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The Government of the Hong Kong Special Administrative Region (the Hong Kong Government) is considering subsidising a separate insurance pool to cover Hong Kong residents at high risk of medical complications (defined as those with medical costs expected to be more than 200% of those of healthy individuals) or those with pre-existing medical conditions (high-risk individuals) who sign up to a proposed voluntary medical scheme (the Scheme) that will be generally open to all Hong Kong residents. …
Read More Hong Kong: “High-Risk Pool” to Take Heat off Health Insurers

Edwards Angell Palmer & Dodge is proud to provide its clients and friends with a comprehensive introductory guide to insurance and reinsurance regulations, claims, coverage, and transaction-related information and tips. This collection touches on both the US and UK laws and business practices and reflects the work of our attorney teams across practices and around the world. …
Read More EAPD Announces Publication of 2010 Insurance and Reinsurance Guide

The Venezuelan National Assembly has published in an extraordinary Official Gazette the new Insurance Activity Law, under which the insurance regulator is granted substantial new powers to intervene in the industry.  The law, which was published on 29 July, is a complete redrafting of the 1995 Insurance Law and is in line with President Hugo Chavez’s plans to redraw the economy. …
Read More Venezuela’s New Insurance Activity Law Comes Into Force

The comment period for the New York Insurance Department’s (“NYID”) Proposed Tenth Amendment to New York Regulations 17, 20 and 20-A (the “2010 Proposal”) came to a close on August 4, 2010.  The 2010 Proposal, which was released for public comment on July 22, 2010, would reduce the amount of collateral that unauthorized reinsurers must post in order for insurers to receive full credit for reinsurance ceded. …
Read More New York Considers Amendment to Credit for Reinsurance Regulation

On August 2, 2010, United States Senators Mark Pryor (Ark.-D) and John D. Rockefeller IV (W.V.-D) introduced the Insurance Competition and Transparency Act of 2010 (S. 3685), which will remove restrictions on the Federal Trade Commission’s (the “FTC”) authority to review market activity in the insurance industry.  S. 3685 was referred to the Senate Commerce, Science and Transportation Subcommittee on Consumer Protection, Product Safety and Insurance. …
Read More New Senate Bill Introduced That Will Expand Authority of The Federal Trade Commission to Monitor Insurers

On the heels of an investigation by the Attorney General of New York Andrew Cuomo regarding the use of retained asset accounts[1] by life insurers, United States House Representative Deborah Halvorson (Ill.-D) recently introduced legislation that would require, among other things, beneficiaries of the Servicemembers’ Group Life Insurance program to receive financial counseling and disclosure information regarding life insurance payments. …
Read More Legislation Introduced into the House that Mandates Certain Disclosures to Beneficiaries of Life Insurance for Military Personnel

As mentioned in our prior post, New York Attorney General Andrew Cuomo has begun an investigation into the alleged misuse of retained asset accounts by life insurance companies.  This probe started with two of the largest life insurers and has now been widened to include six more.  The latest subpoenas were sent on Friday, July 30th. …
Read More New York Attorney General Office Broadens its Probe into the Life Insurance Industry’s Use of Retained Asset Accounts; Class Action Lawsuit Against Life Insurer Filed

The U.S. Securities and Exchange Commission (“SEC”) has recently proposed regulations that would limit fund sales charges and increase disclosure requirements under Rule 12b-1.  Rule 12b-1, adopted under the Investment Company Act of 1940, permits mutual funds to use a portion of fund assets to pay for the cost of promoting sales of fund shares, effectively eliminating sales load charges. …
Read More SEC Calls for New Limits on Use of 12b-1 Distribution Fee Provisions in the Mutual Funds of Variable Annuity Subaccounts

Last week, the Massachusetts legislature passed House Bill No. 4935, An Act relative to insurance coverage for autism (“H. 4935”), which requires that benefits be provided on a nondiscriminatory basis for the diagnosis and treatment of Autism Spectrum Disorders.  H. 4935 prohibits dollar or unit of service limitations on coverage for the diagnosis and treatment of autism that are lower than dollar or unit of service limitations applicable to the diagnosis and treatment of physical conditions. …
Read More Massachusetts Passes Autism Coverage Legislation