Regulatory

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The Companies Act 2006 (2006 Act) codifies into statute the general duties owed by directors to the company (although not to the exclusion of the previous common law duties and equitable principles).  There are both civil consequences for directors who act in breach of the duties and criminal sanctions for breaching the duty to declare an interest in existing transactions or arrangements. 

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Read More UK: Companies Act 2006: ICSA Guidance on Directors’ Duties

The English and Scottish Law Commissions are currently engaged in a wide ranging review of insurance contract law. Since September 2006 they have published a series of Issues Papers and one formal Consultation Paper setting out their proposals for reform to the law of misrepresentation, non-disclosure, warranties and agency in the context of pre-contract information. …
Read More The English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform

On January 10, 2008, the Illinois Division of Insurance (“DOI”) issued a consumer alert advising caution with respect to “Stranger/ Investor Originated Life Insurance” (“STOLI”) arrangements. …
Read More Illinois Issues a Consumer Alert Regarding Stranger/ Investor Originated Life Insurance

With potential implications for anyone doing business with a Massachusetts resident, the Massachusetts Office of Consumer Affairs and Business Regulation (“OCABR”) held a public hearing today concerning the proposed regulation 201 Mass. Code Regs. 17.00, the new Standards for the Protection of Personal Information of Residents of the Commonwealth. 

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Read More Aggressive New Proposed Regulation for the Security of Personal Information

Rhode Island’s recently enacted R.I.G.L. § 27-34.2-21 provides for new producer training requirements for all Rhode Island-licensed producers who sell, solicit or negotiate long-term care insurance.  Licensed producers who have been selling, soliciting or negotiating long-term care insurance on or before July 3, 2007, must participate in a one-time training course by July 3, 2008. 

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Read More Rhode Island Enacts New Producer Training Requirements

In an opinion released yesterday, the Massachusetts Supreme Judicial Court affirmed the state insurance commissioner’s approval of proposed increases in property and casualty insurance rates.  Ruling against the state Attorney General, the Court upheld the discretionary power of the Massachusetts Commissioner of Insurance to approve rate increases that exceed statutory maximums based on consideration of predicted hurricane loss effects and the cost of catastrophic risk reinsurance. 

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Read More Breaking News: Massachusetts High Court Affirms Insurance Commissioner’s Property And Casualty Insurance Rate Increase Approval

Congress recently approved a Bill (S. 2499) that empowers federal regulators at the Department of Health and Human Services to ensure that employer health plans pay the medical bills of older employees even after these employees become eligible for Medicare. …
Read More Employer Health Plans To Pick Up The Tab For Older Employees

Florida’s Office of Insurance Regulation (OIR) has announced that it has settled its differences with Universal Health Care Insurance Company (UHCIC) through a consent order.  UHCIC had previously commenced numerous court actions to fend off receivership proceedings. 

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Read More Florida Regulators Reach Settlement with Universal Health Care Insurance Company

Under Massachusetts new managed competition process to set auto insurance rates, previously discussed here and here, the State’s 19 automobile insurance companies were invited to make initial rate filings and then to submit amended rate proposals after reviewing their competitors’ proposals. 

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Read More Massachusetts Automobile Insurance – A Status Report

The Massachusetts Commissioner of Insurance Nonnie S. Burnes released a Division of Insurance Bulletin on December 20, 2007, which requires that any licensed insurer must, upon the payment of $5,000 or more in the settlement of a third-party liability claim that is delivered to the claimant’s attorney, provide a concurrent written notice to the claimant. 

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Read More Massachusetts Insurance Regulations Now Require Written Notice to Third-Party Liability Claimants of Settlement Payments Sent to Claimant’s Counsel