Following complaints by some of Britain’s leading businessmen, a review of the new Bribery Act has been ordered by the Prime Minister’s office, just weeks before it is due to come into force.
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Regulatory
UK: Lloyd’s Market Charges for 2011
By Troutman Pepper Locke on
On 20 December 2010 Lloyd’s issued a Market Bulletin setting out its 2011 charges, contributions, subscriptions and payment dates. …
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UK: Director of Specialist Underwriters Banned for Turning a Blind Eye to Fraud
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (the FSA) has confirmed in its Final Notice dated 15 December 2010 that Barry Williams, a director at Surety Guarantee Consultants Ltd (SGC), has been fined £25,000 and banned from working in regulated financial services. …
Read More UK: Director of Specialist Underwriters Banned for Turning a Blind Eye to Fraud
New Jersey Joins the Interstate Insurance Product Regulation Compact
On January 6, 2011, New Jersey Governor Chris Christie signed legislation on the Interstate Insurance Product Regulation Compact (the “Compact”). With the passage of this legislation, New Jersey becomes a member of the national commission that develops uniform standards and consumer protections for asset-based insurance products (e.g., life insurance, annuities, disability income and long-term care insurance). The Compact also establishes a clearinghouse for review of these product filings. …
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UK: Equitable Life (Payment) Act 2010 Receives Royal Assent
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have previously reported here on the Equitable Life (Payment) Bill’s progress through the UK Parliament. The Act received Royal Assent and came into force on 16 December 2010. …
Read More UK: Equitable Life (Payment) Act 2010 Receives Royal Assent
UPDATE: New York Governor Formally Announces Plan To Merge Insurance Department with Banking Department
By Troutman Pepper Locke on
As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation. Governor Cuomo stated that the merger is necessary to properly regulate modern financial services organizations and the “primary mission of this new agency will be to stand up for consumers, protect them against predatory lending and unlawful foreclosure practices, and provide access to good, honest and capable financial services at competitive rates.” …
Read More UPDATE: New York Governor Formally Announces Plan To Merge Insurance Department with Banking Department
BREAKING NEWS: New York Governor To Propose Merger of Banking and Insurance Departments
By Troutman Pepper Locke on
Posted in New York Developments, Regulatory
According to reports, it is anticipated that incoming New York Governor Andrew Cuomo will announce during his State of the State Address tomorrow, January 5, 2011, plans to merge the Insurance Department and Banking Department into a single agency in an effort to reduce costs and improve efficiency. Such a merger would require approval from the New York State Legislature before it would become effective. …
Read More BREAKING NEWS: New York Governor To Propose Merger of Banking and Insurance Departments
UK: Law Commission Publishes Summary of Responses to Issues Paper 7
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Law Commission has published the responses it has received to Issues Paper 7: The Insured’s Post-Contractual Duty of Good Faith. The Commission received 33 responses in total with the majority coming, not surprisingly, from the insurance and legal sectors. …
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UK: Chief Executive of the FSA Gives Update on UK Regulatory Reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have reported previously on proposals to establish a ‘twin peaks’ regulatory approach in the UK (click here to see our most recent post and here to read an article in the December 2010 issue of Insurance and Reinsurance Review). …
Read More UK: Chief Executive of the FSA Gives Update on UK Regulatory Reform
Brazil – Recent Insurance Regulations
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
In December, the National Council of Private Insurance (CNSP) published Resolutions Nos. 224/10 and 225/10, each amending Resolution 168/07. Resolution 224, which becomes effective January 31, 2011, provides that insurance risks in Brazil cannot be ceded to companies abroad that belong to the same financial group. …
Read More Brazil – Recent Insurance Regulations