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.
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Regulatory
Newsflash from the World Insurance Forum
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA.
California Fingerprint Requirement Updated as of March 1, 2010
By Troutman Pepper Locke on
Posted in Regulatory, United States
The California Department of Insurance no longer requires fingerprints from non-resident individuals that have been fingerprinted in their resident state in connection with applying for an insurance producer license. The change was effective March 1, 2010.
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UK: Joint Discussion Paper on Consumer Complaints Published
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA), the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) have jointly published a discussion paper entitled “Consumer complaints (emerging risks and mass claims) (DP10/1)”. …
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UK: FSA Update on PPI Reforms
By Troutman Pepper Locke on
On 9 March 2010, the Financial Services Authority (FSA) published feedback on its consultation assessing the Payment Protection Insurance (PPI) market (the First PPI Consultation).
EU: European Commission Starts Review of the Insurance Mediation Directive Including Conflicts of Interest and Transparency
By Troutman Pepper Locke on
Posted in European Union, Regulatory
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.
HK: Rising Demand for Yuan Policies
By Troutman Pepper Locke on
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.
China: Insurance Market Performance in 2009
By Troutman Pepper Locke on
According to the Statistics on China Insurance Business for 2009 recently published by the China Insurance Regulatory Commission (CIRC), total insurance premiums in China received in 2009 amounted to RMB 1.11 trillion, up 13.8% from 2008.
EU: Further Delays for Solvency II Implementation; No Exemptions for the Legacy Industry
By Troutman Pepper Locke on
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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Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut
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.