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What's new summary - February 2010
Keep up to date with international regulatory changes worldwide. Lloyd's monitors insurance legislation worldwide so that Lloyd's market participants are fully informed of the regulatory requirements that need to be considered when trading in the UK and overseas. For February's summary access the link below. To keep up to date with changes and developments, access Crystal - What's New report on the right hand side.  

What's new summary - February 2010

Regulatory news articles 

Solvency II: 2010 - A Busy Year

2010 is set to be another busy year for everyone engaged in Solvency II. As the insurance industry continues to seek opportunities to influence Solvency II’s ultimate shape, preparations for its implementation will step up a gear.


Financial Stability Fee
On 12 January President Obama caught the media’s attention by announcing the introduction of a pre-funded “Financial Crisis Responsibility Fee”, saying he wanted “to recover every single dime the American people owed for bailing out the economy”. The US government is not the only body to be considering such a proposal.



Obama Administration's Financial Year 2011 Budget

President Obama’s recent budget highlighted possible changes to the Terrorism Risk Insurance Programme. This has led to reports claiming that TRIP would soon be eliminated, or altered to a point where it would no longer provide effective terrorism protection to the insurance industry.


United Arab Emirates - List of Deregistered Brokers attached
As per our previous article on this matter, a recent report by Law firm Clyde and Co in January 2010, brought to light, the deregistration of 74 UAE insurance brokers by the United Arab Emirates Insurance Authority.
Possible changes to New York Surplus Lines Law
The Excess Lines Association of New York and other industry representatives have prepared draft legislation that, if enacted, would make several significant improvements in the New York excess lines law.   

New Broker Compensation Regulations approved in New York  
The New York Insurance Department has now approved a revised version of Regulation 194 making producers selling, or renewing insurance contracts in New York to make mandatory disclosures to policyholders regarding any compensation (including broker commissions) related to the sale of an insurance contract. The new regulation will go into effect on 1 January 2011.

Amendment to the 'Regulation of the People's Republic of China on Foreign Exchange Administration'
No action is required from managing agents as a result of the implementation of the above-mentioned regulation. Responsibility to complete the required Balance of Payment forms lays with the Chinese broker.











 




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