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In the recent case of Alliance of Nonprofits for Ins. v. Scott J. Kipper, et al., the Ninth Circuit determined that the Liability Risk Retention Act of 1986 (“LRRA”) preempted an order issued in 2010 by the Nevada Insurance Commissioner barring the Alliance of Nonprofits for Insurance Risk Retention Group (the “Alliance”) from issuing first dollar automobile insurance policies (the “Order”). The LRRA is a federal law which authorizes risk retention groups (“RRG”) to provide liability insurance coverage. …
Read More Foreign Risk Retention Groups Permitted to Issue Automobile Liability Insurance in Nevada to Satisfy Statutory Minimum Coverage Requirements

This updates our December 3, 2012 blog post.

Attorneys from Edwards Wildman attended the Principle-Based Reserving Implementation (EX) Task Force (“Task Force”) meeting of the National Association of Insurance Commissioners (“NAIC”) in Houston on April 6, 2013, where the Task Force released a new draft of its principle-based reserving (“PBR”) implementation plan (“Plan”) for comment. …
Read More NAIC Releases PBR Implementation Plan for Comment

The Centers for Medicare & Medicaid Services (“CMS”), part of the United States Department of Health and Human Services, has proposed new rules to create conflict-of-interest standards applicable to navigators. Under the Patient Protection and Affordable Care Act (the “Act”), navigators will assist consumers in obtaining coverage from health insurance exchanges to be established under the Act. …
Read More New Rules Proposed to Prohibit Persons Connected with Stop-Loss Insurance Coverage from being Health Insurance Exchange Navigators; New Disclosure Requirements also Proposed

The Connecticut Insurance Department (the “CID”) has approved Swiss Reinsurance Co. Ltd. as the first certified reinsurer eligible for reduced credit for reinsurance collateral requirements in Connecticut, according to a notice published on the CID website April 2, 2013. …
Read More Connecticut Approves First Certified Reinsurer

Earlier today, the UK Financial Services Authority fined two member companies of the Prudential Group a total of £30 million for failing to disclose its 2010 plan to bid for AIA, the Asian life and pensions arm of American International Group. Prduential plc was fined £14 million, and The Prudential Assurance Company Limited was fined £16 million, for failing to deal with the FSA in an open and cooperative manner. …
Read More UK FSA Fines Prudential £30m, Censures CEO for Failure to Disclose

A hearing by the Senate Banking Subcommittee on Securities, Insurance and Investment on March 19, 2013 kicked into gear legislation that would allow insurance producers to more easily obtain licensure to sell, solicit or negotiate insurance in multiple states. The National Association of Registered Agents & Brokers Reform Act of 2013 (the “Act”), introduced on March 12, 2013 as S. 534, is a reintroduction of the previous session’s S. 2342. …
Read More Reemergence of the National Association of Registered Agents and Brokers Reform Act on Capitol Hill

On March 14, 2013, the NAIC’s Captive and Special Purpose Vehicle Use (E) Subgroup (the “Subgroup”) released a revised version of its White Paper with respect to Special Purposes Vehicles (“SPVs”) and Captives (the “New Draft”). The New Draft is now open for a public comment period until April 28, 2013. …
Read More NAIC Subgroup’s White Paper on Captives and SPVs