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Governor Rick Perry announced the appointment of Eleanor Kitzman as the Texas Commissioner of  Insurance, effective August 15, 2011.  Ms. Kitzman has most recently served as the Executive Director of the South Carolina Budget and Control Board and was a past director of the South Carolina Department of Insurance. …
Read More Eleanor Kitzman Appointed as Texas Insurance Commissioner

In a market bulletin released on 31 March 2011, Lloyd’s set out its revised Claims Management Principles and Minimum Standards (click here for a copy of the bulletin). The revision is part of Lloyd’s Claims Transformation Project in order to “facilitate and increase the competitive advantage from the efficient handling of claims on their merits“. …
Read More UK: Lloyd’s Publishes its Revised Claims Management Principles and Minimum Standards

The U.S. District Court for the District of Massachusetts recently held that an exclusion for liability arising out of the physical abuse of anyone in the “care” of the insured applied to claims against a clinic on behalf of a patient of the clinic who was beaten by her adoptive parents. …
Read More Federal Court in Massachusetts Rules That Abuse and Molestation Exclusion Applies To Claims Against Child Services Clinic

On February 1, 2011, New York Governor Andrew Cuomo unveiled a proposed 2011-2012 executive budget. As part of the Executive Budget, the Governor submitted a bill merging the Insurance and Banking Departments and the Consumer Protection Board into a single state agency, to be known as the Department of Financial Regulation. InsureReinsure.com is following and reporting the latest developments. Click here to see what we’ve posted.

Read More New York Insurance and Banking Merger

As discussed here, the International Association of Insurance Supervisors (IAIS) recently released its Issues Paper on Group-Wide Solvency Assessment and Supervision, the purpose of which is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

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Read More Chile: SVS To Hold First Latin American Conference Concerning IAIS Solvency Project

On May 9, the New York Insurance Department (the “Department”) issued Circular Letter No. 12 (2008), entitled “Cancellation of Municipal Bond Insurance Policies,” (the “Circular Letter”) in which the Department states that U.S. municipal bond issuers (the “Issuers”) may cancel bond insurance policies under certain conditions. 

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Read More New York Insurance Department Approves Cancellation of Bond Insurance Policies