On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses. The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws.
Read More Oregon Attorney General Settles State Antitrust Claims with Insurer
Regulatory
Michigan Commissioner Linda Watters Resigns
By Troutman Pepper Locke on
Linda A. Watters resigned from her post as Commissioner of the Michigan Office of Financial and Insurance Services (the “OFIS”) on October 15, 2007, effective October 31. Watters, who was named Commissioner of OFIS on April 11, 2003, will join the financial risk management practice of KPMG LLP in Chicago.
California Insurance Commissioner Issues Emergency Declaration in Response to California Wildfires
By Troutman Pepper Locke on
Posted in Regulatory, United States
On October 24, 2007, California Insurance Commissioner Steve Poizner issued an emergency declaration in anticipation of claims resulting from the Southern California fire storms.
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. …
Read More Senate Banking Committee Approves Bill to Amend NFIP
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. …
Read More Florida Proposes Catastrophe Fund Reform
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. …
Read More New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers
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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Read More NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS
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. …
Read More Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal
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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Read More SEC Approves NASD Rule 2821 on Deferred Variable Annuities
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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Read More Senate Banking Committee to Consider TRIA Extension Legislation this Week