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As we previously reported here, the National Flood Insurance Program (“NFIP”) will expire on September 30, 2010.  In an effort to halt a series of short-term extensions occurring since 2008, last night the U.S. Senate passed the Flood Insurance Program Reextension Act of 2010 (S. 3814) (the “Act”) to extend the NFIP to September 30, 2011. The Act is sponsored by Sen. David Vitter (R-La.) …
Read More U.S. Senate Passes One-Year Extension for National Flood Insurance Program

The Ministry of Justice has launched  a consultation on guidance about procedures that commercial organisations should put in place to prevent bribery.  The Bribery Act  includes the offence of “a failure by a commercial organisation to prevent bribery“.  An organisation will be liable for a bribe paid on its behalf unless it can demonstrate that it had implemented adequate procedures designed to prevent bribery. …
Read More UK: Ministry of Justice Launches Consultation on Anti-Bribery Procedures

In August, the Bermuda Monetary Authority, in conjunction with the Bermuda Insurance Managers Association, published its third annual report on the Bermuda captive insurance market. The report, captioned “Bermuda Captives at the Close of the Decade: A Global Reflection,” builds on two previous reports: “A profile of the Bermuda Captive Insurance Market” dated February 2009 and “The Bermuda Captive Insurance Market – 2008 Update.” …
Read More Bermuda Monetary Authority Publishes Report on the Bermuda Captive Insurance Market

It is reported in the press that the PWC administrators of Lehman Brothers International (Europe) Limited (LBIE), the London-based arm of the Lehman bank, are to appeal the recent Court of Appeal ruling relating to the distribution of segregated client funds. The first instance judge held that those clients of LBIE whose funds should have been segregated, but were not, were not entitled to share in the pot of client money. …
Read More UK: Lehman English Administrators to Appeal Court of Appeal Ruling

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) is the latest development in the ongoing saga of state versus federal regulation of insurance. Unlike other major industries, insurance is still primarily and almost exclusively regulated by the states – and the states have long been vigilant about keeping it that way. …
Read More The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation

Earlier this month, New Jersey Department of Bank and Insurance Commissioner Thomas Considine issued Bulletin No. 10-19 reminding surplus lines brokers that the $50 limitation remains in effect for fees charged by surplus lines brokers to originating brokers.  P.L. 2010, Chapter 42, which was enacted on July 6, 2010, amends N.J. Stat. Ann. § 17:22A-38b to allow for the Commissioner to set the fee limitation by regulation, however, it is not effective until October 1, 2010. …
Read More New Jersey Issues Reminder to Surplus Lines Brokers that the $50 Limitation for Fees Charged to Originating Brokers is Still in Effect

On 26 August 2010, the European Commisson (the Commission) opened a competition investigation into the maritime insurance sector, in particular the agreements between the Protection & Indemnity (P&I) Clubs within the International Group of P&I Clubs (the International Group), a worldwide association of thirteen P&I Clubs. …
Read More EU: Commission Announces Investigation into International Group of P&I Clubs