The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion. Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.
“2.228 Global reinsurance – the government announced at Autumn Statement 2014 that it…
Read More George Unleashes the Giant Peach
MEDICAID INTERCEPTION
The Property and Casualty Insurance Committee adopted an amended 2014 NCOIL Model Act Regarding Medicaid Interception of Insurance Payments, which was approved by the Executive Committee later that day. The amended model creates an exemption for payments that a property-casualty insurer makes to fund a structured settlement annuity…
On Tuesday, March 10, the Bipartisan Policy Center, which was created in 2007 by former Congressional leaders as a Washington D.C.- based think tank, announced it was launching an insurance task force. The task force would assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on…
Read More Bipartisan Policy Center Forms Insurance Task Force
Comments on the proposed revised guidance to be added to Financial Analysis Handbook related to reviewing form Change In Control Applications (attached) are due close of business today to Dan Daveline, NAIC Staff at .
The comments will be discussed at the upcoming NAIC meeting in Phoenix.Read More Private Equity Issues Working Group-Exposed until COB Wednesday, March 11
South Dakota recently enacted legislation that will allow insurance agents and service contract producers (e.g. motor vehicle dealer) to form captive insurance companies to insure or reinsure the risks placed by or through such agency or service contract producer. The law, which does not got into effect until July…
Read More South Dakota Enacts Law Allowing Insurance Agents and Service Contract Producers to Form Captives
The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. The Department defines price optimization as “any method of taking into account an individual’s or class’s willingness to pay a higher premium relative…
Read More California Department Bans Price Optimization
The NAIC’s Private Equity Issues Working Group has exposed for comment the attached, proposed revised guidance to be added to Financial Analysis Handbook related to reviewing Change In Control Applications . Comments are due by Wednesday, March 11, 2015 and will be discussed at the NAIC National Meeting in…
Read More Private Equities Working Group Exposed Revised Guidance Until COB Wednesday, March 11
On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. Such an agreement…
Read More Connecticut Governor Urges Treasury and the Office of U.S. Trade Representatives to Leave Reductions in Collateral Requirements of Reinsurers to the States
On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. The Council will now inform companies earlier on in the process if they are under review and provide firms with additional opportunities to work with FSOC. In addition, more information about the designation…
Read More FSOC Amends Non-Bank Review Process
Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. Some of the key features of the Interim Guidance include:…
Read More Treasury Issues Interim Guidance on Implementation of TRIA
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