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.
Regulatory
UK: British Insurance Brokers Association Publishes 2008 Manifesto
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
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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UK: Contract Certainty Reforms: FSA Confirms No Further Contract Certainty Figures Required and the Contract Certainty Steering Committee (CCSC) May be Disbanded
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Following the CCSC’ s and the FSA’s latest discussions regarding the continued good progress being made by the market in achieving contract certainty, the CCSC has written to the CEOs of all UK Insurance Industry firms confirming the FSA’s agreement on certain issues.
UK: FSA Reorganisation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 10 January, the FSA announced new appointments, as of 1 February 2008.
EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies
By Troutman Pepper Locke on
The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry). The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action.
UK: Latest Step in Contract Certainty Reforms: The Market Reform Group in London Introduces the Market Reform Contract Endorsement
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Following the introduction in July 2007 of a standardised form of insurance/reinsurance contract, the Market Reform Contract (the MRC), the Market Reform Group have published the Market Reform Contract Endorsement (the MRC Endorsement). The MRC Endorsement is a standard form endorsement document for effecting changes to insurance and reinsurance contracts including premium adjustments and reinstatement premiums.
Florida No-Fault Statute Returns after Short Hiatus
By Troutman Pepper Locke on
After a three-month break, effective January 1, 2008, Florida returned to a no-fault system and again mandated that Florida drivers carry personal injury protection (“PIP”) coverage. PIP coverage pays the first $10,000 of medical costs for injuries related to automobile accidents, regardless of who was at fault.
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UK: The Association of British Insurers (ABI) Publishes Guidance on Non-Disclosure and Treating Customers Fairly: Claims for Long-Term Protection Insurance Products
By Troutman Pepper Locke on
The ABI has recently issued guidance on the payment of claims under Critical Illness, Income Protection and life insurance policies where medical information was not disclosed during the application process.
Governor Crist Assembles Trial Team To Review Insurers’ Compliance With Rate Reform
By Troutman Pepper Locke on
As one of his first actions upon taking office in January 2007, Florida Governor Charlie Crist asked the state legislature to increase the state’s hurricane catastrophe fund. Crist’s initiative was designed to lower insurers’ costs, and insurers, which bought reinsurance from the state, were supposed to pass their savings on to policyholders.
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Report Published on Insurance Guarantee Schemes in the European Union
On 7 January 2008 the European Commission made public a report it had commissioned on Insurance Guarantee Schemes (IGS) in the European Union. IGSs provide last-resort protection for policyholders in situations where insurers are unable to provide cover, usually due to their insolvency. They are commonly financed from levies on the insurance industry. …
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