Regulatory

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On June 20th, the U.S. Securities and Exchange Commission (the “SEC”) approved a proposal that, if ratified, could allow foreign companies doing business in the United States to choose between filing data using international financial reporting standards (“IFRS”) or the U.S. generally accepted accounting procedures (“GAAP”).  This change would bring the U.S. closer to other major financial centers that currently welcome IFRS. 

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Read More SEC Proposes Changes to Foreign Company Accounting Rules

On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program.  The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years. 

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Read More House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program

On May 29th, Eliot Spitzer, Governor of New York, signed an executive order creating the New York Commission to Modernize the Regulation of Financial Services.  The Commission’s objective is to streamline state regulation of an industry that has become increasingly complex over the past decade. 

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Read More Eliot Spitzer Establishes Commission to Modernize Insurance Regulation in New York

Joel Ario, former insurance administrator of the Insurance Division in the Oregon Department of Consumer and Business Services (“DCBS”), has confirmed that he has accepted the nomination by Pennsylvania Governor Edward Rendell to serve as Insurance Commissioner for Pennsylvania. 

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Read More Introducing Pennsylvania’s New Insurance Commissioner

On June 4, 2007, the National Association of Insurance Commissioners (NAIC) adopted the Military Sales Practices Model Regulation.  The purpose of the Model Regulation is to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory insurance sales practices. 

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Read More NAIC Adopts Military Sales Practices Model Regulation

In an effort to stay one-step ahead of related federal legislation, an interested parties group within the NAIC has begun drafting an interstate compact that will allow for the uniform regulation of excess/surplus line transactions. 

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Read More NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact

Earlier this week, the Reinsurance Task Force (“RTF”) met at the NAIC’s quarterly conference in San Francisco to discuss ways to overhaul reinsurance regulation in the United States thereby reducing collateral charges for nonadmitted reinsurers. 

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Read More NAIC Plans to Address Collateral Issue by Modernizing Reinsurance Regulation

On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD).  A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks. 

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Read More National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

In an effort to combat the inadequacy of retirement funds for Baby Boomers, Representatives Stephanie Tubbs Jones (Democrat) and Phil English (Republican) reintroduced the Retirement Security for Life Act (H.R. 2205) on May 8, 2007 (originally introduced in 2004).  

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Read More The Proposed Retirement Security for Life Act of 2007