On October 24, 2007, California Insurance Commissioner Steve Poizner issued an emergency declaration in anticipation of claims resulting from the Southern California fire storms.
Regulatory
Senate Banking Committee Approves Bill to Amend NFIP
The Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote. The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here. …
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Florida Proposes Catastrophe Fund Reform
By Troutman Pepper Locke on
As discussed here, Florida established a Hurricane Catastrophe Fund (“CAT Fund”) in November 1993, to protect and advance the state’s interest in maintaining insurance capacity, by reimbursing insurers for a portion of their catastrophic hurricane losses. …
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New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers
By Troutman Pepper Locke on
On Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
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NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS
By Troutman Pepper Locke on
Earlier this week, the NAIC announced its proposal, as discussed in our June 7, September 12 and October 9 postings, to modernize U.S. reinsurance regulation to its international counterparts during a panel discussion at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS).
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Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal
Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote. …
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SEC Approves NASD Rule 2821 on Deferred Variable Annuities
By Troutman Pepper Locke on
Posted in Regulatory, United States
On September 7, 2007, the Securities and Exchange Commission announced approval of new NASD Rule 2821 (click here to view the text of New Rule 2821), designed to protect customers against abusive sales practices in the context of deferred variable annuity transactions.
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Senate Banking Committee to Consider TRIA Extension Legislation this Week
Multiple news outlets reported today that the Senate Banking Committee will vote on the proposed Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) this coming Wednesday. TRIPRA represents the Senate’s attempt at further extending the federal terrorism risk insurance program originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) and initially extended to December 31, 2007 by legislation in 2005.
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U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers
On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda.
Adam Hamm Appointed as New North Dakota Insurance Commissioner
By Troutman Pepper Locke on
On October 9, 2007, North Dakota Governor John Hoeven appointed Adam Hamm, 36, as the new Insurance Commissioner of North Dakota. On October 22, Hamm will succeed Jim Poolman, whose resignation became effective on September 1, 2007 before his term expired to become an insurance industry consultant.
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Read More Adam Hamm Appointed as New North Dakota Insurance Commissioner