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The Association of British Insurers (the ABI) has recently published a consultation paper on its statement of best practice for critical illness cover. Please click here to view the consultation paper. The ABI originally published the statement in 1999 following a report by the Office of Fair Trading on health insurance. The aim of the statement is to ensure that customers continue to get meaningful, understandable and affordable critical illness cover that meets their needs. …
Read More UK: The Association of British Insurers Consults on Statement of Best Practice for Critical Illness Cover

The Financial Services Authority (the FSA) has recently announced a temporary rule which will allow customers with complaints about the purchase of a payment protection insurance (PPI) policy more time within which to refer it to the Financial Ombudsman Service (the FOS). This temporary rule has been introduced without consultation. …
Read More UK: The Financial Services Authority Introduces Temporary PPI Rule

The 2011 Rhode Island state budget, which was enacted as HB 7397A and signed into law June 2, 2010, amends the taxation statutes applicable to surplus lines insurers and the Medical Malpractice Joint Underwriters Association.  Article 9 of HB 7397A contains both amendments. …
Read More Rhode Island 2011 Budget – Tax Implications for Surplus Lines Insurers and Medical Malpractice Joint Underwriters Association

As negotiations over a final financial reform overhall draw closer to a conclusion, leadership at the National Conference of Insurance Legislators (“NCOIL”) petitioned Senate leadership for membership in the Financial Stability Oversight Council (“FSOC”). …
Read More State Lawmakers Lobby for a Seat at the Financial Stability Oversight Council

The Bermuda Monetary Authority (“BMA”) announced on June 1 that it had taken an important step towards achieving equivalence with the European Union’s imminent Solvency II regulations by initiating a pilot of its internal capital model (“ICM”) review process with Bermuda’s largest commercial insurers. …
Read More Bermuda Continues Stride Towards Regulatory Equivalency with Solvency II

We have reported previously on the UK Financial Services Authority (FSA)’s short selling disclosure rules, most recently as consultation on its implementation of the UK’s Financial Services Act 2010 (click here to read our post). In that consultation, the FSA noted that the Committee of European Securities Regulators (CESR) was consulting on a Pan-European regime. …
Read More Europe: Committee of European Securities Regulators Publishes Model Short Selling Disclosure Regime

As previously discussed here, the New York Insurance Department (the “Department”) has put forth a regulation regarding the transparency of insurance producer compensation (“Regulation 194”), which is slated to take effect January 1, 2011. …
Read More PIANY receives approval on draft language regarding producer compensation disclosure