Rhode Island proposes to amend Insurance Regulation 29 (the “Regulation”) governing the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuity products by adding a new section to the Regulation on “twisting” and “churning” practices (the “Proposed Rule”).
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Regulatory
Michigan Insurance Regulator Elevated to Cabinet-Level Department
By Troutman Pepper Locke on
Pursuant to Executive Order 2013-1, dated January 16, 2013, Michigan Governor Rick Snyder has created a new cabinet-level department of the state government, the Department of Insurance and Financial Services (the “New Department”). Governor Snyder’s executive order becomes effective in 60 days. …
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UK: FSA Issues Consultation Papers and Guidance on Proposed Changes to Regulatory System
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA) recently published a series of papers relating to the proposed changes to the regulatory requirements needed to create the new rulebooks and policies for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). …
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California Governments Launch Libor Litigation
By Troutman Pepper Locke on
Posted in Regulatory, United States
A recent development in what some have characterized as the largest financial scandal in the history of the market emerged this week when five civil lawsuits were filed in California federal courts involving claims that numerous banks manipulated the Libor interest rates for profit. …
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UK: FSA Announces Study of Add-on General Insurance Products
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 19 December 2012, the Financial Services Authority (FSA) announced its plan to undertake a study into general insurance products sold as add-ons. Insurance add-ons are often sold with other, larger purchases, such as a car, a holiday or an electronic device. …
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New York Amends Holding Company Regulations
By Troutman Pepper Locke on
Last month, the New York Department of Financial Services (“DFS”) published notice in the New York State Register that it would be adopting several amendments to its holding company regulations. The DFS stated that the purpose of the amendments is to bring New York regulation in conformance with the National Association of Insurance Commissioners (“NAIC”) 2010 model Insurance Holding Company System Regulatory Act in order to ensure that New York maintains its NAIC accreditation status. …
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UK: FSA Continues Charge Against Mis-selling of PPI
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In Ollerenshaw and Reeh v the Financial Services Authority (the FSA), former directors of the Black and White Group Limited (in liquidation) (B&W), challenged decisions of the FSA in a reference to the Upper Tribunal. …
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Banks vs. Insurers: Systemic Risk Comparison; A Study Prepared by The Geneva Association
By Troutman Pepper Locke on
Posted in Regulatory, United States
During the Geneva Association’s Insurance and Finance Conference held on December 11, 2012, the Association presented the results of its benchmarking study comparing 28 global systemically important banks to 28 of the largest global insurers, applying the criteria established by the international Financial Stability Board (FSB) for designation of global systemically important insurers (G-SIIs). The report was issued in anticipation of the FSB’s designation of G-SIIs, which is expected in early 2013. …
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UK: Court of Appeal Finds Conditions in a Legal Expenses Insurance Contract to be in Breach of Regulations
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In (1) Christine Brown-Quinn (2) Webster Dixon LLP & Ors v (1) Equity Syndicate Management Ltd (2) Motorplus Ltd [2012] EWCA Civ 1633, the Court of Appeal held that conditions in a legal expenses insurance contract were in breach of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 reg.6 (the Regulations). …
Read More UK: Court of Appeal Finds Conditions in a Legal Expenses Insurance Contract to be in Breach of Regulations
Cayman Islands Creates Two New Classes of Reinsurers
By Troutman Pepper Locke on
The Cayman Islands legislature has amended the Insurance Law, 2010 to, among other things, permit licensing of two new classes of reinsurers. The new class C insurer license permits reinsurance through the issuance of catastrophe bonds and other similar instruments, such as insurance linked securities. …
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