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Results: 1-10 of 76

NAIC continues consideration of AG 38

  • Mayer Brown LLP
  • -
  • USA
  • -
  • March 5 2012

During a conference call on 21 February 2012, a joint working group of the National Association of Insurance Commissioners’ (the “NAIC”) Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee (the “Joint Working Group”), formed by the Executive (EX) Committee to study Actuarial Guideline 38 (“AG 38”), an NAIC model regulation which requires life insurers to establish additional statutory reserves for certain universal life insurance policies with secondary guarantees (“ULSG policies”) took its first significant action by adopting a bifurcated approach to AG 38 that establishes separate standards for ULSG policies that are already in force and ULSG policies that are issued in the future

FSA publishes insurance newsletters

  • Mayer Brown LLP
  • -
  • United Kingdom
  • -
  • March 5 2012

The FSA published the first General Insurance Newsletter and Life Insurance Newsletter (together the “Newsletters”) for the year on 8 February 2012

European Commission White Paper on pensions

  • Mayer Brown LLP
  • -
  • European Union
  • -
  • March 5 2012

The European Commission (the “Commission”) published a White Paper on 16 February 2012 entitled “An Agenda for Adequate, Safe and Sustainable Pensions” (the “White Paper”

New Draft Rules on the administration of representative offices of foreign insurance related institutions

  • Mayer Brown LLP
  • -
  • China
  • -
  • March 5 2012

On 22 March 2011, the Chinese Insurance Regulatory Commission (“CIRC”) released new draft rules on the administration of representative offices of foreign insurance related institutions (the “Draft Rules”

Proposed changes to the taxation of insurance groups

  • Mayer Brown LLP
  • -
  • United Kingdom
  • -
  • March 5 2012

HM Treasury has recently closed a consultation on the tax regime for controlled foreign companies (“CFCs”

EIOPA publishes action plan for colleges of supervisors

  • Mayer Brown LLP
  • -
  • European Union
  • -
  • March 5 2012

EIOPA has published a 2012 action plan for colleges of supervisors, which is dated 16 January 2012 (the “Action Plan”

Renaissance of Insurance Asset Management Companies

  • Mayer Brown LLP
  • -
  • China
  • -
  • March 5 2012

For more than 4 years prior to the end of 2010 no new approvals for the establishment of Insurance Asset Management Companies (“IAMCs”) had been issued by the CIRC, and only 9 IAMCs existed in the China market

Solvency II timing update

  • Mayer Brown LLP
  • -
  • European Union
  • -
  • March 5 2012

February has seen continued speculation about when (and even whether!) Solvency II will be implemented

European Commission letter to EIOPA regarding third country equivalence

  • Mayer Brown LLP
  • -
  • European Union
  • -
  • March 5 2012

On 2 February 2012, the European Commission (the “Commission”) wrote a letter to the European Insurance and Occupational Pensions Authority (“EIOPA”) regarding third country equivalence assessments under Solvency II

Additional states introduce credit for reinsurance reform legislation; New Jersey proposes new credit for reinsurance regulations

  • Mayer Brown LLP
  • -
  • USA
  • -
  • March 5 2012

The Model Act revisions provide that the Form B must include a statement that the insurer’s board of directors is responsible for any oversees corporate governance and internal controls and that the insurer’s officers or senior management have approved, implemented and continue to maintain and monitor corporate governance and internal control procedures

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