Former New York Governor Eliot Spitzer signed legislation this past month that requires annual mailings to New York State homeowners on how to obtain flood insurance coverage with the National Flood Insurance Program (“NFIP”).
Regulatory
Report from Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida
By Troutman Pepper Locke on
Jeanne Kohler (New York) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge are attending the Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida to deliver presentations on US and UK legal developments, respectively. …
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New Jersey Prohibits Travel Discrimination in Life Insurance Policies
By Troutman Pepper Locke on
On March 26, 2008, New Jersey Governor, Jon Corzine, signed into law Assembly Bill 1586, sponsored by Assemblyman Neil Cohen. The new legislation prohibits unfair discrimination by life insurance companies against individuals based on their travel plans by expanding the definition of unfair discrimination to include “failing to issue, extend, or renew a life insurance policy, or fixing the rates, terms, or conditions of the policy based on an individual’s intent to travel abroad, unless the decision is based on sound actuarial principles.” …
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Retakaful Market Expanding By Leaps and Bounds
By Troutman Pepper Locke on
The Middle East’s “retakaful” market–reinsurance covering takaful insurance (direct insurance that complies with Islamic law)–continues to expand dramatically. Takaful insurers are required to purchase reinsurance from companies that comply with Islamic law, unless such coverage is unavailable from those companies. …
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Another Reinsurer to Enter the Growing Middle Eastern Market
By Troutman Pepper Locke on
Arch Capital Group Ltd. (“Arch”) has announced it will enter the emerging reinsurance market in the Middle East. Gulf Re, a new reinsurer backed by Arch and the government-funded entity Gulf Investment Corp., will be based in the Dubai International Financial Centre and begin underwriting in that region upon receiving regulatory approval.
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Bermuda Monetary Authority Website Sets Out Detailed Regulatory Standards
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (BMA) has launched a new website providing detail about Bermuda’s regulatory standards online, which demonstrates the BMA’s commitment to providing open, transparent regulatory frameworks and requirements.
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UK: FSA Moves to Enhance Supervision in Wake of Northern Rock
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 26 March, the Financial Services Authority (FSA) published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The Chief Executive of the FSA admitted that the supervision of Northern Rock in the period leading up to the market instability of late last summer was not carried out to an acceptable standard.
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UK: FSA Proposes Fees for Part VII Transfers
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has confirmed that it plans to introduce application fees for transfers of insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA).
House Representatives Request Clarifications to FINSA Application in Treasury Department Regulations
By Troutman Pepper Locke on
Several members of the U.S. House of Representatives sent a letter to Department of Treasury Secretary Henry Paulson on March 13, 2008, requesting the Department of Treasury provide clear regulations outlining the application of the Foreign Investment and National Security Act (“FINSA”) on foreign investment in domestically owned companies.
Effective Date of New Jersey Ban on Step-Down Provisions
By Troutman Pepper Locke on
Posted in Regulatory, United States
As previously reported here, on September 10, 2007, the New Jersey legislature enacted P.L. 2007, c. 163 (S-1666/A-3038), which banned the use of step-down provisions. Step-down provisions were included in motor vehicle liability insurance policies issued to businesses and implicated when an employee is not a “named insured” on the policy.
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