On 15 April 2010, the European Commission (Commission) published for consultation draft technical specifications for the QIS5 exercise.
Regulatory
New York Seeks Comments on Draft Amendment Restricting Release Terms
By Troutman Pepper Locke on
The New York Insurance Department has proposed a fourteenth amendment to Regulation 64, Unfair Claims Settlement Practices and Claims Cost Control Measures (the “Proposed Amendment”).
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New York Seeks Comments on Draft Regulation Prohibiting Use of Discretionary Clauses in Life and Health Insurance Policies
The New York Insurance Department has issued a proposed regulation that would prohibit life and health insurers from issuing policies that contain discretionary clauses (the “Proposed Regulation”). …
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Louisiana: Surplus Lines Exemption Bill Scheduled for Floor Debate
By Troutman Pepper Locke on
The Louisiana House of Representatives has scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). …
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Update: National Flood Insurance Program Extended to May 31, 2010
By Troutman Pepper Locke on
Posted in Regulatory, United States
As we previously reported here, last week the U.S. Senate failed to reinstate the National Flood Insurance Program (“NFIP”). …
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UK: Proposals for compensating EL claimants
By Troutman Pepper Locke on
On 1 April 2010 the ABI held a seminar for liability carriers on developments in relation to EL, covering two main topics, the ELTO (Employers’ Liability Tracing Office) and a possible scheme for compensating those with EL claims. …
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UK: Financial Services Act 2010
By Troutman Pepper Locke on
The Financial Services Act 2010 (the Act) received Royal Assent on 8 April 2010. The Act amends the Financial Services and Markets Act 2000 to address a number of issues that are perceived to have contributed to the financial services crisis …
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HK: Hong Kong and Guangdong sign Cooperation Agreement
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Governor of Guangdong Province, representing the Guangdong Provincial Government, and the Chief Executive of the Hong Kong Special Administrative Region (the SAR) signed a Framework Agreement on Hong Kong/Guangdong Co-operation (the Framework Agreement) at a signing ceremony in Beijing on 7 April 2010. …
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EU: Solvency II – first Level 3 guidance published
By Troutman Pepper Locke on
On 31 March 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published the first of its Level 3 guidance for Solvency II. …
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Update: U.S. Senate Fails to Extend National Flood Insurance Program
By Troutman Pepper Locke on
Posted in Regulatory, United States
As we previously reported here, the Senate voted to end floor debate on a bill that includes reinstating the National Flood Insurance Program (“NFIP”) on Monday, April 12, 2010.
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