The FSA has published the second edition of its IRO. (See: International Regulatory Outlook).
Read More UK: Publication of the second edition of the FSA’s International Regulatory Outlook (IRO)
Regulatory
House Removes H.R. 5840 from Consideration; Passes NARAB
By Troutman Pepper Locke on
On September 17, House of Representatives Speaker Nancy Pelosi (D-Ca.) removed H.R. 5840 from the legislative calendar. As previously discussed here, the legislation would establish a federal Office of Insurance Information.
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Read More House Removes H.R. 5840 from Consideration; Passes NARAB
Congress Still Unable to Agree on NFIP, Considers Short-Term Extension
As previously reported here, the National Flood Insurance Program (“NFIP”) is due to expire at the end of this month. With the House of Representatives and Senate still at odds over key provisions, Rep. Barney Frank (D-MA) has introduced a bill, H.R. 6965, which would temporarily extend the NFIP for an additional seven months. …
Read More Congress Still Unable to Agree on NFIP, Considers Short-Term Extension
U.S. House of Representatives to Vote on Creation of Federal Insurance Office
By Troutman Pepper Locke on
The U.S. House of Representatives will take up a vote this week on legislation, H.R. 5840, which would create a federal insurance office that would be responsible for monitoring insurance markets. …
Read More U.S. House of Representatives to Vote on Creation of Federal Insurance Office
Federal Reserve Agrees to $85 Billion Loan to AIG
By Troutman Pepper Locke on
The Federal Reserve Bank of New York has agreed to issue AIG a two year, $85 Billion secured revolving credit facility in return for a 79.9 percent equity interest in AIG and the right to veto the payment of dividends to common and preferred shareholders.
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Read More Federal Reserve Agrees to $85 Billion Loan to AIG
UK: Decision of the Financial Services and Markets Tribunal (FSMT) Emphasises the Importance of Disclosing All Relevant Information to the FSA
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSMT has handed down its decision in the case of Asgar Ali Ravjani (trading as Astrad Finance) v Financial Services Authority, which involved the failure to disclose a discharged bankruptcy to the FSA. …
Read More UK: Decision of the Financial Services and Markets Tribunal (FSMT) Emphasises the Importance of Disclosing All Relevant Information to the FSA
BREAKING NEWS: AIG Receives Special Permission to Access $20 Billion of Subsidiaries’ Capital
In the wake of American International Group, Inc.’s (“AIG”) request for a $40 billion bridge loan from the Federal Reserve, New York Governor David Patterson has announced that AIG has been granted “special permission to access $20 billion of capital in its subsidiaries to free up liquidity.” This will enable, in essence, AIG to make a bridge loan to itself.
UK Insurance Contract Law Reform: BILA Annual Conference at Lloyd’s
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 12 September 2008, Helen Clark attended the British Insurance Law Association (BILA) Annual Conference. The opening session was lead by the Law Commissioner, Mr David Hertzell, who is heading up the Law Commission’s wide scale review of Insurance Contract Law Reform. …
Read More UK Insurance Contract Law Reform: BILA Annual Conference at Lloyd’s
Florida Insurance Commissioner Orders State Farm to Refund $120 Million for Unpaid Windstorm Mitigation Discounts
By Troutman Pepper Locke on
On September 9, 2008, Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to issue $120 million in credits or refunds to approximately 98,000 current or former policyholders who did not receive, or who did not apply for, Windstorm Loss Reduction Rating Plan discounts that were available to Windstorm policy holders who made their homes more windstorm resistant.
The National Association of Registered Agents and Brokers Reform Act of 2008 (H.R. 5611) receives support from the Connecticut Insurance Commissioner
Connecticut Insurance Commissioner Thomas Sullivan recently endorsed proposed federal legislation to streamline the insurance producer licensing process and establish uniformity in the qualifications that need to be met in order to conduct business in multiple states. According to Sullivan, producer regulation is an area where there is a need for federal legislation.
Read More The National Association of Registered Agents and Brokers Reform Act of 2008 (H.R. 5611) receives support from the Connecticut Insurance Commissioner