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Shipping insurer settles with OFAC under Iranian, Cuban and Sudanese sanctions
- Edwards Wildman Palmer LLP
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- Cuba, Iran, Sudan, USA
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- May 15 2013
On May 9, 2013, the Office of Foreign Asset Control ("OFAC") announced a settlement with the American Steamship Owners Mutual Protection and
OFAC eases restrictions on transactions in Libya
- Edwards Wildman Palmer LLP
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- Libya, USA
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- November 18 2011
In September, the Office of Foreign Assets Control (the “OFAC”), part of the United States Treasury Department, eased restrictions on trade with Libya through two revised general licenses that were published under the Libyan sanctions program
Medical Loss Ratio requirements force reduction in commissions paid to insurance agents and brokers
- Edwards Wildman Palmer LLP
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- USA
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- March 9 2012
Lawmakers and insurance industry leaders are expressing concern over the Medical Loss Ratio (MLR) requirements under the Patient Protection and Affordable Care Act of 2010 (PPACA
Rhode Island statute allowing for the commutation of a solvent insurer's run-off business held constitutional
- Edwards Wildman Palmer LLP
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- USA
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- May 2 2011
On April 25, 2011, the Rhode Island Superior Court (Silverstein, J.) ruled in favor of the constitutionality of the Voluntary Restructuring of Solvent Insurers Act (the “Restructuring Act”), a state statute enacted in 2002 that allows Rhode Island domestic commercial insurers and reinsurers (including those that redomesticate to Rhode Island) to enter into a commutation plan for their run-off business
New Jersey insurance commissioner favors national standards for insurance regulation, notes benefits from fraud enforcement changes
- Edwards Wildman Palmer LLP
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- USA
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- February 28 2011
Thomas Considine, the Commissioner of the New Jersey Department of Insurance and Banking (the "NJDIBC"), recently stated in an interview with an insurance industry trade publication, that without uniform national standards for insurance regulations, the industry will continue to lobby for federal regulation
February’s record snowfall in Connecticut has brought an avalanche of out-of-state claims adjusters
- Edwards Wildman Palmer LLP
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- USA
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- February 28 2011
As Connecticut homes are experiencing roof leaks, collapses and frozen pipes caused by this winter season's unusually large snowfall, the Connecticut Insurance Department (the "CID") has experienced a sharp uptick in applications for 90-day claims adjuster licenses by out-of-state adjusters
Massachusetts insurance commissioner provides insight into the managed competition of the commonwealth’s automobile insurance market
- Edwards Wildman Palmer LLP
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- USA
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- February 28 2011
Joe Murphy, the Commissioner of Insurance for Massachusetts, was recently interviewed by a local Boston news network affiliate regarding the managed competition for automobile insurance in Massachusetts, which, as discussed in our prior postshere, here and here, was introduced in 2007
IBM’s Watson, made famous on “Jeopardy!”, to make a move into insurance
- Edwards Wildman Palmer LLP
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- USA
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- March 8 2011
IBM's latest super computer, dubbed Watson, recently triumphed over its human competition on the TV game show "Jeopardy!"
Georgia Insurance Commissioner waived licensing requirements and issues himself several licenses on last day in office; state House reacts by passing legislation to curb such practices
- Edwards Wildman Palmer LLP
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- USA
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- March 7 2011
Earlier this year, John Oxendine, former Georgia Insurance Commissioner, issued himself several licenses to sell insurance and adjust claims on his last day in office on Sunday, which was January 9, 2011
Proposed Connecticut law requires public hearings for health and long-term care rate increases of 10 or more
- Edwards Wildman Palmer LLP
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- USA
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- May 11 2011
Following on the heels of double digit health insurance rate approvals last year, the Connecticut Legislature is considering S.B. 11, An Act Concerning the Rate Approval Process for Certain Health Insurance Policies, which would expand the current rate approval process administered by the Connecticut Department of Insurance (the “Department”
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- Firm Name - Edwards Wildman Palmer LLP
- Jurisdiction - USA
- Author - Alfred J. Kritzman