The National Labor Relations Board has taken a lead role in defining the boundaries of appropriate social media policies.
Following are selected Federal andor State legislative and regulatory developments in the areas of reinsurance, captive insurance, and catastrophe funds.
Reinsurance trusts are a common means of securing a reinsurer's obligation to a ceding company.
In its persistent crusade to cast financial planning as an investment advisory activity beyond the scope of broker-dealer regulation, the Financial Planning Association (FPA) recently challenged a FINRA enforcement action against Ameritas Investment Corporation for failing to supervise a registered representative who developed misleading financial plans.
Congress has recently introduced two bills relevant to reinsurance or catastrophe funds.
Last week, the House Committee on Financial Services held a hearing at which one panel discussed the creation of a Federal Insurance Office ("FIO"), as called for in a draft Federal Insurance Office Act of 2009 (the "FIO Act").
The Office of General Counsel of the New York Insurance Department released Opinion Number 09-06-11 holding that a "synthetic annuity" is an impermissible form of financial guaranty insurance.
On March 4, 2009, former General Reinsurance Senior Vice President Christopher Garand was sentenced to prison time, following his conviction for his involvement in a scheme to manipulate AIG's financial statements through finite reinsurance transactions.
State authorities, particularly in New York, have recently issued regulatory pronouncements on a number of reinsurance matters.
The New York State Insurance Department's Office of General Counsel issued an opinion concluding that a New York domestic insurer may enter into a reinsurance agreement with an Illinois-based risk pooling trust and obtain credit for that reinsurance so long as the New York insurer holds funds provided by the trust in accordance with certain New York insurance law requirements.