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.
Regulatory
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.
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A New Climate Change Report is Bad News for UK Insurers
By Troutman Pepper Locke on
UK insurers have been subject to increasing levels of flood and storm claims in recent years. A new report from the Marine Climate Change Impacts Partnership indicates that the trend is likely to continue.
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Leonard Crouse to Retire June 1, 2008
By Troutman Pepper Locke on
Posted in Regulatory, United States
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.
House Approves Bill Eliminating Certain NFIP Subsidies
The United States House of Representatives passed H.R. 3959 (the “Bill”) on January 23, 2008, in an attempt to improve the actuarial soundness of the National Flood Insurance Program (“NFIP”). …
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Louisiana Completes First Round of Property & Casualty Incentive Program
By Troutman Pepper Locke on
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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Allstate Suspended from Writing New Business in Florida
By Troutman Pepper Locke on
Posted in Florida Developments, Regulatory
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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Bermuda Regulatory: Bermuda Monetary Authority Publishes 2008/9 Business Plan
By Troutman Pepper Locke on
The Bermuda Monetary Authority (BMA) has published its 2008/9 Business Plan. The Business Plan sets out the BMA’s goal to become internationally recognised as a leading risk-based financial regulator.
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UK: New FSA Insurance: Conduct of Business Sourcebook
By Troutman Pepper Locke on
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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Connecticut Bulletin Exempts Certain Commercial Lines from Filing Requirements
By Troutman Pepper Locke on
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. …
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