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On June 4, 2012, Connecticut Governor Dannel P. Malloy signed into law Public Act 103 and Public Act 139, both of which follow model laws recently put forth by the National Association of Insurance Commissioners (“NAIC”). …
Read More Connecticut Enacts NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers

The California State Senate has unanimously passed SB 1216 and SB 1448, both of which follow model laws recently put forth by the National Association of Insurance Commissioners (“NAIC”). …
Read More California Senate Advances NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers

The Office of Fair Trading (OFT) has provisionally decided to refer the private motor insurance market to the Competition Commission (CC) for an in-depth market investigation, on the basis that it has reasonable grounds to suspect that there are features of the market that prevent, restrict or distort competition. …
Read More UK: OFT Provisionally Decides to Refer Private Motor Insurance Market

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, and the California Insurance Department (the “Department”) announced that they signed a Memorandum of Understanding (“MOU”) that will allow the FinCEN and the Department to share important information enabling both parties to coordinate and heighten efforts aimed at rooting out fraud and protect consumers and the insurance industry from criminal acts. …
Read More The U.S. Treasury and the California Insurance Department Signed a Memorandum of Understanding Regarding Information Sharing

N.J. State Senator Nicholas Scutari (D-22nd Dist.) introduced Senate Concurrent Resolution No. 105 (the “Resolution”), which is critical of a proposed amendments by the New Jersey Department of Banking and Insurance (the “Department”) affecting the personal injury protection (“PIP”) regulations promulgated under the Automobile Insurance Cost Reduction Act of 1998 (the “Act”). …
Read More Resolution Critical of the New Jersey Department of Banking and Insurance Amendments to the Personal Injury Protection Regulations Introduced to the New Jersey State Senate

The New York Department of Financial Services (the “Department”) has made a major step in making it easier for the public to view property and casualty insurance company rate, rule and form filings through a free online database.  These filings are used by P&C insurers to, among other things, introduce new products, support rate increases, or make changes to coverages on existing products. …
Read More New York P&C Rate, Rule and Form Filings Now Available for On-Line Download

A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
Read More EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey