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This updates our May 13, 2010 blog posting.  Last month, the New Jersey legislature passed the “Reinsurance and Surplus Lines Stimulus and Enhancement Act” (A2670, the “Act”).  The Act amends state law to permit surplus lines insurers domiciled in New Jersey to write surplus lines insurance in the state.  This would make New Jersey the second state in the U.S. after Illinois to allow its domestic surplus lines companies to write insurance in the home state’s surplus lines market. …
Read More New Jersey Passes Legislation to Ease Restrictions on Surplus Lines and Credit for Reinsurance

Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state’s Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. …
Read More Florida Approves Another Foreign Reinsurer for Reduced Collateral Requirements

Florida lawmakers have introduced legislation that would return state-run Citizens Property Insurance Corporation to its original mandate as an insurer of last resort.  Florida Representative Jim Boyd and Florida State Senator Alan Hays have introduced identical bills in the Florida House and Senate. …
Read More Legislation Introduced That Would Shrink Citizens Property Insurance Corporation

In Re Digital Satellites Warranty Cover Limited & ors [2011] EWHC 122 (Ch) the English Companies Court considered three “public interest” petitions brought by the UK Financial Services Authority (the FSA) for the winding-up of two companies and a partnership (the Respondents). The FSA alleged that the Respondents had carried on (either in succession or with some overlap) substantially the same business namely the selling of extended warranty cover for satellite TV equipment without the authorisation required under the Financial Services and Markets Act 2000 (the FSMA). …
Read More UK: FSA Succeeds in Winding-Up Unauthorised Companies

As anticipated in our earlier blog post, the U.S. House of Representatives has voted on a bill that would repeal the IRS Form 1099 information-reporting requirements imposed by Section 9006 of the Patient Protection and Affordable Care Act.  On March 3, 2011 the House approved H.R. 4 – Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. …
Read More U.S. House of Representatives Approves Repeal of 1099 Reporting Requirement

As previously reported here, Senior United States District Judge Roger Vinson of the United States District Court for the Northern District of Florida declared the Patient Protection and Affordable Care Act (“PPACA”) void in a summary judgment decision in the case of State of Florida, et al. v. United States Department of Health and Human Services, et al. …
Read More Federal Government Appeals Florida Case Deeming PPACA Unconstitutional

The New York State Insurance Department (NYID) recently promulgated a Tenth Amendment to New York Regulations 17, 20 and 20-A (11 NYCRR 125) (the Amendment), effective January 1, 2011, which authorizes the NYID Superintendent (the Superintendent) to reduce the amount of collateral required for domestic insurers to receive full financial statement credit for reinsurance ceded to unauthorized reinsurers satisfying the requirements detailed below. …
Read More New York Amends Credit for Reinsurance Regulation, Relaxing Unauthorized Reinsurer Collateral Requirements

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – March 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – March 2011