, social and financial risks. 

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Read More 18th International Insurance Convention in Colombia Focuses on Global Credit Crisis

In an earlier consultation paper, CP08/8, it was proposed by the FSA that the current tariff measure for insurance providers be altered so that it was no longer based solely on annual net premium, but also took into account the level of technical liabilities/reserves. …
Read More UK: Tariff Changes to Insurers’ Financial Services Compensation Scheme (FSCS) Contributions Announced in FSA Consultation Paper 08/11

The Statutory Accounting Principles Working Group of the National Association of Insurance Commissioners (“NAIC”) recently issued a proposal (the “Proposal”) to enhance the disclosure of positions held in credit derivatives, hybrid instruments that have embedded credit derivatives, and certain guarantees in the financial statements filed by insurers. 

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Read More NAIC Proposes Insurer Disclosure of Positions Held in Credit Derivatives and Certain Guarantees

On 8 August 2008, the Bermuda Monetary Authority (the BMA) announced significant enhancements to Bermuda’s solvency and disclosure regulations for insurance which were intended to help Bermuda achieve recognition as having equivalent regulatory standards to those in Europe (see our previous post here). 

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Read More BMA Issues Regulatory Update for October 2008

This blog updates our July 8, 2008 posting.

On October 17, 2008, the Securities and Exchange Commission (“SEC”) published a notice in the federal register reopening the public comment period on new rules regarding indexed annuities that were originally proposed in June 2008 (the “Proposed Rules”). …
Read More SEC Reopens Comment Period on Proposed Rules to Regulate Indexed Annuities

The IPT Tribunal has ruled that an administration fee payable to Homeserve GB Limited (Homeserve), an FSA authorised insurance intermediary, is subject to IPT, notwithstanding that the fee was payable under an administration contract which was separate from the insurance policy. …
Read More UK: Insurance Premium Tax (IPT) Attributable to Separately Identified Contracts

The National Council on Compensation Insurance (NCCI) proposes rates for workers’ compensation insurance in many states.  Owing to a significant drop in claims frequency and reductions in the costs of claims, NCCI proposed to reduce the cost of workers’ compensation in Florida by 14.1 percent effective January 1, 2009.  The increased reduction would save employers in Florida more than $610 million during 2009. 

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Read More Florida Insurance Commissioner Rejects Workers’ Compensation Rate Filing