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A Massachusetts Special Commission recently recommended that Massachusetts create a catastrophe fund to reduce the cost of coastal insurance within the Commonwealth.  Click here to review the Special Commission’s Report. 

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Read More Massachusetts Considering Creation of Catastrophe Fund and Other Reforms to Address Coastal Insurance Problems

Earlier today, President Bush signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which provides a seven-year extension of the Terrorism Risk Insurance Program, originally created in the wake of September 11 by Terrorism Risk Insurance Act of 2002 (“TRIA”) and extended by the Terrorism Risk Insurance Extension Act of 2005 (“TRIEA”). 

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Read More BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program

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. 

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Read More Value Added Tax (VAT): The European Commission (EC) proposals to modernise the current legislation for financial services and insurance

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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Read More Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown

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. 

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Read More EAPD London workshop discusses the impact of the European Commission’s Final Report into Business Insurance

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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Read More Solvency II: Quantitative Impact Study (QIS) 4 public hearing

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. 

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Read More Financial Services Authority (FSA) programme: Commission disclosure in the commercial general insurance market