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Members of the Rhode Island House of Representatives met on May 1, 2013 to discuss H.B. 5459, the Stop-Loss Insurance Act (the “Act”), which was introduced on February 14, 2013. The Act proposes to place further restrictions on the use of stop-loss insurance by employers who self-insure their employee benefit health plans. …
Read More Bill Restricting the Sale of Stop-Loss Insurance Gains Traction in Rhode Island

Several Bureau of Economic Analysis (“BEA”) reports will be due later this month, on May 31st, including a 5-year Benchmark Survey of Foreign Direct Investment. U.S. companies with foreign affiliates should ensure their compliance departments are working to timely file any applicable reports, including filing of any appropriate claims for exemption. …
Read More Reminder to File Your BEA Reports

On April 1, 2013, the National Association of Insurance Commissioners (NAIC) issued its draft White Paper entitled The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative (the “Paper”). Broadly, the purpose of the Paper is to provide international regulators with a description of how the U.S. system of regulation works. …
Read More NAIC Issues Draft White Paper for Final Comment

The U.S. Treasury Department’s Federal Insurance Office (FIO) is seeking comments on natural catastrophes and the current state of the market for insurance of natural catastrophe perils in the United States. FIO has also called for submission of papers analyzing natural catastrophes and the catastrophe insurance market. …
Read More FIO Solicits Comments on Availability of Insurance for Natural Catastrophes

At the Spring Meeting of the National Association of Insurance Commissioners (NAIC), the NAIC Reinsurance Task Force announced that the Federal Insurance Office (FIO) requested that the NAIC conduct a survey on access to reinsurance data. …
Read More NAIC to Conduct Survey on Access to Reinsurance Data on Behalf of FIO

On April 17, 2013, the Florida Senate Committee on Banking and Insurance approved SPB 7152 as committee bill SB 1888 (the “Bill”). The Bill would eliminate Florida’s no-fault personal injury protection (“PIP”) coverage requirements, which were reformed just last year as the result of serious negotiations. …
Read More Florida Senate Committee Approves Bill Repealing No-Fault Law

On April 3, 2013, the Federal Reserve Board (“FRB”) approved a final rule (“Final Rule”) that establishes (1) definitions of the terms “significant nonbank financial company” (or, more commonly referred to as SIFIs or “systemically important financial institutions”) and “significant bank holding company,” and (2) the requirements for determining when a company is “predominantly engaged in financial activities.” …
Read More FRB Issues Final Rule on SIFIs