Last week, the South Carolina Insurance Department issued a press release (which you can review by clicking here) announcing a proposed Bulletin that will provide guidelines for captive management companies.
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Regulatory
Value Added Tax (VAT): The European Commission (EC) proposals to modernise the current legislation for financial services and insurance
By Troutman Pepper Locke on
The EC has adopted proposals for a directive and a regulation aimed at modernising and simplifying the VAT rules for financial and insurance services. The proposals contain an updated definition of the exempt financial and insurance services.
Deadline to implement Directive 2005/68/EC on Reinsurance
By Troutman Pepper Locke on
Member states of the European Union were required to implement Directive 2005/68/EC on Reinsurance (the Reinsurance Directive) by 10 December 2007.
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Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown
Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets.
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EAPD London workshop discusses the impact of the European Commission’s Final Report into Business Insurance
By Troutman Pepper Locke on
In December 2007, the London office of EAPD held an industry workshop to provide a forum for discussion of the European Commission’s Final Report into Business Insurance. The report sets out the findings of the EC’s sector commission inquiry into business insurance which was initiated in June 2005.
Solvency II: Quantitative Impact Study (QIS) 4 public hearing
By Troutman Pepper Locke on
In order to help prepare the ground for the development of implementing measures once the Solvency II proposal has been adopted, the Committee of European Insurance and Occupational Pensions (CEIOPS) will run a fourth quantitative impact study between April and July 2008.
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Financial Services Authority (FSA) programme: Commission disclosure in the commercial general insurance market
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 10 December 2007, the FSA announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
FSA: Appointed Representatives (ARs) review
By Troutman Pepper Locke on
A review by the FSA, published on 3 December 2007, has found that firms are not doing enough to ensure that their ARs are treating customers fairly in the sale of general insurance.
Financial Services Authority (FSA) Consultation Paper (CP): close links
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In December 2007, the FSA published Consultation Paper CP07/21 entitled ‘Close Links’, in which it reviews existing close links requirements, which you can review by clicking here.
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Read More Financial Services Authority (FSA) Consultation Paper (CP): close links
Legislation Proposes Arsonist Registry
By Troutman Pepper Locke on
On December 5, 2007, H.R. 1759: Managing Arson Through Criminal History (“MATCH”) Act of 2007 passed in the House of Representatives by voice vote and is now in the Senate. MATCH would establish guidelines and incentives for U.S. states and territories to establish arsonist registries and require the United States Attorney General (“AG”) to establish a national arsonist registry and notification program.