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After months of discussion with industry and consumer groups, the New York Insurance Department (the “Department”) released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers. 

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Read More New Compensation Disclosure Requirements Proposed for New York Insurance Producers

As of August 12 2009, in accordance with Chapter 293 of the Laws of New York 2009, the minimum number of directors required for New York domestic insurers has been reduced from thirteen to seven, and the minimum number of New York resident directors required for domestic insurers has been reduced from two to one. 

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Read More New York Reduces Director Requirements For Domestic Insurers

The International Association of Insurance Supervisors (IAIS) has said that it is preparing guidance to the regulatory and supervisory community in relation to insurance securitisation which is expected to be finalised in 2011. 

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Read More International Association of Insurance Supervisors to Prepare Common Standards for Insurance Securities

This updates our June 30, 2009 blog post.  The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009.  The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List. 

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Read More New York Expands Export List

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

In the 2009 Budget, on 22 April 2009, the Chancellor announced the introduction of a Government-backed  ‘top-up’ trade credit insurance scheme aimed at addressing the challenges that UK businesses were facing as a result of the reduction in availability of trade credit insurance (the Scheme). 

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Read More UK: Changes to UK Trade Credit Insurance Top Up Scheme

On 26 June 2009, a solicitor and a recovery agent were found guilty by the District Court for offering a “no win, no fee” deal to a mother seeking compensation for her son, who was severely injured in a road traffic accident. The recovery agent was also found guilty of champerty, that is, negotiating to receive a share of  the proceeds of litigation in which he had no interest. …
Read More HK: Prohibition Against Contingent Fee Arrangement Re-Affirmed