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 an article on each of the topics we selected are below.
No new themes are discernible in the developments we report. Rather, to the extent any themes do emerge, they are a familiar leitmotif. Regulatory reform initiatives focused on oversight of complex groups continue apace at both the federal and state levels – although perhaps with less of a sense of urgency as the 2008 financial crisis recedes in the rear view mirror. U.S. insurance regulation continues to be increasingly influenced by regulation outside the U.S. The use of investigations and enforcement to make public policy endures.
Because of the intertwining of regulatory standards and concepts throughout the globe, we need to understand what is happening in Europe to better understand what is happening here. We have asked our friends Steven Francis and Richard Burger of Reynolds Porter Chamberlain LLP to provide us with an update on the timetable for implementation of Solvency II and progress in the transition to the Bank of England as prudential supervisor for U.K. insurers, as well as the recent announcement of a new European initiative for the protection of consumers of financial products.
Please see full review below for more information.
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