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On February 9, 2012, California Insurance Commissioner Dave Jones announced that the Office of Administrative Law approved his request to make permanent the emergency regulation issued last year requiring health insurers to allocate a larger share of insurance premiums to actual medical care, rather than overhead costs and profits. …
Read More Emergency Regulation to Enforce Medical Loss Ratio Requirements is Made Permanent in California

The Federal Insurance Office (FIO) has missed its deadline to release its widely-anticipated report to Congress on how to improve and modernize insurance regulation in the U.S.  The report, which was due in January 2012, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is expected to provide insight into how the FIO plans to use its authority. …
Read More FIO Misses Deadline To Submit Federally-Mandated Report to Congress

President Obama’s recently released Budget of the U.S. Government for the Fiscal Year 2013 (the “Proposed 2013 Budget”) would disallow the current deduction for non-taxed reinsurance premiums paid to foreign-affiliates by U.S. insurance companies. …
Read More Obama’s 2013 Budget Proposes Tax on Excess Reinsurance Premiums to Offshore Affiliates Again

On 6 February 2012, Hector Sants, CEO of the UK Financial Services Authority (FSA) explained in a speech to the British Bankers’ Association that on 2 April 2012 the FSA will be split into the Prudential Group (shadowing the future Prudential Regulation Authority) and the Conduct Group (shadowing the future Financial Conduct Authority). …
Read More UK: FSA Details Planned “Shadow Split”

In connection with Florida’s transition of the state-run Citizens Property Insurance Corporation (“Citizens”) back to an insurer of last resort, the Florida House of Representatives recently approved by a 66-48 vote a bill (HB 245 [PDF]) that would allow surplus lines insurers to assume certain policies from Citizens. …
Read More Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers

The California Department of Insurance (the “CDI”) has issued a press release announcing that it has joined with the Washington and New York State Insurance Departments to require insurers to respond to the Climate Risk Survey adopted by the National Association of Insurance Commissioners (the “NAIC”) in 2009. …
Read More States to Require Insurer Participation in Climate Risk Disclosure Survey

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices).  The Bulletin comes in response to the evolution of EIA product designs, and in light of prevailing low interest rates. …
Read More New Jersey Issues Bulletin Revising Standards for Equity Indexed Annuity Products

As previously reported on InsureReinsure, the State of New York merged its the Insurance and Banking Departments into a new, single agency known as the Department of Financial Services (“DFS”), with new and heightened oversight responsibilities over the financial services industry as a whole.  At the helm of the DFS is the Superintendent of Financial Services, Benjamin M. Lawsky. …
Read More New York Completes Merger of its Insurance and Banking Departments

We have previously reported on the Law Commission and Scottish Law Commission’s (the Commissions) review of insurance contract law.

The Commissions have published a further Consultation Paper (the Paper) requesting responses on the following areas of reform: …
Read More UK: Law Commission Publishes Second Consultation Paper on Post Contract Duties and Other Issues