On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing Appropriations Act, 2018. Among other things, the Act appropriates disaster funds to the Federal Emergency Management Agency (“FEMA”) and temporarily extends the National Flood Insurance Program (“NFIP”), which was set to expire on September 30th, to December 8, 2017. Although the Act provides some much-needed relief in the short term, Congress has yet to reach consensus on a clear path forward for NFIP reform.
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On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies domiciled in New York. The regulations, NYDFS Regulation 52 (11 NYCRR part 80), sets forth the information required to be furnished in applications (so-called “Form A” applications) to the NYDFS seeking approval to acquire control of New York domestic insurers.
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The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:
- Publication of final drafts of regulations on insurance linked securities
- PRA’s policy statements on dealing with a market turning event in the general insurance sector and on cyber insurance underwriting risk
- European Commission consults on the draft Delegated Regulations for IDD
On 26 July 2017, the New York Department of Financial Services (the “NYDFS”) issued Circular Letter No. 9 (2017) (the “Circular Letter”) and a corresponding press release, directed at all life, property/casualty, and health insurers authorized in New York that encourages insurers to consider offering premium discounts to policyholders who adopt various energy efficiency measures that might reduce potential loss exposure and to adopt environment-friendly measures in their own day-to-day operations. The NYDFS believes the insurance industry is uniquely situated with regard to climate change and “is in a position to influence potential solutions.”
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The Hogan Lovells’ Corporate Insurance Newsletter for June has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:
- The Queen’s Speech – the Government announces a number of new Bills relevant to insurers
- The FCA call for input on access to insurance
- The FCA information request to with-profit firms
Silvia Lolli from our Rome office has written an article about the implementation of the PRIIPs Regulation in Italy and the implications for life insurers and their existing transparency obligations with regard to customers. The article is in Italian and has been published on Diritto Bancurio. Click here to view the article.
On June 5 2017 the National Insurance and Bonds Commission amended the Sole Provisions on Insurance and Bonds to provide the value of the investment unit (UDI) that insurers and bonding companies must consider when calculating their required minimum paid-in capital.
Insurers and bonding companies must comply with the required minimum paid-in capital each year to ensure that they can meet their financial obligations and responsibilities in the exercise of their activities. The minimum paid-in capital must be subscribed and fully paid before the last business day of the year (ie, December 26 2017).
The required minimum paid-in capital is determined by each insurer and bonding company’s type of operation and authorised lines of business. For 2017, it must be calculated considering the value of the UDI as Ps5.562883 per UDI, as follows.
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On June 22, 2017, Republican Senators released a “discussion draft” of the Better Care Reconciliation Act (BCRA). The draft is the first public glimpse at the Senate version of the American Health Care Act bill, which narrowly passed the House this past May with the objective of repealing and replacing certain portions of the Affordable Care Act (ACA). The Senate bill has been drafted outside the regular order, without hearings and with limited participation from much of the Republican caucus.
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On 20 June 2017, the Financial Conduct Authority (“FCA“) published a Call for Input inviting firms (amongst other stakeholders) to submit their views on the challenges they face in providing travel insurance to consumers who have (or have had) cancer (“Relevant Consumers“) by 15 September 2017.
In May 2016 the FCA published its Occasional Paper on Access to Financial Services. This paper provided a high-level overview of the major trends across a range of financial services and identified some key issues that can make it difficult for some consumers to access them.