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In December 2008, Michael Foot (formerly of the Bank of England, the FSA and the Central Bank of the Bahamas) was appointed by the UK Chancellor of the Exchequer to identify the opportunities and challenges facing the British Crown Dependencies (Guernsey, Isle of Man, Jersey) and six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands). 

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Read More UK: Foot Report on British Offshore Financial Centres Published

On October 27, 2009, the House Financial Services Committee and the Treasury Department released draft legislation, titled the Financial Stability Improvement Act of 2009 (the “Bill”), to address systemic risk issues, particularly in connection with financial institutions that are considered “too big to fail.” 

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Read More House Financial Services Committee and Treasury Department Release Draft Financial Stability Improvement Act of 2009

Liberty Mutual Insurance Europe Limited (LMIE) was recently granted authorization by Ecuadorian insurance regulator la Superintendencia de Bancos y Seguros (SBS) to do business in the country as a foreign reinsurer.  LMIE was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel. 

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Read More Ecuador: Liberty Mutual Insurance Europe Limited Obtains Foreign Reinsurer Authorization

H.R. 2609, the Insurance Information Act of 2009, was reintroduced into the U.S. House of Representatives on May 21, 2009 by Representative Paul Kanjorski (D-PA).  The act would establish the Office of Insurance Information (the “OII”).  A revised discussion draft of H.R. 2609, released on October 1, 2009, was the subject of a recent Congressional hearing and debated in the House Financial Services Committee on October 27, 2009. …
Read More Representative Kanjorski Attempts to Form an Insurance Information Office with Regulatory Powers

On 16 October 2009, Mr Justice Norris released his reasoning for sanctioning the transfer of the long-term insurance business of Commercial Union Life Assurance Company Limited (Commercial Union), CGNU Life Assurance Limited (CGNU) and Norwich Union Life (RBS) Limited (Norwich Union) to Aviva Life & Pensions UK Limited (Aviva) under Part VII of the Financial Services and Markets Act 2000 (FSMA). 

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Read More UK: Insurance Business Transfer Approved by Court as not Improper or Unfair to Policyholders

This updates our September 15, 2009 blog posting.  Matthew Gaul, special counsel for the Department, recently explained that the draft proposal for the disclosure of insurance producer compensation released by the Department last month differs from that proposed by former Superintendent Eric Dinallo in that the revised proposal does not differentiate between captive agents, independent agents and independent brokers. …
Read More The New York Insurance Department Updates Proposed Insurance Producer Compensation Transparency Rule; Explains Departure from Dinallo Era

Governor Time Pawlenty (R-MN) recently outlined a set of proposed healthcare reforms to be considered during Minnesota’s 2010 legislative session. 

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Read More Minnesota Governor Proposes Changes to State Law to Allow for the Purchase of Health Insurance Policies Across State Lines and the Creation of an Interstate Health Insurance Compact

On October 2, 2009, as part of the 48th Annual Corporate Counsel Institute held at Northwestern University School of Law, SEC Commissioner Elisse B. Walter gave a speech entitled “SEC Rulemaking — ‘Advancing The Law’ To Protect Investors.”  In her speech, Commissioner Walter touched upon the SEC’s recent work with respect to climate change disclosures, and her belief that climate change is a very serious issue. …
Read More SEC and NAIC Take Affirmative Steps To Address Corporate Disclosures Regarding Climate Change