Insurance Reform

News & Analysis as of

Government announces initiatives to reduce insurance costs in North Queensland

The Finance Minister, Mathias Cormann, has announced the establishment of a comparison website for home building and home contents insurance products for the North Queensland market. The site is designed for consumers to be...more

The ALI Converts Its “Principles of the Law of Liability Insurance” Project into a “Restatement” Project

The American Law Institute (ALI) recently announced its decision to convert its “Principles of the Law of Liability Insurance” project into a “Restatement” project—a move that will substantially magnify the project’s...more

Indonesia’s New Insurance Law

On 23 September 2014, Indonesia’s parliament (the “DPR”) passed the insurance bill into law (the “New Insurance Law”). The New Insurance Law is awaiting the signature of the President and therefore has not been officially...more

California Insurance-Related Bills Signed into Law

September 30, 2014, was the deadline for Governor Jerry Brown to take action on bills passed by the California Legislature during the 2014 regular legislative session. Here are summaries of noteworthy insurance-related bills...more

Hawaii Enacts NAIC-Recommended Revisions To Credit For Reinsurance Law

Hawaii’s House/Senate conference committee cleared the way for passage by the full houses of NAIC’s Model Act on Credit for Reinsurance, to address NAIC’s recommended updates pursuant to its Solvency Modernization Initiative....more

Alaska Issues Bulletin On Regulations Modifying Surplus Lines Requirements

Alaska’s Division of Insurance has released a bulletin notifying licensees, surplus lines insurance companies in the State of Alaska, and other interested parties that it has adopted regulations modifying surplus lines...more

Financial Regulatory Developments Focus - July 2014 #3

In this issue: - Derivatives - Compensation - Bank Prudential Regulation and Regulatory Capital - Recovery & Resolution - Credit Ratings - Insurance - Financial Services...more

Government releases discussion paper on North Queensland insurance costs

The paper released by the Government canvasses a number of policy options for addressing the high cost of home and strata insurance in North Queensland. The Government is seeking the public’s and the business community’s...more

The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and...more

Massachusetts Legislature Considers Unemployment Insurance Reform and Minimum Wage Increase

Increasing the minimum wage and reforming the unemployment insurance (“UI”) system in Massachusetts are the two major employment issues facing the 2013–2014 Legislature, which comes to a close on July 31, 2014. The Senate and...more

FIO Report Sets the Stage for an Active Year in Insurance Regulation

It has been the perfect sort of winter for curling up with a good read, and this winter brought us some of the most highly-anticipated reading material of the past few years: the December 12, 2013 report prepared by the...more

North Carolina Unemployment Insurance Reform

In this Presentation: - The Push for Reform - House Bill 4 - Increased UI Tax Rates - Reduction in Weekly Benefit Amount - Reduction in Duration of Benefits - Waiting Week for Each...more

English Law Commission Moves Forward with Review of Insurance Law

Newly published draft clauses include proposed changes to the current law, but disputes may arise. The latest step in the English Law Commission’s review of insurance law was announced on 28 January, with the Law...more

Insurance Topics We Will Be Watching in 2014

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, transactions and...more

Reforms to the insurance sector in India: The wait continues

The winter session of the India parliament concluded on 20 December 2013. Against the backdrop of the slowing growth rate and demands from the investment community for economic reforms, one critical piece of legislation that...more

FIO Focus, Issue No. 46: Congressional Hearing on the FIO's Modernization Report 02.06.14

Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the...more

Reforms to the insurance sector in India: the wait continues

The winter session of the India parliament concluded on December 20,2013. Against the backdrop of the slowing growth rate and demands from the investment community for economic reforms, one critical piece of legislation that...more

FIO Report Sets the Agenda for Discourse on the Future of Insurance Regulation

On December 12, 2013, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury released its much anticipated study, How to Modernize and Improve the System of Insurance Regulation in the United States...more

Federal Insurance Office Unveils Long-Awaited Modernization Report

On December 12, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) released and submitted to Congress its long-awaited report on How To Modernize And Improve The System Of Insurance Regulation In The United...more

FIO Focus - December 2013, Issue No. 44

The Federal Insurance Office (FIO) released its long-awaited report, "How to Modernize and Improve the System of Insurance Regulation in the United States" (Report) on December 12, 2013. In its Report, the FIO acknowledges...more

Amendments Proposed To Federal Flood Insurance Regulations

Federal banking agencies have issued a joint notice of proposed rulemaking to implement certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”). The proposed rule will amend each agency’s flood...more

Want lower insurance premiums? Demand insurance reform!

Doctors deserve relief from skyrocketing insurance premiums. And the citizens of Washington deserve to keep their constitutional rights intact. Is there an answer that will meet both goals? Not if you listen to the...more

"Hot fun in the summertime": insurance regulatory activity heats up

The now iconic song of 1969 aptly describes the insurance regulatory activity we are seeing in the summer of 2013. During the last two weeks of July, the International Association of Insurance Supervisors (IAIS)...more

Thailand - New Law Regulating Insurance Company Receipt And Payment Of Monies, Audit Measures And Internal Control

The Office of the Insurance Commissioner (OIC) will be announcing the implementation of a new regulation that intends to encourage good corporate governance, accountability practice measures within insurance companies (both...more

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