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New York governor formally announces plan to merge insurance department with banking department
  • Locke Lord LLP
  • USA
  • January 6 2011

As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation


Chief Executive of the FSA gives update on UK regulatory reform
  • Locke Lord LLP
  • United Kingdom
  • January 4 2011

We have reported previously on proposals to establish a 'twin peaks' regulatory approach in the UK


Breaking news: New York governor to propose merger of banking and insurance departments
  • Locke Lord LLP
  • USA
  • January 4 2011

According to reports, it is anticipated that incoming New York Governor Andrew Cuomo will announce during his State of the State Address tomorrow, January 5, 2011, plans to merge the Insurance Department and Banking Department into a single agency in an effort to reduce costs and improve efficiency


FSA releases updated Remuneration Code
  • Locke Lord LLP
  • United Kingdom
  • December 23 2010

On 17 December 2010, the FSA published an updated Remuneration Code to account for the changes required by the EU Capital Requirements Directive (CRD 3


High court ruling causes headache for solicitors' professional indemnity insurers
  • Locke Lord LLP
  • United Kingdom
  • December 16 2010

Mortgage Express v Mehrban Michael Singh Sawali 2010 EWHC 3054 (Ch) concerned attempts by Mortgage Express to obtain the entire contents of a solicitor's files created in relation to the solicitor's joint retention by Mortgage Express and a number of its borrowers


FSA statement regarding Payment Protection Insurance (PPI)
  • Locke Lord LLP
  • United Kingdom
  • December 2 2010

The Financial Services Authority (the FSA) has recently issued a statement on the status and implications of the open letter it sent to the insurance industry in August 2010 setting out common point of sale failings for PPI sales


During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered
  • Locke Lord LLP
  • USA
  • November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010


FSA enhances client asset protection
  • Locke Lord LLP
  • United Kingdom
  • November 10 2010

In the light of the Lehman collapse, the FSA has been taking steps to improve client asset protection


Competition Commission confirms its point of sale prohibition in respect of payment protection insurance
  • Locke Lord LLP
  • United Kingdom
  • November 3 2010

In a report published in January 2009, the Competition Commission proposed a prohibition on the sale of payment protection insurance policies (PPI) at the point of sale (see our earlier blogs on the topic, including here


Treasury Department proposes a plan that would require US banks to report all overseas money transfers
  • Locke Lord LLP
  • USA
  • September 29 2010

On September 29, the Washington Post and New York Times reported that the United States Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States