According to media reports, California Insurance Commissioner Dave Jones will introduce legislation shortly that will set minimum permissible amounts for stop-loss policies to self-insured small businesses. While the minimum amount has not been finalized, it is anticipated that it will be set at $40,000 per employee.
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Regulatory
UK: FSA Moves to “Twin Peaks” Model
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 2 April 2012, the UK Financial Services Authority (FSA) moved to a “twin peaks” model of supervision internally, shadowing the split of the FSA into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) that will occur once the Financial Services Bill comes into force in 2013. …
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UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?
By Troutman Pepper Locke on
On 16 March 2012, Mr Justice Morgan handed down his judgment on an application for directions on the Part VII transfer of the UK insurance business of the Combined Insurance Company of America (CICA) to ACE European Group Limited (AEG) and ACE Europe Life Limited (AEL) (click here for a copy of the judgment). …
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BMA Lowers SPI License Fees
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (“BMA”) has taken the dramatic and competitive action of reducing its annual registration fees for Special Purpose Insurers (“SPI”) by almost 50% from $11,600 to $6,000. Click here for the BMA’s press release. …
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EU: Competition Commission Progresses Review of Business Insurance Sector
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The European Commission’s Directorate-General Competition (DGC) has issued further questionnaires to a number of co-insurance firms with European subsidiaries. The study, conducted by Ernst and Young, is set to further investigate competitiveness amongst European participants to the subscription market, with a particular focus on whether the automatic upward alignment in premiums is still prevalent in the subscription market. …
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EU: Regulatory: European Commission Publishes Green Paper on Shadow Banking
By Troutman Pepper Locke on
Posted in European Union, Regulatory
On 19 March 2012, the European Commission (the Commission) published a Green Paper on shadow banking activities (see the full Green Paper here). …
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Massachusetts Division of Insurance Schedules March 30th Hearing to discuss Workers’ Compensation Rate Increase Requests
By Troutman Pepper Locke on
The Massachusetts Division of Insurance has scheduled a hearing to discuss the rate filing made by the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (“WCRIBMA”) requesting that its members’ average rates for industrial classes be increased by 19.3% and its average rates for F-Classes be increased by 20.0%. …
Read More Massachusetts Division of Insurance Schedules March 30th Hearing to discuss Workers’ Compensation Rate Increase Requests
UK: Law Society and Solicitors Regulation Authority Join Forces to Intervene in a Landmark Professional Indemnity Insurance Case
By Troutman Pepper Locke on
The Law Society of England and Wales and the Solicitors Regulation Authority (SRA) have been granted leave by the High Court to intervene in the case of Godiva Mortgage Limited v Travelers Insurance in which Travelers is arguing that it is entitled to cap cover by aggregating claims made against its insured, Willmett Solicitors, a Berkshire firm now in liquidation. …
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N.Y. Regulators Launch Audit of Health Insurance Rates
By Troutman Pepper Locke on
In February 2012, the New York State Department of Financial Services (DFS) announced that it is launching a “wide-ranging probe into the accuracy of the data used by insurers and health maintenance organizations (HMOs) to request health insurance rate increases.” …
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Connecticut Governor Announces Plans To Build Captive Insurance Market
By Troutman Pepper Locke on
Connecticut Governor Dannel P. Malloy has recently put forth proposals in an effort to make Connecticut an enticing domicile for captive insurance companies. According to media reports, Governor Malloy has asked the legislature to approve a $7,500 first-year tax credit for new captive insurers. …
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