Under Federal Law, the Group Capital Calculation (GCC) is the means through which states put in place a “worldwide group capital calculation” to avoid the European Union from imposing a group capital requirement of its own on...more
This week, legislation was proposed in New York that would significantly change how an insurer’s capital needs and availability are calculated and reported. The proposed legislation would require that capital be calculated on...more
The US Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service) has published a Notice of Proposed Rulemaking relating to the federal regulations governing the corporate Federal surety bond program...more
The London Interbank Offered Rate's (Libor) regulator, the Financial Conduct Authority, and administrator, Intercontinental Exchange Benchmark Administration (ICE), on March 5, 2021, announced that the publication of the...more
The Texas Department of Insurance has taken the next step in implementing the Covered Agreement requirement by adopting rules relating to reciprocal reinsurers with the effective date of the rule on January 1, 2022. S.B....more
As indicated in our September 10, 2021 alert, the Federal Government has now issued Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation Supplement (DFARS) deviation clauses implementing the...more
New York-domiciled insurers may soon be able to take advantage of more-relaxed provisions on balance sheet credit for reinsurance where the assuming reinsurer is in a “reciprocal” jurisdiction to the United States. ...more
At the 2020 National Association of Insurance Commissioners (“NAIC”) Summer National Meeting, a senior regulator with the Missouri Department of Insurance observed that as of July 7, 2020 only eleven U.S. jurisdictions had...more
The National Association of Insurance Commissioners (NAIC) held its 2019 Summer National Meeting from August 3 through August 6 in New York City. Typically the sleepier one among the NAIC’s three national meetings, this year...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more
On a May 15 conference call, the Reinsurance Task Force of the National Association of Insurance Commissioners (NAIC) advanced model legislation on reciprocal treatment for reinsurers as between the United States, on the one...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has issued updated proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation (Credit for...more
This is our pick of the key recent legal and regulatory issues affecting the insurance and reinsurance sector. Non Party PI Insurers Liable for Costs - In the January 2019 case of Various Claimants v Giambrone the...more
On December 18, 2018, the US Department of the Treasury and the Office of the US Trade Representative signed a Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (the...more
On Dec. 18, 2018, the Trump Administration signed a bilateral agreement on prudential insurance matters between the United States and the United Kingdom (the U.S.-U.K. Covered Agreement)....more
On December 11, 2018, the Secretary of the Treasury and the United States Trade Representative sent the Chairs and Ranking Members of the Senate Committee on Banking, Housing, and Urban Affairs, the Senate Committee on...more
Throughout 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has been working on proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model...more
On December 11, 2018, the U.S. Treasury and U.S. Trade Representative announced that the U.S. and U.K. had reached a final agreement on certain reinsurance collateral and other insurance regulatory measures outlined in the...more
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures...more
On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more
Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and...more
On July 31, 2017 we posted a Special Focus article on the final approval of the Covered Agreement(“the Agreement”) negotiated and entered into by U.S. and E.U. dealing with reinsurance collateral reform and insurance...more
On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European...more
We have posted several times on the negotiation and finalization of the Covered Agreement (“the Agreement”) negotiated by the Obama Administration and approved by the Trump Administration with the European Union....more
As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation...more