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On Tuesday, September 16, 2014, the U.S. House of Representatives passed H.R. 5461 by a vote of 327-97 (the “Bill”). Most significant to the insurance industry is Title I of the Bill, which clarifies the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). …
Read More U.S. House Approves Amendments to Dodd-Frank Capital Requirements

On July 17, 2014, the Senate passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, extending the original Terrorism Risk Insurance Act (“TRIA”) for an additional seven years. If the bill is ultimately signed into law, it will mark a victory for Senator Schumer, who introduced the original version of the bill in April of this year, as well as many industry participants who have been advocating for an extension of TRIA in order to provide clarity and stability with respect to terrorism risks. …
Read More Senate Passes new TRIA Bill; Awaits Response from House

On 27 June 2014, the High Court of Justice of England and Wales sanctioned the solvent scheme of arrangement made by J.K. Buckenham Limited and its Scheme Creditors pursuant to Part 26 of the Companies Act 2006 which was voted on and approved by the Scheme Creditors during the meeting held on 4 June 2014. …
Read More High Court sanctions J.K. Buckenham Limited’s scheme of arrangement

We previously reported on the Law Commission and Scottish Law Commissions’ (the Commissions) review of insurance contract law and the draft Insurance Contracts Bill (the Bill) published in May 2014 (see our blog here). The Commissions have published a further draft of the Bill and draft Explanatory Notes which will accompany the Bill if and when the Bill is enacted (to view the Bill click here and to view the draft Explanatory Notes click here). …
Read More UK: Law Commissions Publish Further Draft of the Insurance Contracts Bill

The U.S. Securities and Exchange Commission (“SEC”) expanded its recent focus on cybersecurity by addressing the responsibilities of corporate boards. In statements made during a June 10 talk at the New York Stock Exchange, SEC Commissioner Luis Aguilar highlighted the significant exposure that cyber risks present to companies and charged corporate boards with ultimate responsibility for addressing cybersecurity risk. …
Read More SEC Focus on Cyber Risk Continues, as Commissioner Calls on Corporate Boards to Oversee Cybersecurity

Massachusetts health officials announced last week that it will replace its health insurance exchange website. According to media reports, the current website has had difficulty implementing the federal health laws (i.e., Obamacare), because it was designed to comply with state health laws (i.e., Romneycare). …
Read More Massachusetts to Replace Health Exchange Website Provider