Regulatory

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The FSA has fined LVBS for regulatory failings in the sales processes for PPI policies. (See: Final Notice and  Press Release)  The penalty was imposed in respect of PPI offered to customers who telephoned LVBS seeking unsecured personal loans between 14 January 2005 and 8 August 2007. …
Read More UK: Financial Services Authority (FSA) Fines Liverpool Victoria Banking Services Limited (LVBS) £840,000 for Regulatory Failings in the Sale of Payment Protection Insurance (PPI) Policies

On October 7, 2008, the New York Insurance Department and New York Department of Health will be holding a joint meeting to address out-of-network insurance coverage.  The hearing will be held in response to numerous consumer complaints regarding bills from specialists whom the consumers did not know were out-of-network. 

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Read More New York to Hold Joint Hearing on Out-of-Network Coverage

On 22 August 2008, Aon Corporation (Aon) and Benfield Group Limited (Benfield) announced that the boards of both companies had unanimously approved an agreement under which Aon will acquire Benfield for £3.50 per share in cash and assume approximately £91 million of Benfield’s net debt, representing an enterprise value of £935 million ($1.75 billion) on a fully diluted basis. …
Read More UK/US: Aon to Acquire Benfield Group Limited

On Friday, August 15, 2008, Florida Insurance Commissioner Kevin McCarty announced that the Office of Insurance Regulation (OIR) had reached a limited agreement with the Allstate Companies (Allstate). …
Read More Allstate Agrees to Resolve Litigation with Florida Insurance Commission by Paying Fine, Decreasing Rates and Writing More Homeowners Insurance in Florida

Costa Rican President Dr. Oscar Arias Sanchez recently signed into law the new Ley Reguladora del Mercado de Seguros, thereby ending the Instituto Nacional de Seguros’ (INS) more than eighty-year-old monopoly over the Costa Rican insurance business.  The Consejo Nacional de Supervision del Sistema Financiero (CONASSIF) is charged with establishing an insurance regulatory authority and implementing the other mandates of the new law. …
Read More Costa Rica Opens Insurance Market to Competition

Following the recent passing of the Insurance Amendment Act 2008, the Bermuda Monetary Authority (BMA) has announced that it will introduce the Bermuda Solvency Capital Requirement (BSCR), an enhanced solvency regime to apply to Bermuda’s Class 4 reinsurers. The BSCR is intended to establish risk-based capital adequacy standards for high impact reinsurers. …
Read More Bermuda Monetary Authority Announces New Rules on Insurance Solvency for Class 4, Reclassification of Class 3 and New Class of SPVs

A special assembly dominated by members of President Rafael Correa’s Alianza PAIS party recently approved a proposed new Ecuadorian constitution that would grant the president broad political and economic powers.  The proposed new constitution now faces a national public vote scheduled for September 28, 2008. …
Read More Special Assembly Approves New Proposed Ecuadorian Constitution

The Venezuelan Supreme Court recently upheld the constitutionality of blocking 272 mostly opposition candidates from running for office on the basis of suspicion of corruption.  The court rejected arguments that the blacklist was unconstitutional because many of the listed candidates had merely been accused, but not convicted, of corruption. 

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Read More Venezuelan Supreme Court Upholds Constitutionality of Candidate Blacklist

Nancy Praeger, President of the National Association of Insurance Commissioners (“NAIC”), sent a letter last month to the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the co-sponsors of H.R. 5792, Increasing Insurance Coverage Option for Consumers Act of 2008 (the “Bill”).

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Read More NAIC Comments On Proposed Reforms Of Liability Risk Retention Act