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.
Regulatory
Massachusetts Attorney General Issues Report Stating Managed Competition of Auto Insurance Has Failed
By Troutman Pepper Locke on
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. …
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UPDATE: New York To Move Ahead With Insurance Exchange Revival
By Troutman Pepper Locke on
As we previously reported here and here, the New York State Insurance Department (“NYSID”) has announced its intention since July 2008 to revive the currently defunct New York Insurance Exchange (the “Exchange”). …
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In Private Letter Ruling, IRS Says Captive Reinsurance of Fronted Pools is “Insurance” for Tax Purposes
By Troutman Pepper Locke on
The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is “insurance” for tax purposes. The IRS provides private letter rulings upon individual taxpayer request in which the IRS interprets and applies tax law to a taxpayer’s specific set of facts.
Minnesota Department of Commerce Revokes Producer License in an Insurable-Interest Case
By Troutman Pepper Locke on
In April 2009, the Minnesota Department of Commerce (the “Department”) summarily suspended the insurance licenses of Michael Antonello and the insurance agency for which he served as chairman, Wealth Management Advisors, LLC (“Wealth Management”), for alleged dishonest practices in connection with the sale of life insurance policies and related Stranger Originated Life Insurance (“STOLI”) transactions.
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Read More Minnesota Department of Commerce Revokes Producer License in an Insurable-Interest Case
Lloyds TSB Bank Settles with OFAC
By Troutman Pepper Locke on
On December 22, 2009, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the settlement of apparent violations by Lloyds TSB Bank of OFAC regulations relating to Iran, Sudan and Libya.
Client Advisory – SEC Requires Additional Corporate Governance and Compensation Disclosure for 2010 Annual Meetings
By Troutman Pepper Locke on
Most public companies will need to provide new disclosures about corporate governance, director qualifications and compensation matters in proxy statements for their 2010 annual meetings. …
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EAPD WEBINAR LINK: Privacy and Data Breaches
Privacy and data breaches are part of every company’s nightmare of what can go wrong. There is no company in any industry that is not exposed to risks and liabilities related to unauthorized access to personal information of individuals. The risk of data breaches, and the regulations governing company obligations to secure data, and to provide notification in the event of a breach, are increasing dramatically. …
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Unscrambling the Gramm-Leach-Bliley Omelet
By Troutman Pepper Locke on
Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act. In 1999, the requirements that the three industries remain separate were eliminated by the Gramm-Leach-Bliley Act. …
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UPDATE: Congress Approves Another Short-Term Extension of the NFIP through February 28, 2010
By Troutman Pepper Locke on
Congress recently approved another short-term extension of The National Flood Insurance Program (“NFIP”) through February 28, 2010. The NFIP extension was included in a defense appropriations measure, and was approved shortly before the program was to expire.