The week of July 19, 2010 was an interesting week for the insurance industry with developments affecting the industry as a whole and a proposal to regulate life settlements as securities at the federal level.
ERISA litigation, once considered a dull backwater of the law, has been gaining increased interest and attention in recent years: the result of an aging population and an increasingly sophisticated and aggressive plaintiffs' bar.
Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme.
In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011.
On 26 May 2010, the China Insurance Regulatory Commission (the CIRC) announced that it is considering liberalising current restrictions on investments by People's Republic of China insurance companies in stocks and bonds.
In order to tap investor expectations of a rising yuan (RMB), insurers are preparing to launch yuan-denominated policies as a new product offering for insurers in the Hong Kong market.
In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC").
As negotiations over a final financial reform overhaul draw closer to a conclusion, leadership at the National Conference of Insurance Legislators ("NCOIL") petitioned Senate leadership for membership in the Financial Stability Oversight Council ("FSOC").
The United States District Court for the Northern District of California recently granted in part and denied in part motions to dismiss a class action brought by a class of purchasers of mortgage pass-through certificates.
The US District Court for the District of Connecticut recently dismissed a customer suit against an insurer, based upon its determination that all of the underlying claims were excluded by the policy's Insolvency Exclusion.