Legal & regulation

Trade groups hit out at healthcare bill

Tue, 10 Nov 2009 00:00:00 GMT

A united group of property/casualty (P/C) trade associations have hit out against the House passage of the Affordable Health Care for America Act.

Insurers get RMBS ratings relief

Mon, 09 Nov 2009 00:00:00 GMT

The National Association of Insurance Commissioners (NAIC) has agreed to ignore agency ratings when evaluating holdings of securities tied to home loans.

Geneva Association tells G-20 of concerns

Fri, 06 Nov 2009 00:00:00 GMT

Insurance economic think-tank, The Geneva Association, has expressed concerns about the potential effects of regulatory and supervisory action on the insurance industry as a result of the financial crisis.

Don’t blame state system: NY regulator

Fri, 06 Nov 2009 00:00:00 GMT

In a discussion of federal versus state regulation, Kermitt Brooks, New York State’s deputy superintendent of insurance, has called for partnership not replacement.

New York aims to revive exchange in 2010

Fri, 06 Nov 2009 00:00:00 GMT

State regulators are hoping for a revival of the New York Insurance Exchange according to New York State deputy superintendent of insurance, Kermitt Brooks. It is hoped the exchange will be launched in 2010.

Ontario plans auto insurance reforms

Tue, 03 Nov 2009 00:00:00 GMT

Canadian state Ontario has outlined changes to its auto insurance regulations under new proposals introduced Monday.

Ceiops elects new chairman

Mon, 02 Nov 2009 00:00:00 GMT

European insurance watchdog the Committee of European Insurance and Occupational Pensions Supervisors has appointed Gabriel Bernardino as chairman.

US flood programme extended to Dec 18

Fri, 30 Oct 2009 00:00:00 GMT

Namic today commended Congress for including an extension of the National Flood Insurance Program in a continuing resolution, keeping the programme in place until December 18.

FSA fines Swinton over PPI sales

Thu, 29 Oct 2009 00:00:00 GMT

The UK Financial Services Authority (FSA) has ordered Swinton Group to refund millions of pounds to customers who were wrongly sold payment protection insurance (PPI).

Too big to fail reform could be radical

Wed, 28 Oct 2009 00:00:00 GMT

Congress is close to a consensus on reform designed to ensure no company is ever again deemed “too big to fail”.

Expansion, reform or renewal for NFIP?

Tue, 27 Oct 2009 00:00:00 GMT

At the beginning of October, the US National Flood Insurance Program (NFIP) was extended for a month, hours before it was due to expire. The extension is set to expire on October 31.

Fomer Marsh execs acquitted of bid-rigging

Tue, 27 Oct 2009 00:00:00 GMT

Three former Marsh executives were acquitted of bid-rigging and price-fixing charges on Monday.

Hartwig says that regulation hurts

Tue, 27 Oct 2009 00:00:00 GMT

The next few weeks are critical for the property/casualty (P/C) industry regarding regulation, Bob Hartwig, president of the Insurance Information Institute, told the PCI Reporter.

PCI CEO warns of unprecedented risks

Fri, 23 Oct 2009 00:00:00 GMT

Delegates at this year’s Property Casualty Insurers Association of America (PCI) meeting have much to discuss. David Sampson, president and CEO of PCI, says the risks facing the industry are unprecedented.

Guy Carp targeted after Hartford settlement

Thu, 22 Oct 2009 00:00:00 GMT

The Hartford has made a $1.3m settlement with Connecticut’s attorney general, who believes that the “first-in-the-nation” settlement will help him pursue action against reinsurance broker Guy Carpenter.

Marsh, AIG face bid-rigging suit

Thu, 22 Oct 2009 00:00:00 GMT

Seaboard, a US pork producer and commodities trader, has filed a lawsuit against Marsh and American International Group in connection with bid-rigging.

News report: McCarran-Ferguson under threat

Wed, 21 Oct 2009 00:00:00 GMT

The McCarran-Ferguson Act, which entitles the insurance industry to be exempt from limited aspects of federal antitrust law, is under more threat than ever before. The health insurance industry is the focus of the latest attacks but property/casualty insurers are becoming increasingly concerned they will get caught up in the argument.

BMA appoints Cox as CEO

Mon, 19 Oct 2009 00:00:00 GMT

The board of directors of the Bermuda Monetary Authority has appointed Jeremy Cox as chief executive of the authority, with effect from January 1 2010.

FEATURE: Leaving it late to raise objections over Solvency II

Mon, 19 Oct 2009 00:00:00 GMT

Once Solvency II finally passed from a contentious political process that was defined by bitter wrangling, many felt its implementation would become smoother. But some insurers have just realised how much the new directive will cost.

Solvency II may drive insurers away from EU

Thu, 15 Oct 2009 00:00:00 GMT

Stephen Haddrill, CEO of the Association of British Insurers, outlines his concerns about proposals for the implementation of Solvency II in this op-ed piece for Reactions.

IRDA gives nod for insurance JVs

Wed, 14 Oct 2009 00:00:00 GMT

State Bank of India has received penultimate approval from the Insurance Regulatory and Development Authority for its planned non-life joint venture with Australia’s IAG, according to local reports.

Solvency II could be next 9/11: Ferma president

Wed, 14 Oct 2009 00:00:00 GMT

Things will get worse before they get better, the president of the European risk management association Ferma says in this op-ed piece for Reactions' View From The Top Series.

Florida insurer deemed insolvent

Tue, 13 Oct 2009 00:00:00 GMT

The Florida Department for Financial Services has ordered American Keystone Insurance Company into receivership after it was found to be in an impaired state and unable to pay money owed to private reinsurers and the Florida Hurricane Catastrophe Fund.

Legal analysis: The development of the new pan-European regulatory framework

Tue, 13 Oct 2009 00:00:00 GMT

Following the publication of the Larosière report in September, the European Commission published further details on the proposed new legal framework that will govern the supervision and regulation of financial services in the European Union.

Willis alliance ahead of NAIC climate demands

Tue, 13 Oct 2009 00:00:00 GMT

The Willis Research Network and Scripps Institution of Oceanography at the University of California, San Diego, have formed an educational alliance in response to the growing interest in the potential effects of climate change.

Swedish court decision to hurt insurers

Mon, 12 Oct 2009 00:00:00 GMT

In a recent judgement, the Swedish Supreme Court overturned a long-standing insurance practice relating how concurrent causes of loss of income are handled in personal injury cases, a report from reinsurance broker Guy Carpenter has highlighted.

AIA bullish over Katrina court decision

Fri, 09 Oct 2009 00:00:00 GMT

A decision issued yesterday in the case of Corban v. USAA by the Mississippi Supreme Court has been welcomed by the American Insurance Association.

US health reforms could cost $829bn

Thu, 08 Oct 2009 00:00:00 GMT

The Congressional Budget Office has warned that the Senate Finance Committee’s bill for reforming the US health care system could cost $829bn over a 10 year period.

Coventry to settle Cuomo lawsuit

Mon, 05 Oct 2009 00:00:00 GMT

Life insurance settlement firm, Coventry First, will settle a civil lawsuit originally filed by New York state’s former attorney general, Eliot Sptizer, the Wall Street Journal reports.

PA Insurance Dept to liquidate Penn Treaty

Mon, 05 Oct 2009 00:00:00 GMT

The Pennsylvania Insurance Department is seeking to liquidate Penn Treaty Network American Insurance, which provides long-term care insurance to more than 120,000 policyholders.