EAPD lawyer Machua Millett recently participated in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market.
Read More Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)
Regulatory
UPDATE: AIG Signs Definitive Agreement with Federal Reserve
By Troutman Pepper Locke on
As we previously reported here, on September 16, 2008 the Federal Reserve Bank of New York (“Federal Reserve”) agreed to issue American International Group, Inc. (“AIG”) a two year, $85 Billion secured revolving credit facility. On September 23, 2008 AIG announced it signed a definitive agreement with the Federal Reserve with respect to such credit facility.
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Read More UPDATE: AIG Signs Definitive Agreement with Federal Reserve
NAIC Financial Condition (E) Committee Approves Reinsurance Modernization Proposal
By Troutman Pepper Locke on
This blog updates our September 24, 2008 posting.
The NAIC Financial Condition (E) Committee voted to adopt the reinsurance modernization and collateral proposal (the “Proposal”), which was approved by the Reinsurance Task Force earlier this week.
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Read More NAIC Financial Condition (E) Committee Approves Reinsurance Modernization Proposal
BREAKING NEWS: Bailout Bill Terms Finalized, Congress Expected to Vote Today
President Bush and Congress came to terms this weekend on the $700 billion bailout bill designed to aid the struggling U.S. economy. It is expected that the House of Representatives will vote on the “Emergency Economic Stabilization Act of 2008” (the “Act”) today, with the Senate to follow
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Read More BREAKING NEWS: Bailout Bill Terms Finalized, Congress Expected to Vote Today
Florida Relaxes Collateral Rules for Unaccredited Reinsurers
By Troutman Pepper Locke on
On September 16, 2008, the Florida Office of Insurance Regulation (OIR) announced that, in its capacity as the Financial Services Commission, the Florida Cabinet approved a rule permitting approved, unaccredited reinsurance companies to conduct business in Florida without posting 100% collateral.
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Read More Florida Relaxes Collateral Rules for Unaccredited Reinsurers
UK: HM Treasury and the Financial Services Authority (FSA) publish a consultation paper (CP) on the Acquisitions Directive
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Acquisitions Directive
HM Treasury and the FSA have published a joint CP entitled “Implementation of the Acquisitions Directive: a consultation document “.
HM Treasury and the FSA have published a joint CP entitled “Implementation of the Acquisitions Directive: a consultation document “.
NAIC Life Insurance and Annuities Committee Discussed Viatical Settlements
By Troutman Pepper Locke on
On September 23, 2008, at the NAIC Fall meeting in National Harbor, Maryland, the Life Insurance and Annuities (A) Committee (the “Committee”) covered a number of issues with respect to viatical settlements. Specifically, the Committee discussed whether it should revise the NAIC Viatical Settlement Model Act to incorporate provisions from the NCOIL Model Act to address, among other things, the issue of stranger initiated life insurance trusts. …
Read More NAIC Life Insurance and Annuities Committee Discussed Viatical Settlements
Michigan Court of Appeals Reinstates Regulations Prohibiting the Use of Credit Scoring in Home and Auto Insurance
By Troutman Pepper Locke on
In Insurance Institute of Michigan, et al. v. Commissioner, No. 262385, 2008 WL 190394 (Mich. Ct. App., Aug. 21, 2008), the appellate court opinion of Presiding Judge Helen N. White vacated a lower court’s permanent injunction against regulations prohibiting the use of credit scores in home and auto insurance. …
Read More Michigan Court of Appeals Reinstates Regulations Prohibiting the Use of Credit Scoring in Home and Auto Insurance
NAIC Adopts Model Regulation to Protect Seniors
By Troutman Pepper Locke on
On September 24, 2008, the National Association of Insurance Commissioners (“NAIC”) adopted a Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (the “Model Regulation”). …
Read More NAIC Adopts Model Regulation to Protect Seniors
NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year
During the National Association of Insurance Commissioners (“NAIC”) Fall Meeting in National Harbor, Maryland, the Surplus Lines Task Force (“Task Force”) chaired by Commissioner James Donelon (LA) received a report on the status of the proposed 2007 Nonadmitted and Reinsurance Reform Act (H.R. 1065/ S. 929) (the “Bill”).