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The Texas Department of Insurance (“TDI”) has planned a public hearing for Wednesday, December 9, 2009, on whether the TDI should adopt a rule banning the use of discretionary clauses in insurance contracts.  The hearing is the result of a petition filed by the Texas Office of Public Insurance Counsel (“OPIC”) requesting the ban. 

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Read More Texas To Hold Public Hearing Regarding Use of Discretionary Clauses In Insurance Contracts

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – December 2009, which contains eight articles about various topics in the insurance and reinsurance industry. 

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Read More Insurance and Reinsurance Review – December 2009

On Tuesday, November 24, 2009, New York Superintendent James Wrynn released a draft of revised rules for no-fault automobile insurance (the “Proposed Draft”).  If promulgated, the Proposed Draft would be the first significant regulatory reform to no-fault automobile insurance in New York since 2002. 

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Read More New York Superintendent Seeks Revisions to No-Fault Insurance Regulation

On 30 October 2009, the European Committee of European Securities Regulators (CESR) published a statement reporting on the results of its analysis of the application of disclosure requirements related to financial instruments in the 2008 financial statements of 96 listed European banks and insurers, including 22 in the FTSE Eurotop index. 

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Read More EU: Committee of European Securities Regulators Publishes its Analysis of Financial Instruments Disclosures

The European Court of Justice (ECJ) has recently released its judgment in the case of Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften, confirming that a transfer of a portfolio of life reinsurance contracts, outside of a business transfer, will be subject to value-added tax (VAT) at the standard rate. 

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Read More EU: European Ruling on VAT Goes Against Reinsurers

On Tuesday, November 10, 2009, the Senate Banking Committee, chaired by Senator Christopher Dodd (D-CT), released a first draft for discussion of the American Financial Stability Act of 2009 (the “Act”). 

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Read More Senate Banking Committee Releases First Draft of American Financial Stability Act of 2009; Includes Nonadmitted and Reinsurance Reform Act and National Insurance Office

The Law Commission has now published the responses it has received to Issues Paper 5 “Reforming Insurance Contract Law: Micro-businesses”, published in April 2009. The Issues Paper asked whether micro-businesses should be treated like consumers for the purposes of pre-contractual information and unfair terms. 

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Read More UK: Publication of Responses to Law Commissions’ Proposals Concerning Micro-Businesses