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In our January 2010 Client Advisory (see the Client Advisory here) we wrote that, pending the outcome of a recent Ministry of Justice consultation, the Information Commissioner’s Office (the ICO) may be given increased statutory powers to impose fines. In a press release on 12 January 2010, the ICO confirmed this power is expected to come into force on 6 April 2010. 

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Read More UK: Data Breaches to Incur up to £500,000 Penalty

On 25 January 2010, Mark Hoban MP, Shadow Treasury Minister, spoke at a British Insurance Law Association seminar hosted at Lloyd’s and attended by a number of EAPD lawyers. Mr Hoban spoke on the Conservative Party White Paper, published on 20 July 2009, entitled “From Crisis to Confidence: Plan for Sound Banking” with a particular focus on the White Paper’s relevance to the insurance sector. 

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Read More UK: Shadow Treasury Minister Speaks on Conservative White Paper

This updates our January 7, 2010 posting.  According to media reports, following meetings with insurance executives from over 50 companies, the New York Insurance Department has selected Special Counsel Maria Filipakis to supervise the reopening of the New York Insurance Exchange (the “Exchange”). …
Read More New York Insurance Exchange Working Groups Formed

In an interview with Bloomberg, Chaucer’s chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment. 

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Read More Chaucer Latest Lloyd’s Entity to Consider New Domicile

The Financial Services Authority (FSA) has recently published the results of an independent review of firms’ compliance with its financial promotions requirements (the Review). The Review examined a sample of press, magazine and internet promotions. 

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Read More UK: The Financial Services Authority Publishes Independent Review of Financial Promotions Compliance

The Connecticut Insurance Department issued a proposed regulation (the “Proposed Regulation”) relating to use of senior-specific certifications and professional designations in the sale of life insurance and annuities.  The Proposed Regulation aims protect seniors from abusive sales practices and fraud and is based on the NAIC Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (the “Model”). 

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Read More Connecticut Proposes New Regulation to Protect Seniors

An amendment was signed into law on January 17, 2010 which requires insurance producers to notify the Commissioner of the New Jersey Department of Banking and Insurance of disciplinary actions taken against them by the Financial Industry Regulatory Authority (FINRA) or other similar non-governmental regulatory authorities that have statutory authority to create and enforce industry standards of conduct. 

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Read More New Jersey Enacts Amendment – Producers Must Notify Insurance Commissioner of FINRA and Other Disciplinary Actions

Gloria Sabando, Ecuador’s Superintendent of Banking and Insurance, recently announced that the seventeen (17) companies that operate in the country’s mandatory auto coverage market (SOAT–Seguro Obligatorio de Accidentes y Transito) must return US$ 19.4 million in premium to their customers, representing a 30% credit against “excessive” premiums charged in 2009. …
Read More Ecuador: Regulator Finds That Seventeen Insurers Must Return A Total of US$ 19.4 Million In Compulsory Auto Premiums; Insurers Begin Making Payments and Seeking Clarity

The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond” on Tuesday, February 23, 2010 at 10:00 am (EST). 

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Read More Free Webinar: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond