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

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.

David W. Alberts, Lawrence R. Hamilton, Martin Mankabady

Dodd-Frank Nonadmitted and Reinsurance Reform Act becomes effective

USA - August 2 2011 On 21 July 2011, the Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”), which is Subtitle B of Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, became effective.

David W. Alberts, Lawrence R. Hamilton, Martin Mankabady

States continue to consider enacting the amendments to the NAIC Insurance Holding Company System Regulatory Act and Regulation

USA - March 5 2012 In 2011, Rhode Island, Texas and West Virginia became the first states to adopt legislation to implement the December 2010 amendments to the National Association of Insurance Commissioners (“NAIC”) Insurance Holding Company System Regulatory Act (“Model Act”) and Insurance Holding Company System Model Regulation with Reporting Forms and Instructions (“Model Regulation”).

David W. Alberts, Lawrence R. Hamilton, Martin Mankabady

VAT on payments for the transfer of an insurance business

United Kingdom - January 31 2012 Prudential agreed to transfer its general insurance business to a number of companies in the Winterthur group.

David W. Alberts, Lawrence R. Hamilton, Martin Mankabady

NAIC considers proposal to treat working capital finance notes as invested assets

USA - April 29 2011 On March 27, 2011, at the Spring National Meeting of the National Association of Insurance Commissioners ("NAIC"), the Valuation of Securities (E) Task Force ("VOS Task Force") evaluated a proposal to allow insurance companies to treat Working Capital Finance Notes as invested assets.

David W. Alberts, Lawrence R. Hamilton, Martin Mankabady