On 23 May 2008, the European Commission issued a consultation paper (CP) on amendments to the decisions establishing the three Lamfalussy Level Three committees (See: Consultation Paper). HM Treasury and the FSA have now jointly responded to the CP. The response was also agreed with the Bank of England and the Pensions Regulator (Response). (See: Joint FSA and HMT response and Joint letter to Commissioner).
Read More UK: Response to European Commission consultation on the responsibilities of the European insurance supervisors’ committee (CEIOPS)
Regulatory
Agents and Brokers Urge Expansion of New York Excess Lines Export List
By Troutman Pepper Locke on
Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”). The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule. …
Read More Agents and Brokers Urge Expansion of New York Excess Lines Export List
Arbitration Fairness Act of 2007 Approved by House Subcommittee
By Troutman Pepper Locke on
On July 15, 2008, the Arbitration Fairness Act of 2007, H.R. 3010 (the “Act”), which was originally introduced on July 12, 2007, was approved by the House of Representatives Subcommittee on Commercial and Administrative Law.
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Read More Arbitration Fairness Act of 2007 Approved by House Subcommittee
Governor Charlie Crist and Florida Insurance Commissioner Kevin McCarty meet with Lloyd’s of London
By Troutman Pepper Locke on
Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues. Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming.
NCOIL Adopts a Resolution in Support of State-Based Regulation of the Use of Credit Scores in Personal Insurance Rating
By Troutman Pepper Locke on
Posted in Regulatory, United States
Following on the heels of the National Conference of Insurance Legislators (“NCOIL”) Secretary George Keiser’s testimony in support of the use of credit-based insurance scoring to the United States House of Representatives Subcommittee on Oversight & Investigations, NCOIL adopted a Resolution Supporting State Regulation of the Use of Credit Information in Personal Insurance (the “Resolution”) on July 13, 2008.
The End of Countersignature Laws in the United States
By Troutman Pepper Locke on
The state of Nevada’s failure to challenge a recent decision by a federal appellate court deeming that state’s “countersignature laws” unconstitutional officially marks the end of countersignature requirements for brokers placing business in the United States. …
Read More The End of Countersignature Laws in the United States
UPDATE: House Committees Approve Three Federal Insurance Regulation Bills
By Troutman Pepper Locke on
The House Subcommittee on Capital markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the House Committee on Financial Services (the “Full Committee”) approved three insurance regulatory bills on July 9, 2008. This post provides updates on the three bills that have most recently advanced Congress’ examination of proposals to institute federal oversight of the insurance industry.
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Read More UPDATE: House Committees Approve Three Federal Insurance Regulation Bills
Use of Credit Scores in Personal Line Insurance Rating
Recently, the House Financial Services Oversight and Investigation Subcommittee held a hearing where speakers from various insurance industry and consumer protection groups gave testimony regarding “The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance.”
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Read More Use of Credit Scores in Personal Line Insurance Rating
Brazil Issues New Regulations Governing Maximum Cession Levels To Occasional Reinsurers
By Troutman Pepper Locke on
Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued regulations establishing that cessions to occasional reinsurers (see definition below) by Brazilian insurers may not exceed 10% of the total premiums ceded to reinsurers. The new regulations further establish that no Brazilian insurer may cede more than 50% of the risk it underwrites to occasional reinsurers. The moves were not unexpected, having been foreshadowed in SUSEP’s discussions with the industry. …
Read More Brazil Issues New Regulations Governing Maximum Cession Levels To Occasional Reinsurers
The New York Insurance Department and New York Attorney General Held the First of Three Joint-Hearings Regarding Insurance Producer Compensation
By Troutman Pepper Locke on
On July 14th, industry representatives presented their viewpoints on the need to reform the current New York regulations regarding producer compensation standards and disclosure to a panel consisting of officials from the New York Insurance Department and the Office of the Attorney General.