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As a first step in the European Commission’s delayed review of the Insurance Mediation Directive (the Directive) the Commission has written to the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) requesting technical advice on revisions to the Directive to improve its functioning. 

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Read More EU: European Commission Starts Review of the Insurance Mediation Directive Including Conflicts of Interest and Transparency

Chan Kin-por, legislator representing the insurance sector in Hong Kong’s Legislative Council, recently told the South China Morning Post that many customers and insurance agents have urged him to seek a regulatory change to help the launch of  yuan-denominated policies as many people believe that the yuan will appreciate in value over the next few decades and yuan life insurance policies may bring policyholders 20% to 50% growth in terms of investment returns and valuation gains. 

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Read More HK: Rising Demand for Yuan Policies

The head of the Insurance and Pensions Unit at the European Commission, Karel Van Hulle, confirmed that a meeting had been scheduled in early May to discuss extending the current October 2012 implementation deadline for the Solvency II regulatory regime to 1 January 2013. 

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Read More EU: Further Delays for Solvency II Implementation; No Exemptions for the Legacy Industry

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers.  As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. 

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Read More Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut

This updates our February 10, 2010 posting.  According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate.  The current federal corporate tax rate is approximately 35%. 

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Read More New York Insurance Exchange Considering Requesting Lower Federal Tax Rate

The Insurance Federation of New York, Inc. is hosting a breakfast with New York Superintendent James J. Wrynn on Friday March, 19, 2010 at 8:15 a.m. at Edwards Angell Palmer & Dodge LLP ‘s New York office. …
Read More Edwards Angell Palmer & Dodge’s New York Office Hosts New York Superintendent James J. Wrynn