Twenty one years after the New York Insurance Exchange Commission (the “Exchange”) closed its doors for trading, New York State officials have begun to consider reviving this unique market. The Exchange was created in 1979 with the enactment of Regulations 89, 89-A and 89-B.
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Regulatory
Update on New York’s Proposed Change in Collateral Requirements on Foreign and Alien Reinsurers
By Troutman Pepper Locke on
In October, www.insurereinsure.com reported on a regulation being proposed by New York Superintendent of Insurance Eric Dinallo that would eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York (click here to view prior post).
Bermuda: The Association of Bermuda Insurers and Reinsurers (ABIR) and the Bermuda Insurance and Reinsurance Brokers Association (BIRBA) Announce the Adoption of a Contract Certainty Code (the Code)
By Troutman Pepper Locke on
The Code requires ABIR’s and BIRBA’s members to provide certainty in coverage terms and conditions to both policyholders and ceding insurers.
UK: FSA Update on Firms’ Progress Towards Achieving the Outcomes of Treating Customers Fairly
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has published an update on firms’ progress toward meeting the December 2008 deadline of the Treating Customers Fairly initiative (TCF). The initiative is part of the FSA’s move towards principles based regulation and seeks to encourage firms to change their behaviour toward customers. …
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UK Insurance Contract Law Reform: Lloyd’s/Institute of International Shipping & Trade Law Symposium
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 3 July 2008 Helen Clark attended the Institute of International Shipping & Trade Law Symposium on the prospective reform of marine and commercial insurance held at Lloyd’s. The Symposium provided an opportunity for further debate of the Law Commission’s proposals (contained in Consultation Paper 1) for the reform of English law on misrepresentation and non-disclosure, breach of warranty and the role of intermediaries pre-contract, with an emphasis upon business rather than consumer insurance.
Lautenberg Reintroduces Measure to Keep New Jersey Children Covered by Health Insurance
On June 26, 2008, U.S. Senator Frank Lautenberg (D-NJ) reintroduced a measure intended to ensure that children have access to healthcare. The measure was inserted into the Fiscal Year 2009 Labor-Health and Human Services-Education Appropriations bill (the “Bill”). …
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NAIC Pledges Support to Holocaust Insurance Act
Last week, the National Association of Insurance Commissioners (“NAIC”) pledged its support for the Holocaust Insurance Accountability Act of 2008 (“Accountability Act”), which would institute mechanisms for Holocaust-era insurance claims. The proposed legislation is intended to assist Holocaust survivors and their heirs with insurance claims that are complicated because of missing death certifications and/or non-existent physical copies of policies that were confiscated by the Nazis or lost in the Holocaust.
EU: Commission Takes Action Against 4 Member States for Failure to Implement the Reinsurance Directive
By Troutman Pepper Locke on
Last week we reported that Portugal has issued a consultation paper on the implementation of the EU Reinsurance Directive (see the post here). The transposition deadline was 10 December 2007. Portugal is one of four member states to receive a letter of formal notice from the Commission in relation to its failure to implement the Directive, the others being the Czech Republic, the Netherlands and Poland. …
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Allstate Suspension Stands – Florida Supreme Court Denies Jurisdiction
By Troutman Pepper Locke on
The Florida Supreme Court has refused to weigh in on the ongoing clash between the Florida Office of Insurance Regulation (OIR) and Allstate. As reported here, here, and here, Florida Insurance Commissioner Kevin McCarty served subpoenas on Allstate, seeking internal documents concerning its reinsurance program. When Allstate failed to comply with the subpoenas, the OIR suspended the rights of Allstate companies to issue new policies in Florida.
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House Passes ADA Amendment
By Troutman Pepper Locke on
On June 25, 2008, the U.S. House of Representatives passed the ADA Amendments Act (the “Act”) by a margin of 402-17. The purpose of the Act is to reject court decisions that have narrowed the scope and protection for people with disabilities under the American with Disabilities Act (“ADA”) and restore its original Congressional intent.