Regulatory

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The FSA’s financial crime and intelligence sector has carried out a review of data security systems and controls in place in 39 UK companies operating across all of the different financial services sectors. The review found that many firms still under estimate the risk of data loss and fraud to their business and their customers. …
Read More UK: The Financial Services Authority (FSA) has Identified Weaknesses in the Attitude of Firms to Data Security and Threatens Sanctions

The Institute of Insurance Brokers (IIB) has responded to the Financial Services Authority’s (FSA) discussion paper on Transparency Disclosure and Conflicts of interest in the UK Commercial Insurance Market with major concerns (click here to view the IIB press release). 

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Read More FSA: IIB Sees Demise of Small Brokers if Commission Disclosure Becomes Mandatory

The New York State Insurance Department has issued a legal opinion in response to an anonymous inquiry regarding whether automobile collision repair facilities are permitted to pay part or all of an insured’s deductible.  The opinion states that such a payment does not constitute a rebate, which the N.Y. Ins. Law § 2324 prohibits, and therefore is permissible. …
Read More New York Auto Repair Shops Permitted To Fix More Than Just Autos

The Florida Senate Banking & Insurance Committee passed legislation last month that would reduce the state-funded reinsurance, which insurers are permitted to purchase in addition to the Florida Hurricane Catastrophe Fund coverage (Cat Fund). The measure, backed by Florida’s Chief Financial Officer Alex Sink, is designed to shed some of the state’s hurricane risk. 

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Read More Florida Senate Passes Bill to Reduce Insurers’ Catastrophe Coverage Limits

This post serves as an update to our postings on June 7, September 12, October 9, October 19 and December 11, 2007.  The NAIC Reinsurance (E) Task Force (“Task Force”) met during the Spring NAIC meeting last month to discuss a memorandum from the NAIC Staff dated March 19, 2008. 

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Read More NAIC to Complete Reinsurance Regulatory Framework by the end of 2008

A discussion paper on the UK’s proposals to reduce the administrative burden on insurance groups operating in the EU was launched on the 22 April 2008 by the Treasury and the FSA. (See: Discussion Paper) As has previously been discussed in a recent blog, the FSA has recognised the need for further development of the existing arrangements for regulatory cooperation and endorses the idea of cooperation among regulators and the creation of supervisor colleges. 

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Read More UK: Regulatory: Treasury and Financial Services Authority (FSA) Launch Consultation on EU Insurance Sector

The South African National Treasury has released a discussion paper setting out proposals for a new regulatory framework for companies offering insurance products to low-income earners. The proposals relate to the provision of micro-insurance which is any insurance product targeted at, or accessible to, low-income households. …
Read More The Future of Micro-Insurance Regulation in South Africa

The Connecticut General Assembly’s transportation committee has recently approved Senate Bill 288 (the “Bill”), which prohibits auto insurers from recommending, requesting or requiring policyholders use certain auto repair facilities.  The Bill also prohibits insurers from providing economic advantages to policyholders on the basis that they use certain facilities. …
Read More Connecticut Act Concerning an Insured’s Right to Choose Auto Repairer