The Financial Services Authority (FSA) has published a consultation paper (CP 08/6**) in respect of a review of the provisions of the Client Assets Sourcebook (CASS). Following implementation of the Markets in Financial Instruments Directive (MiFID) on 1 November 2007, CASS was expanded from five to eight chapters and two separate regimes apply depending on whether firms conduct MiFID and/or non-MiFID business.
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Regulatory
Ohio Reforms Rules for Healthcare Provider Reimbursement Contracts
By Troutman Pepper Locke on
Last week, Ohio Governor Ted Strickland signed into law House Bill 125, dubbed by supporters the Healthcare Simplification Act, which sets restrictions on the contracting rights between physicians and health insurers when negotiating reimbursement arrangements. …
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New Yorkers To Receive Annual Flood Notices
By Troutman Pepper Locke on
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”).
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).