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On June 10, 2008, Connecticut Governor M. Jodi Rell signed into law “An Act Concerning the Confidentiality of Social Security Numbers,” Public Act No. 08-167 (the “Act”).  The Act, which becomes effective October 1, 2008, requires any person who collects Social Security numbers in the course of business to create a privacy protection policy. 

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Read More Connecticut Passes Law on the Confidentiality of Social Security Numbers

CEIOPS has published an issues paper on the supervisory review process and undertakings’ reporting requirements under Solvency II. (See: Issues Paper) The issues paper covers some of the main components of Pillar II (concerning the way supervisors conduct their reviews) and Pillar III (supervisory reporting and public disclosure) elements of the Solvency II regime. 

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Read More UK: The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Publishes an Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements Under Solvency II

During their convention, which ended on August 28, 2008, the Democratic National Committee presented a platform that includes the endorsement of a National Catastrophe Fund.  The platform specifically calls for “a National Catastrophic Insurance Fund to offer an affordable insurance mechanism for high-risk catastrophes that no single private insurer can cover by itself for fear of bankruptcy.” …
Read More Democratic National Committee Platform Endorses a National Catastrophe Fund

In a Technical Advice Memorandum (“TAM”) released by the IRS in July, the IRS determined that a large retailer’s purchase of warranty reimbursement policies from a related captive insurance subsidiary that reimburse the retailer for expenses incurred under its manufacturer’s warranty obligations did not constitute an insurable risk for federal tax purposes. …
Read More Purchase of Warranty Reimbursement Polices from an Affiliated Captive does not Create an Insurance Risk for Federal Tax Purposes

According to media sources, Rana Tahboub, Assistant Director General of the Insurance Commission of Jordan (“IC”), recently stated that the IC is planning on introducing legislation to the Council of Ministers to create a captive insurance market in Jordan, the fourth such market in the region. …
Read More Jordan to Introduce Captive Insurance Guidelines by Year End

On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney.  McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative

Recently, the Iowa Insurance Commissioner, Susan E. Voss, issued Bulletin 08-13, which establishes new guidelines for permissible advertising and gifts that will not constitute a prohibited rebate under Iowa Code 507B.  Earlier rebating guidelines were more restrictive, and disallowed the offering of any goods or services that were not specifically incorporated as part of the policy contract and made a part of the pricing of the policy. …
Read More Iowa Establishes New Rebating Guidelines

Last Friday, a Texas state appeals court ruled that the Texas Department of Insurance (“TDI”) was not empowered to issue a disciplinary order against State Farm Lloyds in connection with a dispute between the parties relating to the insurer’s rates.  The appellate decision is the latest development in a clash between the parties that began in 2003 with the passage of a law requiring insurance companies in Texas to file their rates with the TDI for review. 

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Read More State Farm Wins Appeal in Rate Dispute