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NAIC releases second draft of federal legislation for implementation of reinsurance regulatory modernization framework

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 13 2009

On July 27, 2009, the National Association of Insurance Commissioners (“NAIC”) released a revised draft of the Reinsurance Regulatory Modernization Act of 2009 (the “Act”), which was the result of a proposal adopted at its 2008 Winter Meeting to modernize reinsurance regulation

New Vermont Captive Insurance Association President

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 16 2009

Following a nation-wide search, Michael Bemi, Chair of the Vermont Captive Insurance Association (the "VCIA") Board of Directors, recently announced that the VCIA has selected Richard Smith as the new President of the VCIA

Massachusetts Insurance Commissioner steps down for position in academia

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 18 2009

According to industry reports, Massachusetts Insurance Commissioner, Nonnie S. Burnes, recently announced her plan to resign from the Insurance Department to become a senior university fellow at Northeastern University, where she earned her law degree

Massachusetts highest state court: pro-rata “time-on-the-risk” allocation method applies to ongoing environmental pollution occurring over multiple policy periods

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 4 2009

The Massachusetts Supreme Judicial Court recently held that where an insured "incurs covered costs as a result of ongoing environmental contamination occurring over more than one year and the insurer provided coverage for less than the full period of years in which contamination occurred," the loss should be pro rated among all the insurers on the risk during the relevant period

Oregon adopts legislation restricting STOLI transactions

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 13 2009

In July, Oregon Governor, Ted Kulongoski, signed into law Senate Bill 973 (as adopted, the "Act"), which modifies Oregon life settlement legislation

Treasury Department sends systemic risk regulation proposal to Congress, and other financial regulatory overhaul news

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 24 2009

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council the Financial Services Oversight Council to identify and manage emerging risks

Secondhand asbestos lawsuit settled after decision by Tennessee Supreme Court

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 16 2009

As previously discussed here, and here, the estate of Amanda Satterfield brought suit against Alcoa for her death from mesothelioma at the age of 25

Massachusetts investigates rating of life settlements

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • October 5 2009

The Massachusetts Secretary of the Commonwealth, William Galvin, recently announced an investigation into how credit rating agencies evaluate and rate the securitization of life settlements (i.e. life insurance policies sold by the insured to a third party

House passes surplus lines and reinsurance reform bill

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 10 2009

On September 9, 2009, the U.S. House of Representatives passed the Non-admitted and Reinsurance Reform Act of 2009, H.R. 2571 (the “NRRA”), marking the third time the House has passed a version of the NRRA

AIRROC launches expedited binding arbitration procedure for small claims

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • October 9 2009

The Association of Insurance and Reinsurance Run-Off Companies ("AIRROC") has announced the formal launch of the Dispute Resolution Procedure ("DRP"), an expedited binding arbitration procedure especially designed for small and less-complicated claims