On October 15, 2012, Connecticut Insurance Commissioner Thomas B. Leonardi announced a thirty (30) day public comment period in connection with the National Council on Compensation Insurance, Inc.’s (NCCI) filing for proposed 2013 voluntary loss costs and assigned risk rates.
Read More Connecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
Regulatory
California Insurance Commissioner Dave Jones Has Sponsored Seven Bills That Have Been Enacted and Will Become Effective on January 1, 2013
We previously reported on AB 999. This bill revises the premium rate development process for long-term care insurance in order to address the dissatisfaction of policyholders with rate increases on in-force coverage.
Read More California Insurance Commissioner Dave Jones Has Sponsored Seven Bills That Have Been Enacted and Will Become Effective on January 1, 2013
IAIS Seeks Public Comment on G-SII Proposed Policies
By Troutman Pepper Locke on
Posted in Regulatory, United States
As the Financial Stability Oversight Council continues its process for designating systemically important financial institutions (SIFIs) (see our previous blog on this topic here), the International Association of Insurance Supervisors (IAIS) has released its policy measures for global systemically important insurers, or G-SIIs. …
Read More IAIS Seeks Public Comment on G-SII Proposed Policies
FSOC To Hold Another Closed-Session Meeting; Appears Close to Designating First Set of Non-Bank SIFIs
By Troutman Pepper Locke on
On Thursday, October 18, 2012, the Financial Stability Oversight Council (FSOC) will meet in a closed session. At this meeting FSOC will continue its consideration of nonbank firms that might be designated as systemically important financial institutions (nonbank SIFIs). For the posting on the Treasury Department’s website about Thursday’s meeting click here. …
Read More FSOC To Hold Another Closed-Session Meeting; Appears Close to Designating First Set of Non-Bank SIFIs
UK: High Court Rules Limited Liability Partner not Liable for Firm’s Indemnity Insurance Premium
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In Zeckler v Assigned Risk Pool Manager Capita Commercial Services Ltd [2012], the High Court held, on appeal, that the Solicitors Indemnity Insurance Rules 2009 r.10.3 (the Rule) could not be relied upon to hold personally liable a partner in a limited liability partnership for the partnership’s unpaid professional indemnity insurance premiums. …
Read More UK: High Court Rules Limited Liability Partner not Liable for Firm’s Indemnity Insurance Premium
UK: OFT refers private motor insurance market to the CC
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Office of Fair Trading (OFT) had today referred the private motor insurance market to the Competition Commission (CC) for an in-depth market investigation under the Enterprise Act 2002, on the basis that it had reasonable grounds to suspect that there are features of the market that prevent, restrict or distort competition. …
Read More UK: OFT refers private motor insurance market to the CC
Edwards Wildman Honored as ‘Best Global Law Firm of the Year’ by Reactions
Edwards Wildman Palmer LLP is pleased to announce that Reactions, a leading insurance publication, has named the firm “Best Global Law Firm of the Year” at its Global Awards. The awards were presented at the Reactions Global Awards Gala Dinner on September 19 in New York. …
Read More Edwards Wildman Honored as ‘Best Global Law Firm of the Year’ by Reactions
California Legislature Amends Blanket Insurance Policies Law
By Troutman Pepper Locke on
Posted in Regulatory
On September 14, 2012, California Assembly Bill 2084, relating to Blanket Insurance Policies, was signed into law. The measure will become effective on January 1, 2013. The new law modernizes outdated provisions of the California Blanket Insurance Policy Law, which limited the classes of persons who could be covered by blanket insurance. Click here for a copy of AB 2084, as of September 14, 2012.
Read More California Legislature Amends Blanket Insurance Policies Law
California Judge Spares Insurers Heavy Fines for Alleged Unfair Acts Violations
In a case challenging the California Department of Insurance’s (CDI) accusation against life and health insurers of multiple unfair and deceptive practices in violations of the California Insurance Code and the Fair Claims Practices Regulations (FCPR), an administrative law judge ruled that the CDI had overstepped its powers deriving from the Fair Claims Settlement Practices Regulations, and particularly Section 790.03 of Insurance Code. …
Read More California Judge Spares Insurers Heavy Fines for Alleged Unfair Acts Violations
Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry
Among the far-reaching reforms included in the Dodd-Frank Act (the “DFA”) was a comprehensive new regulatory framework for derivatives. Title VII of the DFA authorizes the Commodity Future Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) to require that certain “swaps” (regulated by the CFTC) and “securities-based swaps” (regulated by the SEC) be cleared through a clearing organization as to swaps or a clearing agency as to securities-based swaps. …
Read More Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry