On May 13, 2008, the Senate passed its version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”) that would extend the National Flood Insurance Program (“NFIP”) through 2013. The NFIP is set to expire in September unless renewed.
Regulatory
EU/US: European and US Insurance Bodies Call for Bilateral Forum
By Troutman Pepper Locke on
On 12 May 2008 the Comité Européen des Assurances (CEA) and the American Council of Life Insurers (ACLI) issued a joint statement calling for the formation of an E.U.-U.S. bilateral forum on insurance and reinsurance issues.
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UK: Regulatory: The Financial Services Authority (FSA) Calls for Fairness in Insurance Comparison Websites
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
As the general insurance comparison website industry has expanded in recent years, the FSA has carried out a fresh review into general insurance comparison websites (the review). This fresh review comes in light of a study, commissioned by the British Insurance Brokers’ Association (BIBA), which showed potential for serious consumer detriment across insurance comparison websites.
Bermuda Issues Draft Legislation Relating to Anti-Money Laundering and Counter Terrorism Financing
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Government of Bermuda has reinforced its commitment to ensuring that Bermuda has a strong, robust and effective regime for the combating of money laundering and terrorist financing by issuing, for consultation and comment, draft legislation and other related documents relating to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF).
UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)
By Troutman Pepper Locke on
The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
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Senate Rejects NFIP Windstorm Amendment
By Troutman Pepper Locke on
This post is an update to our postings on October 2 and October 22, 2007 regarding the proposed legislation to extend the National Flood Insurance Program (“NFIP”). The NFIP is set to expire in September unless renewed. …
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UK: Regulatory: Treating Customers Fairly in Wholesale Markets
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Sarah Wilson, Financial Services Authority (FSA) Director of the Retail Firms Division, gave a speech on Treating Customers Fairly (TCF) in wholesale markets at the Protiviti breakfast meeting on 15 April 2008. A copy of the speech is available here.
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Louisiana Looks To Extend Incentive Program
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Louisiana Senate has recently voted to extend the Insure Louisiana Incentive Program (the “Program”). We previously reported about the program here and here. Under the Program, Louisiana earmarked $100 million in grants ranging from $2 to $10 million for qualified property and casualty insurance companies entering the Louisiana market. The goal of the Program is to increase the private market capacity by 15%.
Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance
By Troutman Pepper Locke on
The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time.
UK: FSA Publishes Interim Report on Retail Distribution Review 2007
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (“FSA”) published an interim report in respect of the Retail Distribution Review (“RDR”) discussion paper it published in 2007. The RDR forms one component of the FSA’s retail strategy, which also includes the “Treating Customers Fairly” and “Financial Capability” initiatives. …
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