Regulatory

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Each year the FTC is required by statute to adjust the thresholds for Hart-Scott Rodino pre-merger filings.  HSR filings and consequent regulatory approval of the transaction are required prior to closing a transaction involving the acquisition of assets (including exclusive licenses) or securities that meets the operative thresholds. 

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Read More United States Federal Trade Commission Lowers Pre-Merger Filing Thresholds

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for property/casualty insurance policies and reinsurance contracts.  The Department is requesting comments on its draft by January 22, 2010. …
Read More Circular Letter Regarding Contract Certainty Issued for Comment by the New York Insurance Department

The good practice guidance, called “Ensuring Positive Customer Experiences of Buying Insurance Online“, sets out high-level standards for insurance comparison websites, insurers and brokers selling general insurance, such as motor and home insurance, online. The guidance is in response to concerns that consumers have not always understood the terms of their insurance cover when buying policies online. 

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Read More UK: The Association of British Insurers Publishes Good Practice Guidance for the Online Sale of Insurance Policies

On 28 December 2009, the Provision of Services Regulations 2009 (SI 2009/2999) (the Regulations) came into force. The Regulations govern, amongst other things, the information that service providers must give to clients and customers in the EU (for example, information on any registration or authorisation that the service provider holds) so as to ensure that they are able to make an informed decision when considering whether to use the service provider. 

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Read More UK: Provision of Services Regulations 2009 Now in Force

On December 28, 2009, the New York Insurance Department (“NYID”) issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis.  The revised Regulation is modeled on the NAIC Financial Reporting Model Regulation which applies certain public company reporting standards set forth in the Sarbanes-Oxley Act of 2002, to insurers, fraternal benefit societies and managed care organizations. 

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Read More New York Adopts Revisions to Regulation 118 governing Audited Financial Statements

U.S. House Representatives Peter DeFazio, (D-OR) and Gene Taylor (D-MS) drafted a letter to House Speaker Nancy Pelosi (D-CA) in support of repealing the antitrust exemption under the McCarran Ferguson Act for health insurers and medical liability insurers. 

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Read More Repeal of Antitrust Exemption Gains Traction as House and Senate Democrats Reconcile Healthcare Reform Bills

At the end of December 2009, Massachusetts Attorney General Martha Coakley released a comprehensive report criticizing Massachusetts managed competition system for the deregulation of auto insurance.  Prior to the managed competition system being introduced in 2007, auto insurance rates were set by the Massachusetts Division of Insurance for all insurers. …
Read More Massachusetts Attorney General Issues Report Stating Managed Competition of Auto Insurance Has Failed