Administrative Agency International Trade Insurance

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The European Commission Adopts AIFMD Implementing Regulation

On 19 December 2012, the European Commission (the Commission) adopted implementing rules (the Regulation) for the Directive on Alternative Investment Fund Managers (the AIFMD or Directive). The Regulation supplements certain...more

OCC Retail Foreign Exchange Proposed Rule

On October 31, the OCC proposed to amend its retail foreign exchange rule for transactions with collective investment funds and insurance company separate accounts by treating them as if they were not retail customers under...more

Joint Forum Finalizes Guidelines on Supervision of Financial Conglomerates

On September 24, the Joint Forum, which brings together the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and the International Association of Insurance Supervisors to...more

NAIC Adopts ORSA Model Act

On Wednesday, September 12, 2012, the NAIC adopted the Risk Management and Own Risk and Solvency Assessment Model Act (Model Act). The Model Act was produced by the NAIC’s Group Solvency Issues (E) Working Group after several...more

FATCA G-5 Model Intergovernmental Information Sharing Agreements Released, with Substantial Benefits for Insurance Company FFIs...

On July 26, 2012, the Treasury Department released two versions of a model intergovernmental agreement (model IGA) for government-to-government information sharing under the Foreign Account Tax Compliance Act (FATCA). One...more

Noteworthy Now: Sutherland Insurance Regulatory Mid-Year Review - July 20, 2012

The hot month of July presents an occasion to review major regulatory developments during the first half of the year. In this report, we cover discrete topics we think will be of interest to our friends and clients. Links to...more

Insurance Holding Company Act Amendments of 2012

During the 2008-09 global financial crisis, no major U.S. insurance company became insolvent. However, the mammoth AIG empire shook to its core and exacerbated a worldwide financial crisis due to the activities of a...more

Legal Alert: Federal Insurance Office Requests Comments on the Global Reinsurance Market

On June 27, 2012, the U.S. Treasury Department’s Federal Insurance Office (the FIO) issued a notice requesting public comments on the global reinsurance market and the regulation of reinsurance (the Notice). Comments are...more

Life Sciences Health Industry China Briefing – May 2012 (June 14, 2012)

In This Issue: News - Introduction of Administrative Measures on Clinical Application of Antimicrobial Drugs (Ministry of Health 2012-05-08) – May 9, 2012 The Ministry of Health recently issued the...more

China Briefing - April 2012 (May 21, 2012)

Pharmaceuticals, Medical Devices, Health Care & Life Sciences News • NDRC: Chinese government to review carefully drug pricing differences between ex-factory and bid prices (NBD News 2012-04-05) – April 5, 2012...more

Iran-Related Investment Bill Clears Committee

On May 2, 2012, the California Assembly Insurance Committee approved a bill that would direct the insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a...more

Third Party Administrator Update - Volume I, March 2012

In This Issue: - New Third Party Administrator Licensing Requirement in Connecticut - Idaho Requires Licensed Third Party Administrators to Requalify - Texas Enforcement Actions Against TPAs in 2011 - Third Party...more

The Geneva Association Warns Governments To "Wake Up": Have They Too Drunk The Koolaid?

Last week, the Geneva Association, which describes itself as “the leading international insurance think tank for strategically important insurance and risk management issues,” issued a report entitled “Extreme events and...more

Legislation to Non-Admit Iran-Related Investments

The California Legislature has introduced Assembly Bill 2160. It would prohibit California domestic insurers from treating indirect Iran-related investments (as defined in the bill) as admitted assets. The bill was...more

California Department of Insurance Settles Suit Over Iran Investments

On January 27, the California Department of Insurance (“DOI”) issued a news release that it had reached a settlement in its lawsuit that sought to require insurers to disclose investments in companies doing...more

Insurers Entitled To Judgment On Default Against Syria for International Act of Terrorism Under New U.S. Statute

Certain Underwriters at Lloyd’s, London, et al. v. Great Socialist People’s Libian Arab Jamahiriya, et al., Civil Action No. 06-cv-731 (JMF) (D.D.C. 2011), are two actions. The primary remaining defendants include Syria and...more

The European Union’s Packaged Retail Investment Products Initiative: Recent Developments

Following the publication in March 2011 of a joint response (“the Joint Response”) from the UK’s Financial Services Authority (the “FSA”) and HM Treasury to the European Commission’s November 2010 consultation of packaged...more

NAIC Releases Draft White Paper On Corporate Governance; At Odds With Existing Bodies of U.S. Law

This Legal Alert addresses the “White Paper on High-Level Corporate Governance Principles for Use in U.S. Insurance Regulation” Click here for White Paper exposed for comment at the Spring NAIC Meeting in Austin, Texas. The...more

Sanctions Update Part 2

This is a two part sanctions update. In Part One we look at a Court of Appeal judgment delivered last week which has implications not only for the insurance market, but also for any industry which trades or transacts with a...more

Conducting Business Abroad: What Are the Risks Under the FCPA?

Your company is entering a new market overseas. You hire a local lawyer to help you navigate the steps necessary to obtain a license to conduct business in that country. Once you get your license, you hire third-party sales...more

Insurance Commissioner Removes Four Companies from List of Companies Doing Business with Iran

As we have previously reported in this blog, the CDI issued a broadly-drafted Data Call on July 9, 2009, to all insurers admitted in California seeking information on their investments in or related to Iran as a measure to...more

Commissioner Poizner Criticized By Director of Office of Administrative Law Over His Filing of Lawsuit Concerning Iran...

In response to news that, on November 9, 2010, California Insurance Commissioner Steve Poizner filed a lawsuit against the California Office of Administrative Law's (OAL) over the OAL's rejection of the Commissioner's rules...more

Commissioner Poizner Files Suit Against Office of Administrative Law

On November 9, 2010, California Insurance Commissioner Steve Poizner issued a Press Release announcing that he is filing a lawsuit challenging the California Office of Administrative Law's (OAL) October 11, 2010,...more

California Office of Administrative Law Disallows Insurance Department Rule on Iranian Investments

Yesterday afternoon, the California Office of Administrative Law (“OAL”) issued a decision finding that a rule adopted by California Department of Insurance (“CDI”) to restrict insurers’ investment in companies that do...more

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