As we last discussed here, the Independent Insurance Agents and Brokers of New York (“IIABNY”) and the Council of Insurance Brokers of Greater New York (“CIBGNY”) jointly filed an Article 78 proceeding to block the implementation of Insurance Regulation 194, which requires insurance producers to disclose certain information regarding their compensation to their clients. Regulation 194 is scheduled to take effect on January 1, 2011.
Read More New York Court Rules in Favor of Producer Compensation Disclosure Regulation
Regulatory
Final GINA Regulations Published in Federal Register
By Troutman Pepper Locke on
On November 9, 2010, the Equal Employment Opportunity Commission (the “EEOC”) published final regulations (the “Regulations”) implementing the employment provisions (Title II) of the Genetic Information Nondiscrimination Act of 2008 (“GINA”). Title II of GINA, which went into effect in November of 2009, prohibits employment discrimination based on genetic information, and restricts the acquisition and disclosure of genetic information. …
Read More Final GINA Regulations Published in Federal Register
Europe: European Systemic Risk Board and Industry-Specific Supervisory Authorities to be Operational from 1 January 2011
By Troutman Pepper Locke on
We have reported previously on the proposed overhaul of the European Financial Regulatory System (click here to see our previous post). On 17 November 2010, the Council of the European Union formally adopted the legal texts to establish the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs): a European Banking Authority (EBA), a European Insurance and Occupations Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA). …
Read More Europe: European Systemic Risk Board and Industry-Specific Supervisory Authorities to be Operational from 1 January 2011
During Hearing to Consider Ambac’s Rehabilitation Plan, Insurance Regulator Reveals that Liquidation of the Bond Insurer was Considered
As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010. Ambac’s troubles began when the mortgage-backed securities market collapsed in late 2008, causing a cascade of claims on policies issued by the bond insurer to protect creditors in the event of a default by borrowers. …
Read More During Hearing to Consider Ambac’s Rehabilitation Plan, Insurance Regulator Reveals that Liquidation of the Bond Insurer was Considered
Foreclosure Crisis: Intramural Battles May be the Toughest Part
The New York Law Journal published an article titled “Foreclosure Crisis: Intramural Battles May be the Toughest Part,” which was authored by Mark Peters, a partner in the Firm’s New York office. …
Read More Foreclosure Crisis: Intramural Battles May be the Toughest Part
Emergency Rule Proposes Workers’ Compensation Rate Hikes of 12% in Washington State
By Troutman Pepper Locke on
Posted in Regulatory, United States
Last week, the Washington Department of Labor and Industries (the “Department”) announced that it will increase workers’ compensation insurance premiums on average by 12 percent, or 6.5 cents per hour worked. …
Read More Emergency Rule Proposes Workers’ Compensation Rate Hikes of 12% in Washington State
Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule
By Troutman Pepper Locke on
On November 5, 2010, the New York Insurance Department (the “Department”) issued Circular Letter No. 18 (2010) (the “Circular Letter”) setting forth clarification on the implementation of and compliance of insurance producers and authorized insurers with 11 NYCRR 30 (Regulation 194). …
Read More Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule
Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective
By Troutman Pepper Locke on
A study released November 3, 2010 by the RAND Institute for Civil Justice and Risk Management Solutions (the “Study”) found that the Catastrophe Obligation Guarantee Act (S.886/ H.R.4014) (the “Proposed Legislation”) would only modestly increase insurance coverage for losses resulting from an earthquake in California. …
Read More Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective
China: Insurance Companies are Given Permission to Diversify Their Investments into Private Equity and Real Estate Sectors
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) recently issued Interim Measures on Investment of Insurance Funds in Private Equity (PE Measures) and the Interim Measures on Investment of Insurance Funds in Real Estate (RE Measures). These became effective on 5 September 2010. …
Read More China: Insurance Companies are Given Permission to Diversify Their Investments into Private Equity and Real Estate Sectors
Alien Reinsurers Enter Florida Property and Casualty Market Under Reduced Collateral Rule
By Troutman Pepper Locke on
Earlier this week the commissioner (the “Commissioner”) of the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with three alien reinsurers pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Alien Reinsurers Enter Florida Property and Casualty Market Under Reduced Collateral Rule