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The New York Insurance Department published the final version of its regulation regarding the transparency of insurance producer compensation (“Regulation 194”) in the New York State Register on February 10, 2010.  Regulation 194 is slated to take effect January 1, 2011, but the Independent Insurance Agents and Brokers of New York (the “IIABNY”) has recently announced its decision to proceed with legal action in order to prevent Regulation 194 from taking effect. …
Read More IIABNY to Sue New York over Producer Compensation Disclosure Regulation

As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is continuing to progress through the House of Lords, having completed the Special Public Bill Committee stage on 9 February 2010. 

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Read More UK: Third Party (Rights Against Insurers) Bill Passes Through Special Public Bill Committee Stage

On 8 February 2010, Lloyd’s released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market’s position involving more than 50 managing agents, brokers and market associations. 

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Read More UK: Lloyd’s Publishes its 2010 to 2012 Strategy and Reshuffles Management

The Financial Services Authority (FSA) has recently confirmed, in a policy statement entitled “Publication of Complaints Data: including Feedback to CP09/21“, that insurance companies and other financial institutions must publish information on how they handle complaints. 

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Read More UK: The Financial Services Authority has Confirmed that Insurance Companies Must Publish Complaints Data

This updates our January 27, 2010 posting.  At the Insider Scope conference in London on February 10, 2010, New York Insurance Department (“NYID”) Superintendent James Wrynn announced that the NYID is targeting September 2010 for the publication of its action plan for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). …

Read More New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)

The difficult market conditions and the consequent increased chance of insolvency of regulated entities prompted the Financial Services Authority (FSA) to carry out firm visits over the last 6 months to a range of investment and insurance broker firms to assess their compliance with the client money rules contained in the Client Asset Sourcebook (CASS) of the FSA Handbook. 

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Read More UK: Financial Services Authority Issues Client Money and Asset Report

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently announced that it has agreed to further enhance supervisory cooperation with the Swiss insurance supervisor, the Swiss Financial Market Supervisory Authority (FINMA). 

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Read More EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors and the Swiss Insurance Supervisor Agree to Enhance Supervisory Cooperation

The Financial Services Authority (the FSA) has recently published a factsheet for general insurance providers entitled “Climate change thematic review: flooding – do your customers know what they are covered for?“. The factsheet has been published following an FSA review of whether general insurers are giving customers clear and accurate information about their cover. 

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Read More UK: The Financial Services Authority Publishes Factsheet for Insurers Providing Flood Insurance