As the credit crunch of the subprime meltdown continues, a recent question has been whether a government or private bailout of the troubled bond insurers is on the way. While early reactions were positive, recent events seem to indicate that a bailout by state and federal regulators or private industry is getting more unlikely by the day.
Read More Bond Insurers – Bailout on the Way?
Regulatory
Alabama Proposes Increases to Auto Insurance Minimums
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Alabama Senate has voted 33-0 to raise the minimum auto liability insurance requirements for resident motorists. The current law requires motorists to carry $20,000 in coverage for the injury or death of one person, $40,000 for multiple injuries or deaths, and $10,000 in coverage for property damage. …
Read More Alabama Proposes Increases to Auto Insurance Minimums
UK: Regulatory: Association of British Insurers Publishes Research on Income Protection Policies
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Association of British Insurers (ABI) has published research that highlights the important role that insurance can play in meeting financial commitments when households lose a regular income.
Aggressive New Massachusetts Data Breach Law and Proposed Security Rules Require Company Action
Massachusetts has become one of the most aggressive states in the country regarding protecting personal data. It has adopted a new data breach law, a new document destruction law and proposed regulations that may represent one of the most far-reaching information security requirements anywhere in the U.S. Taken together, these will have major compliance implications and will likely require more rigorous, written security policies for any company doing business in Massachusetts or holding Massachusetts personal data, wherever located. …
Read More Aggressive New Massachusetts Data Breach Law and Proposed Security Rules Require Company Action
SCHIP Development – House Fails To Obtain Necessary Majority To Override President Bush’s Veto of Latest Bill
By Troutman Pepper Locke on
On two separate occasions during the past few months, President Bush has vetoed proposed extensions to the State Children’s Health Insurance Program (“SCHIP”) and it remains to be seen whether the current legislation, due to expire in 2009, will be extended while President Bush remains in office.
UK: Regulatory: Market Reform Group (MRG) Announcement Regarding Progress on Business Process Reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The London market has made significant progress in meeting its goal of reforming business processes during 2007.
Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
By Troutman Pepper Locke on
Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment. …
Read More Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
UK: Regulatory: Price Comparison Websites – An Unfair Comparison?
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Recent research from the British Insurance Brokers’ Association (BIBA) suggests that consumers are confused about the details of the insurance policies listed on price comparison websites and about the regulatory status of the websites. …
Read More UK: Regulatory: Price Comparison Websites – An Unfair Comparison?
Hong Kong: Regulatory: China Insurance Regulatory Commission Issues a New Regulation, “Circular Concerning Risk Issues in Reinsurance Business”
By Troutman Pepper Locke on
On 28th November 2007 the China Insurance Regulatory Commission (CIRC) issued a new regulation, “Circular Concerning Risk Issues in Reinsurance Business” (the “Circular”). The Circular tightens up controls on foreign reinsurers to minimise risks in reinsurance transactions by setting out specific financial rating and capital requirements and further evidences the CIRC’s commitment towards the steady and regulated development of the Chinese reinsurance market.
UK/EU: Comité Européen des Assurances (CEA) Calls for Extra Scrutiny of Solvency II
By Troutman Pepper Locke on
The CEA, the representative organisation for European insurers and reinsurers has called for further impact analysis of Europe’s insurance regulation standard Solvency II. The CEA announced at the European Commission public hearing that the latest qualitative impact study (QIS4) on Solvency II needs to align more closely with the framework directive published in July 2007.
…
Read More UK/EU: Comité Européen des Assurances (CEA) Calls for Extra Scrutiny of Solvency II