On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”).
Read More Florida Agrees to Reduce Collateral Requirements for Lloyd’s
Regulatory
Connecticut Insurance Department enters Cooperation Agreement with Swiss Regulators
By Troutman Pepper Locke on
Posted in Connecticut Developments, Regulatory
On September 23, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the Swiss Financial Market Supervisory Authority (“FINMA”), the governmental body responsible for financial regulation in Switzerland. …
Read More Connecticut Insurance Department enters Cooperation Agreement with Swiss Regulators
UK: Bill Introduced to Reform the Regulation and Operation of the Motor Insurance Market
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 13 September 2011, Jack Straw MP introduced the Motor Insurance Regulation Bill (Bill No.229) to Parliament under the Ten Minute Rule. …
Read More UK: Bill Introduced to Reform the Regulation and Operation of the Motor Insurance Market
Ambac and Rehabilitator Reach Amended Bankruptcy Reorganization Plan
By Troutman Pepper Locke on
As we previously report here, Ambac Financial Group, Inc. (“AFG”), the holding company for the bond insurer, Ambac Assurance Corp. (“AAC”), filed for bankruptcy in November 2010 after it was unable to raise additional capital or come to terms with its debt holders. …
Read More Ambac and Rehabilitator Reach Amended Bankruptcy Reorganization Plan
Florida Office of Insurance Regulation Issues Order Regarding Sinkhole Rate Increases
By Troutman Pepper Locke on
On September 20, 2011, the Florida Office of Insurance Regulation (“FOIR”) issued an order on the proposed rate increases by Citizens Property Insurance Corporation (“Citizens”) for homeowners, dwelling fire, and sinkhole coverage. …
Read More Florida Office of Insurance Regulation Issues Order Regarding Sinkhole Rate Increases
Senate Committee Approves Roy Woodall’s Nomination to FSOC
By Troutman Pepper Locke on
The U.S. Senate Committee on Banking, Housing and Urban Affairs recently approved Roy Woodall’s nomination to serve a six-year term as a voting member of the Financial Stability Oversight Council (“FSOC”). …
Read More Senate Committee Approves Roy Woodall’s Nomination to FSOC
Tennessee Continues Push to Attract Captive Insurers
By Troutman Pepper Locke on
Posted in Regulatory, United States
As we previously reported here, Tennessee recently amended its captive insurance laws in an effort to increase its attractiveness as a domiciliary state. …
Read More Tennessee Continues Push to Attract Captive Insurers
New Accounting Guidance Will Affect Health Insurers Subject to Federal Fee Under the Patient Protection and Affordable Care Act
By Troutman Pepper Locke on
In July 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-06. …
Read More New Accounting Guidance Will Affect Health Insurers Subject to Federal Fee Under the Patient Protection and Affordable Care Act
UK: CII responds to FSA discussion paper on regulatory reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 6 September 2011, the Chartered Insurance Institute (CII) submitted its response to the Financial Services Authority’s (FSA) discussion paper titled “The Financial Conduct Authority: Approach to Regulation”. …
Read More UK: CII responds to FSA discussion paper on regulatory reform
NAIC Comments on OPM’s Proposed Guidelines for Multi-State Plans under PPACA Exchanges
By Troutman Pepper Locke on
In its August 2011 letter to the U.S. Office of Personnel Management (“OPM”), the National Association of Insurance Commissioners (“NAIC”) raised concerns over OPM’s proposed guidelines for Multi-State Plans promulgated pursuant to the Patient Protection and Affordable Care Act (“PPACA”).1 These guidelines were drafted in response to OPM’s charge under PPACA that it contract with at least two health plans which must be automatically sold on all state Exchanges. …
Read More NAIC Comments on OPM’s Proposed Guidelines for Multi-State Plans under PPACA Exchanges