Earlier this week, the National Association of Insurance Commissioners (“NAIC”) decided that it needed more time to examine the medical loss ratio (MLR) issue before making a decision on whether it would endorse the Access to Professional Health Insurance Advisors Act of 2011 (H.R. 1206) (the “Act”).
Read More NAIC Postpones Decision To Endorse Bill Advocating the Exclusion of Producer Commissions From the MLR Calculation
Regulatory
Kentucky First to Enact SLIMPACT
By Troutman Pepper Locke on
On March 16, 2011, Kentucky Governor Steve Beshear signed into law the Surplus Lines Insurance Multi-State Compliance Compact (“SLIMPACT”). …
Read More Kentucky First to Enact SLIMPACT
UK: Bribery Act – Guidance Issued Today, Act to Come into Force on 1 July
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have previously reported here that the implementation of the Bribery Act, 2010 (the Act) was to be delayed until after guidance on the Act has been issued. …
Read More UK: Bribery Act – Guidance Issued Today, Act to Come into Force on 1 July
Proposed Amendment to Vermont Captive Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Captive Insurance Division of the Vermont Department of Banking, Insurance, Securities and Health Care Administration is proposing changes to its captive insurance law through bill H438. …
Read More Proposed Amendment to Vermont Captive Insurance Law
Rhode Island seeks to close Regulatory Vacuum in Issuance of Group Policies to Trusts and Associations
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Rhode Island Department of Business Regulation (the “DBR”) recently proposed Insurance Regulation 117, Insurance Issued to Trusts and Associations (the “Proposed Regulation”), in order to “protect the public from a regulatory vacuum by ensuring that insurance issued or renewed in Rhode Island through a trust or association is adequately regulated.” …
Read More Rhode Island seeks to close Regulatory Vacuum in Issuance of Group Policies to Trusts and Associations
New Jersey Joins New York, Florida In Requiring Lower Reinsurance Collateral
New Jersey’s governor signed that state’s Reinsurance and Surplus Lines Stimulus and Enhancement Act (A-2670/S-2010) into law this past Tuesday, March 22 (N.J. Pub. L. 2011, c. 39).
Read More New Jersey Joins New York, Florida In Requiring Lower Reinsurance Collateral
China: Insurance Exchange Planned for Shanghai
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) has revealed that Shanghai has applied to the central government for approval to establish an insurance exchange, as part of Shanghai’s drive to become a major international financial hub by 2020. …
Read More China: Insurance Exchange Planned for Shanghai
China: A New Hurdle for Foreign Investors in China
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
China has introduced a new law, “Security Review System on Mergers & Acquisitions of Domestic Enterprises by Foreign Investors”, which took effect on March 5, 2011. …
Read More China: A New Hurdle for Foreign Investors in China
China: CIRC Bans Insurers from Guaranteeing Third-Party Debt
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 20 January 2011, the China Insurance Regulatory Commission (CIRC) issued a statement banning the country’s insurers, their asset management firms and other affiliates from providing guarantees for other companies’ debt. This ban does not cover lawsuit-related debt guarantees, export credit guarantees and marine insurance guarantees. …
Read More China: CIRC Bans Insurers from Guaranteeing Third-Party Debt
House Representatives Aim at Abolishing “Use It or Lose It” Rule for Flexible Spending Accounts
By Troutman Pepper Locke on
Earlier this month, Representatives Charles Boustany (R-La.) and John Larson (D-CT) introduced the Medical FSA Improvement Act of 2011 (the “Act”) in the House of Representatives. The Act aims at increasing participation in medical flexible spending accounts (“FSAs”). …
Read More House Representatives Aim at Abolishing “Use It or Lose It” Rule for Flexible Spending Accounts