Regulatory

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On 14 October 2010 the UK Government announced its intention to change the institutional framework for enforcement of competition (antitrust) and consumer protection law in the UK.  At present, the UK has a dual agency system consisting of the Office of Fair Trading (OFT) and the Competition Commission (the Commission). …
Read More UK: Government Announces Plans to Change Institutional Framework for the Enforcement of Competition (Antitrust) and Consumer Protection Law

On November 2, 2010, registered voters in the State of Washington will consider Initiative 1082 (“I-1082”) when they cast their ballots in this year’s election cycle.  I-1082 would allow for the privatization of workers’ compensation insurance, which currently is only available through the Washington Department of Labor and Industries (the “L&I”).  Washington is one of four states that maintain a government monopoly on workers’ compensation insurance. …
Read More Washington To Vote On Elimination Of Workers’ Compensation Monopoly

In its quarterly Regulatory Update, released October 21, 2010, the Bermuda Monetary Authority (“BMA”) summarizes its latest initiatives and proposals for the island’s insurance industry.  A consultation paper titled, “A Solvency Framework for Long-Term Insurance,” proposes assigning Long-Term insurers to captive and commercial classes in order to enhance reporting and solvency standards. …
Read More The Bermuda Monetary Authority Publishes Regulatory Update for October 2010

EAPD is hosting a complimentary webinar on Thursday, October 28, 2010 on the government investigations of lenders’ foreclosure practices.  Please click here to register for this one hour program to learn more about what the exposure implications are for financial institutions. …
Read More The Brewing Foreclosure Crisis – An EAPD Complimentary Webinar

California Insurance Commissioner Steve Poizner took the initiative in 2009 to compel insurance companies doing business in his state to limit their investments in companies that do business with the nuclear, energy and defense sectors of the Iranian economy. …
Read More OAL: CA Insurance Commissioner Improperly Restricted Insurers With Iran Investments

The UK government has confirmed today that, as part of its so-called ‘bonfire of the quangos,’ it intends to make substantial changes to the current institutional framework for the enforcement of competition (antitrust) and consumer protection law. …
Read More UK Government Confirms Plan to Merge Competition Authorities and Reform Consumer Protection Enforcement

Further to its recent work in considering potential jurisdictions in the first wave of Solvency II equivalence assessments, CEIOPS has recently published a proposed methodology for carrying out these assessments and has asked for comments on its proposals by 22 October 2010. …
Read More EU: CEIOPS Consults on Methodology for Solvency II Equivalence Assessments

EAPD’s own Alan Levin, co-chair of the firm’s Insurance and Reinsurance Department, gave his thoughts on the insurance claims process and litigation resulting from the BP Plc oil spill in the Gulf of Mexico, in an interview with Bloomberg’s Lee Pacchia.

To listen to this Podcast, please click here.…

Read More In Bloomberg Podcast, Alan Levin Looks at Liability Issues Arising from the BP Oil Spill

On September 28, 2010, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Insurance Bureau of the Republic of China (Taiwan), the official organization that regulates the insurance industry in Taiwan. …
Read More NAIC Announces New Cooperation Agreement with Taiwan