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Five motor dealers have been fined more than £175,000 by the FSA for breaches relating to the sale of PPI alongside motor finance (See: FSA fines five motor dealers for PPI failings). A total of 2175 customers were subsequently put at risk as a result of these breaches. 

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Read More UK: The Financial Service Authority (FSA) has Fined Five Motor Dealers for Breaches Relating to the Sale of Payment Protection Insurance (PPI)

Hawaii Insurance Commissioner L.P. Schmidt issued a memorandum to reinsurance intermediaries on September 3, 2008, regarding the licensing requirements for all reinsurance intermediaries.  All reinsurance intermediaries, including nonresident reinsurance intermediary-brokers and nonresident intermediary-managers, must be licensed under Hawaii Insurance Law. …
Read More Hawaii Issues Memorandum to Reinsurance Intermediaries

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