Insurance Regulations

News & Analysis as of

Rhode Island Regulation 68, Voluntary Restructuring of Solvent Insurers Act

Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval,...more

[Webinar] Insurance Coverage Issues, Challenging Damages in High Exposure Cases, A Humorous History of Asbestos Litigation, and...

This Webinar will cover four topics that include Insurance Coverage Issues, Challenging Damages in High Exposure, A Humorous History of Asbestos Litigation, and a California Case Law update....more

Insurers Challenge Retroactive Application of New Florida Law that Requires Comparison of Names of Accounts to Death Master File

Amendments to the Florida Disposition of Unclaimed Property Act in 2016 made significant changes to unclaimed property presumptions and insurance company obligations. See § 717.107, Fla. Stat. (2016) (the Act). Among other...more

Third Party Administrator Update: TPA Regulatory and Legislative Developments

Polsinelli is pleased to share the June 2016 Third Party Administrator Newsletter. This newsletter covers topics throughout the year that impact TPAs. Information specific to Polsinelli's TPA practice is also included....more

Your daily dose of financial news The Brief – 5.9.16

Friday’s jobs report underwhelmed, but it shouldn’t necessarily put off a June rate hike by the Fed, says the Journal, especially given the news that wages climbed last month – WSJ... Fair Game got downright monarchical...more

Florida Imposes Additional Unclaimed Property Requirements on Life Insurers

On April 12, Florida Governor Scott signed Senate Bill 0966 into law. SB 0966 amends the insurance benefits provisions of Florida’s Uniform Unclaimed Property Act, Fl. Stat. Section 717.107. These amendments effectively...more

House Financial Services Committee Considers International Insurance Regulations

The House Financial Services Subcommittee on Housing and Insurance recently launched an examination into the competitiveness of U.S. insurers as impacted by international regulatory standards. Chairman Blaine Luetkemeyer...more

Florida's OIR Provides Guidance on Annuity Maturity Date Extensions

On December 15, the Florida Office of Insurance Regulation (OIR) issued an Informational Memorandum, OIR-15-08M (Memorandum) regarding the extension of annuity contracts maturity dates beyond their original date. The...more

PRA update letter on Solvency 2

PRA has written a letter to directors of life and general insurance firms which sets out information on implementation of Solvency 2. It covers: - PRA’s intention to carry out an industry-wide review of equity release...more

Georgia Enacts New Insurance Regulations For Captive Insurance Oversight

On July 1, 2015, Georgia’s House Bill 552 went into effect, marking a change in Georgia’s insurance laws that will make the state more attractive to business. That law lowers the state tax on captive insurance premiums and...more

McCarran-Ferguson Lands a Jab on the FAA

As we reported in this space late last year, the U.S. Supreme Court’s decision in AT&T Mobility LLC v. Concepcion, 131 S.Ct. 1740, 1745 (2011), tilted the scales toward federal power in the field of arbitration, preempting...more

IAIS updates on inclusive insurance

IAIS has updated its issues papers on inclusive insurance following consultation....more

FCA makes new rules

FCA’s latest Handbook Notice outlines the rule changes it has made between June and September 2015. We have previously reported all key changes in FReD. FCA made changes to its rules in the:...more

EP finishes Swiss Solvency 2 equivalence process

EP has updated its procedure file on the delegated act dealing with the equivalence of the solvency and prudential regime for insurance and reinsurance undertakings for Solvency 2 purposes....more

EIOPA speaks on Solvency 2 implementation

EIOPA Chairman Gabriel Bernadino spoke on “Solvency 2: What Can Go Wrong?”. He highlighted some areas of the regime which would need careful attention moving forward, including: - investment behaviour of insurers...more

EIOPA speaks on global insurance supervision

Gabriel Bernadino spoke on themes for insurance regulation which must be addressed globally to void future crises, including: - recovery and resolution in insurance...more

EIOPA issues Solvency 2 guidelines translations

EIOPA has published its second set of Solvency 2 guidelines translated into all official languages. These cover areas from all the three pillars (quantitative requirements; governance requirements; reporting and disclosure)....more

Insurers on track with Solvency 2 implementation

Insurance Europe has published an analysis of responses to its Solvency 2 survey. Whilst finding that most firms are making good progress in implementing the first two pillars, many respondents are concerned about the final...more

Federal Regulation of Fixed Equity Indexed Annuities Redux?

When SEC Commissioner Luis A. Aguilar recently cited "the need for the Commission and state regulators to focus on combatting fraud involving complex securities" including "equity-indexed annuities," he did not discuss...more

Statutory Accounting Fraud Under RICO

Echoing New York’s regulatory criticism concerning the use of captive reinsurers and similar allegations in recent class actions filed against several New York life insurers, an annuity contract owner has filed a putative...more

The Insurance Examination Privilege Just Became Important

When a U.S. insurance regulator investigates market conduct or financial solvency, its work is governed by a state law based on the NAIC Model Law on Examinations. Like the Model Law, all state laws strictly protect the...more

Credit For Reinsurance Laws – 2015 Legislative And Regulatory Developments

During the first half of 2015, state legislatures and state insurance departments continued to revise state credit for reinsurance laws and regulations. The majority of these legislative and regulatory developments are due to...more

IREG Update

State insurance commissioners take on price optimization - To date, four states—California, Florida, Maryland and Ohio—have issued formal bulletins and memoranda, prohibiting the practice of “price optimization” by...more

Striking Down Regulation On Replacement Cost Estimates, A California Court Heads Off Policyholder Litigation

Last week, in Association of California Ins. Cos. v. Jones, B238622 (Cal. Ct. App. Apr. 8, 2015), a California appellate court affirmed a decision that invalidated a regulation governing estimates of replacement costs made by...more

2013 Insurance Industry Year End Review and Forecast for 2014 (Global)

The tectonic plates of insurance regulation are shifting – with reverberations across the industry. The industry is also faced with significant commercial pressures, including a flood of third-party capital; persistent...more

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