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The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed. 

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Read More Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers

This updates our June 23, 2009 posting.  As we previously reported, the Obama Administration proposed a broad overhaul of the federal financial regulatory system earlier this year.  As part of the overhaul, the Administration, together with Rep. Barney Frank (D-Mass), proposed H.R. 3126 which would create a Consumer Finance Protection Agency (“CFPA”) to act as an independent executive agency with broad authority to regulate the provision of consumer financial products or services, including certain insurance products. 

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Read More House Financial Services Committee Exempts Insurance from Oversight by Proposed Consumer Finance Protection Agency

This week, Wisconsin Governor Jim Doyle announced an emergency rule (the “Rule”) interpreting and implementing Section 632.895 (12m) of the Wisconsin Statutes which mandates that insurers and self-insured health plans provide coverage for the treatment of autism spectrum disorders.  Specifically, Section 632.895 (12m) requires that every disability insurance policy (except

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Read More Wisconsin Announces Emergency Rule for Implementation of Autism Coverage

Jeremy Cox will succeed Matthew Elderfield as CEO of the BMA at the beginning of next year. Matthew Elderfield, the current CEO of the BMA, is stepping down at the end of this year to take up the post of director of financial regulation at the Central Bank of Ireland. 

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Read More Bermuda: Cox appointed CEO of the Bermuda Monetary Authority (BMA) Effective 1 January 2010

The National Association of Insurance Commissioners (“NAIC”), at the Executive/Plenary session of its Fall National Meeting, adopted revisions to the Standard Valuation Model Law (“Valuation Model”) replacing the existing formula based approach for reserving life insurance policies with a principles based approach. 

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Read More NAIC Moves Towards Principles Based Reserving for Life Insurance

The Massachusetts Joint Committee on Financial Services recently held a hearing regarding H.B. 960 (the “Bill”), which would permit commercial fire policyholders to exclude terrorism from their coverage. …
Read More Massachusetts May Permit Exclusion Of Terrorism From Commercial Fire Policies

According to the Provisional Statistics on Hong Kong Insurance Business for 2008 recently published by the Hong Kong Insurance Authority (IA), gross premiums for general insurance business increased by 11.3% to HK$27 billion and net premiums were up 12.3% to HK$19.2 billion, compared with 2007. …

Read More HK: Insurance Market Performance in 2008 and 2009 to Date

The Hong Kong Securities and Futures Commission (“SFC”) recently issued a circular clarifying that insurers, corporate insurance brokers and individual insurance intermediaries are not required or permitted to be licensed by the SFC under the provisions of the Securities and Futures Ordinance (“SFO”) (Chapter 571 of the Laws of Hong Kong) to engage in promoting, offering or selling investment linked assurance schemes (“ILAS”) to the Hong Kong public (the “Circular”). …
Read More HK: SFC Clarifies the Licensing Requirements for the Promotion, Offering or Sale of Investment Linked Assurance Schemes to the Public