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On February 7, 2011, the Florida Senate and Banking Insurance Committee passed S.B. 178 (the “Bill”) by a vote of 8-2.  The Bill would amend Florida’s current rate filing laws to allow for the “use and file” of rates for commercial motor vehicle insurance covering fleets of less than 20 vehicles, fiduciary liability, general liability, nonresidential property, nonresidential multiperil and excess property insurance. …
Read More Florida Bill To Deregulate Rates For Certain Commercial Coverages Passes Senate Committee

Connecticut Governor Dan Malloy announced today his appointment of Thomas Leonardi as the new Insurance Commissioner of the Connecticut Department of Insurance.  Leonardi currently serves as the Chairman and CEO of Northington Partners, Inc., an insurance specialty venture capital and investment banking firm, where he has worked with insurance companies on strategic, investment, capital raising and financial advisory matters. …
Read More New Connecticut Insurance Commissioner Announced Today

Several captive insurance company domiciles in the United States reported growth in 2010.  The Vermont Department of Banking, Insurance, Securities and Health Care Administration reported it licensed 33 new captive insurance companies in 2010, bringing the total of number of Vermont licensed captives to 911.  The new captives included nineteen pure captives, nine special purpose financial captives, four risk retention groups and one industrial insured captive. …
Read More United States’ Jurisdictions Report Captive Insurance Company Growth in 2010

On Monday 31 January, the Ministry of Justice confirmed reports that the implementation of the Bribery Act (the Act), due to take place in April, would be delayed. The delay follows protests and speculation from business leaders alleging that the provisions of the Act could dampen economic growth in the wake of recession, and jeopardise the UK economy further. …
Read More UK: Ministry of Justice Orders Delay to Bribery Act

Earlier this week, 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 (the “Act”) void in a summary judgment decision in the case of State of Florida, by and through Attorney General Pam Bondi, et al. v. United States Department of Health and Human Services, et al. …
Read More Patient Protection and Affordable Care Act Declared Void

An interim consultation paper was launched this month by the London Market Group (LMG) as part of its Future Processing Model project.  The idea behind both the project and consultation is the ongoing modernisation of the processes used by the London market, in order to make it more efficient and competitive.  The consultation paper looks beyond current modernisation initiatives to potential development over the next 10 years. …
Read More UK: London Market Group Interim Consultation Paper Issued

The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting on 10 January 2010 and promptly elected its management board and selected Gabriel Bernardino as its first Chairperson. See our previous blog on the new European supervisory bodies here. …
Read More EU: European Insurance and Occupational Pensions Authority (EIOPA) Launched

The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered formal commitments to limit the type of information shared through a specialist market analysis tool. …
Read More UK: OFT Competition Investigation Results in Formal Commitments from Motor Insurers to Limit Data Exchange