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On April 9, 2010, Iowa’s governor Chet Culver signed measures (Senate File 2201) designed to create greater transparency and disclosure of health insurance premiums, and to expand the rights of consumers prior to any rate increases by insurance companies. …
Read More Iowa Enacts Law Requiring 30-Day Rate Hike Notice from Health Insurers

The new Japanese Insurance Act (the Insurance Act), which was passed by the Japanese Diet in May 2008 came into force on 1 April 2010. The Insurance Act will regulate insurance contracts generally (although the Commercial Code will continue to regulate marine insurance). The Insurance Act represents the first significant revision of insurance law in Japan for about 100 years. …
Read More HK: New Japanese Insurance Law Concerning Insurance Contracts Comes Into Force

Sally Dewar, the Financial Services Authority’s (FSA) managing director of Risk, gave a speech entitled “Taking the FSA’s corporate governance agenda forward” at the City Corporate Governance and Remuneration Summit on 30 March 2010. 

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Read More UK: Speech by Sally Dewar – Taking the FSA’s Corporate Governance Agenda Forward

The UK Government has announced a consultation on proposals to strengthen the administration regime for insurers, in particular to improve the protection and payment of benefits for persons insured with companies facing financial difficulties and addressing gaps in the administration regime for insurers as compared with the liquidation regime. 

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Read More UK: Government Consultation on Strengthening the Administration Regime for Insurers

As previously reported here, the Third Parties (Rights against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. …
Read More Third Parties (Rights against Insurers) Bill Receives Royal Assent

The European Company Statute (Regulation 2157/2001, which is directly applicable in EU member states) was adopted on 8 October 2001 and came into force on 8 October 2004. It required the Commission to report on its application five years after coming into force. The Commission published its consultation on 23 March 2010, together with a report by external consultants. …
Read More EU: European Commission Publishes a Review of the European Company Statute

This entry updates our March 24, 2010 posting.  The NAIC issued a press release earlier this month announcing its intent to hold a public hearing on the emergence of stranger originated/owned annuity transactions (“STAT”), but did not specify the date or location of the hearing. 

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Read More NAIC Provides Details Regarding Upcoming Hearing on Stranger Owned Annuities