Senator Patrick Leahy (D-VT) filed an amendment to the Patient Protection and Affordable Care Act (H.R. 3590) (the “PPACA”) on December 1, 2009, that would repeal the exemption from federal antitrust laws for the health insurance and medical malpractice insurance industries.
Regulatory
House Committee Passes Legislation Creating Federal Insurance Office, But without Regulatory Power
By Troutman Pepper Locke on
The House Financial Services Committee passed a revised version of the Federal Insurance Office Act, H.R. 2609, earlier this week. The bill will now head to the floor of the House of Representatives for a full House vote. To win bipartisan support and pass unanimously, H.R. 2609 went through a transformation from the previously debated discussion draft, which we covered here. …
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Texas To Hold Public Hearing Regarding Use of Discretionary Clauses In Insurance Contracts
By Troutman Pepper Locke on
Posted in Regulatory, United States
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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Insurance and Reinsurance Review – December 2009
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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New York Superintendent Seeks Revisions to No-Fault Insurance Regulation
By Troutman Pepper Locke on
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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UPDATE: Congress Passes Another Short-Term Extension of the NFIP through December 18, 2009
By Troutman Pepper Locke on
Posted in Regulatory, United States
Congress recently approved another short-term extension of the National Flood Insurance Program (the “NFIP”) through December 18, 2009. …
Read More UPDATE: Congress Passes Another Short-Term Extension of the NFIP through December 18, 2009
EU: Committee of European Securities Regulators Publishes its Analysis of Financial Instruments Disclosures
By Troutman Pepper Locke on
Posted in European Union, Regulatory
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.
EU: European Ruling on VAT Goes Against Reinsurers
By Troutman Pepper Locke on
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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EU: European Insurers to Undergo Stress Tests in December
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has announced that it will run an EU-wide stress test for Europe’s largest insurers during December. It is expected that large (re)insurers such as Hannover Re, Munich Re and Allianz will be tested.
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Senate Banking Committee Releases First Draft of American Financial Stability Act of 2009; Includes Nonadmitted and Reinsurance Reform Act and National Insurance Office
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”).