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This updates our December 3, 2009 posting.  The Texas Department of Insurance (“TDI”) has officially proposed regulations banning the use of discretionary clauses in insurance contracts.  The regulations are the result of a petition filed by the Texas Office of Public Insurance Counsel (OPIC) on October 28, 2009 requesting the ban. …
Read More UPDATE: Texas Moves Closer to Banning Use of Discretionary Clauses In Insurance Contracts

China is considering reviving its plan to set up a super regulator in order to make the government’s oversight of the financial sector more efficient and expedient and improve the lack of integration and co-ordination between existing regulators. This is especially important as the financial sector becomes increasingly integrated (for example it is now possible for banks to invest in insurance companies and vice versa). 

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Read More China: Chinese Consider Revising Plan for a Super Regulator

In a news release issued by the State of New Jersey Department of Banking and Insurance (“DOBI”) on May 7, 2010 (the “News Release”), DOBI Commissioner Tom Considine applauded two pieces of proposed legislation which, he said, “would make some common sense changes to regulation and allow captive insurers, and carriers of reinsurance and surplus lines to operate more expansively in New Jersey.” 

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Read More New Jersey Insurance Commissioner Praises Captive Insurance Bill and Unveils Reinsurance and Surplus Lines Initiative

In a first-of-its-kind victory for a state attorney general, the office of Connecticut Attorney General Richard Blumenthal won its case against an insurance brokerage whom the court found to have failed to disclose to consumers the contingent commissions it received from certain insurers. …
Read More Connecticut Attorney General Wins in Landmark Contingent Commissions Case

On April 26, 2010, the New York Insurance Department (the “NYID”) proposed a circular letter to provide additional guidance to insurers on the impact of the federal Mental Health Parity and Addiction Equity Act of 2008 (the “Act”).  This proposed circular letter is a supplement to Circular Letter No. 20 (2009), and addresses interim final rules issued subsequent to Circular Letter No. 20 (2009) by the United States Department of the Treasury, Department of Labor and Department of Health and Human Services. 

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Read More New York Insurance Department’s Proposed Circular Letter Re: the Federal Mental Health Parity and Addiction Equity Act of 2008

PICC Property and Casualty Company (PICC), China’s largest non-life insurer, reported an increase in profits to 1.78 billion yuan (US$260.8 million) as a result of a surge in China’s stock market lifting the value of their investments and growth in insurance premiums received. PICC is exploring a number of ways to improve its solvency ratio, which currently sits at 111% having dropped 34% last year. …
Read More HK: Insurance Industry Update