On Wednesday, July 23rd and Friday, July 25th, the New York State Insurance Department and the New York Attorney General held the second and third public hearings in a series of three hearings concerning producer compensation and disclosure of fee arrangements to consumers.
Regulatory
Connecticut Attorney General Files Complaints Against Rating Agencies
The Connecticut Attorney General, Richard Blumenthal, recently filed separate complaints against The McGraw-Hill Companies, Inc. (as the parent of Standard & Poor’s), Moody’s Corp., and Fitch, Inc. The complaints were filed in the Connecticut Superior Court, Judicial District of Hartford. Each complaint contains a single count for violation of Connecticut’s Unfair Trade Practices Act (CUTPA).
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Crist Resists Florida Homeowners Insurers’ Request for Rate Increases
By Troutman Pepper Locke on
State Farm and the Florida Farm Bureau insurance companies have asked Florida state regulators to approve rate increases for homeowners’ policies. State Farm’s company spokesman has reported that, since 2000, for every dollar in premiums collected the company spent $1.20 in claims and other expenses, including salaries and profits.
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UK: The Financial Service Authority (FSA) has Published a ‘Quick and Easy’ Regulatory Guide for Small Firms
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has published a ‘quick and easy’ six-page guide to FSA regulation for small firms. (See: Quick Guide For Small Firms). The guide highlights key aspects of FSA regulation relevant to small firms and provides links to further information on the FSA website. (Click here to review the highlights). …
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FSA Publishes Statement Regarding Use of the Term ‘Consequential Loss’
By Troutman Pepper Locke on
The FSA has published a statement regarding the use of the term ‘consequential loss’ in general insurance contracts.
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Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law
Last week, the U.S. Senate passed H.R. 3221, the Housing and Economic Recovery Act of 2008, which provides measures to shore up Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and provides relief to thousands of homeowners facing foreclosure. …
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UK: The Financial Service Authority (FSA) is Taking Action on Treating Customers Fairly (TCF) Failings
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Hastings Insurance Services Ltd (Hastings) (a subsidiary of Insurance Australia Group) has been fined £735,000 by the FSA for not treating customers fairly. The fine is the largest ever imposed on an insurance broking firm.
EU: CEA Publishes Response to Consultation on Insurance Guarantee Schemes
By Troutman Pepper Locke on
Posted in European Union, Regulatory
On 7 July 2008, the Comité Européen des Assurances (CEA) published a response to the European Commission’s consultation paper on Insurance Guarantee Schemes (IGS) (see our previous blog here).
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Pay-as-You-Drive Auto Insurance in New Jersey
By Troutman Pepper Locke on
New Jersey has become the latest state to allow pay-as-you-drive auto insurance plans, which are also permitted in Alabama, Michigan, Minnesota and Oregon. A pay-as-you-drive auto insurance plan is one that charges a driver based on the numbers of miles driven and how abruptly drivers brake and accelerate. Two large insurers, GMAC Insurance and Progressive, currently offer such plans.
Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws
The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile’s Code of Commerce. If enacted, the legislation would replace Chile’s current laws concerning private insurance and reinsurance in their entirety.
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