Regulatory

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On January 17, 2008, Leonard Crouse announced his plan to retire from his post as Deputy Commissioner of the Captive Insurance Division (“Division”) effective June 1st of this year.  The Division is part of the Vermont Department of Banking, Insurance, Securities and Health Care Administration (“BISHCA”).  Vermont is the largest captive insurance domicile in the United States. 

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Read More Leonard Crouse to Retire June 1, 2008

As previously reported here, Louisiana launched the Insure Louisiana Incentive Program in an effort to attract more property and casualty and increase the private market capacity.  The program provides grants ranging from $2 million to $10 million in matching funds to qualified property insurance companies. 

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Read More Louisiana Completes First Round of Property & Casualty Incentive Program

Last week, three Allstate Companies (Allstate Insurance Co., Allstate Indemnity Co. and Allstate Property and Casualty Co., collectively “Allstate”) were suspended from writing new automobile insurance policies in the state of Florida by Florida Insurance Commissioner Kevin McCarty. 

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Read More Allstate Suspended from Writing New Business in Florida

On 6 January 2008, the FSA’s new Insurance: Conduct of Business Sourcebook (ICOBS) came into force, replacing the existing ICOB. Insurance companies and intermediaries in the UK have 6 months in which to ensure that their processes and policies (particularly in relation to protection products – see below) meet the new standards. 

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Read More UK: New FSA Insurance: Conduct of Business Sourcebook

On January 7, 2007, Connecticut Commissioner of Insurance, Thomas R. Sullivan, issued Bulletin PC-03 (the “Bulletin”), announcing a one-year pilot program under which certain lines of commercial insurance will be exempt from state rate and form filing requirements. …
Read More Connecticut Bulletin Exempts Certain Commercial Lines from Filing Requirements

The Bermuda Monetary Authority has appointed, with immediate effect, the current supervisor of insurance, Jeremy Cox, as deputy to CEO, Matthew Elderfield. The BMA is the body responsible for, among other things, regulating and supervising financial institutions in Bermuda, including those conducting deposit-taking, insurance, investment and trust business in Bermuda. 

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Read More Cox Appointed as Deputy CEO at the BMA

The British Insurance Brokers Association (BIBA) has recently published its first Manifesto, setting out a number of campaigning issues for the next twelve months. The Manifesto highlights regulation, professional advice, criteria on age, flooding and motor insurance as areas that are important to insurance brokers and their customers going forward into 2008. 

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Read More UK: British Insurance Brokers Association Publishes 2008 Manifesto