FORC Journal - Vol. 24 Edition 1 - Spring 2013

Here is the Spring edition of the FORC Journal (can the nice weather be far behind?) – enjoy the reading and feel free to share with your colleagues.

Kevin Fitzgerald, Editor

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NY DEPT OF FINANCIAL SERVICES INVESTIGATES LIFE INSURANCE INDUSTRY’S USE OF CAPTIVE REINSURERS . . .

By  Frederick J. Pomerantz, Esq., GOLDBERG SEGALLA LLP and Sandy Smith, Esq., WILSON, ELSER, MOSKOWITZ, EDELMAN & DICKER LLP
Last summer, the National Association of Insurance Commissioners (NAIC) was considering amendments to Actuarial Guideline 38 (AG 38) in an effort to address reserving deficiencies in universal life products that employ secondary guarantees (ULSG poli

NO LONGER SAFE FROM A DISTANCE: THE CONSUMER FINANCIAL PROTECTION BUREAU WILL AFFECT INSURANCE . .

By  Susan T. Stead, Esq., BAILEY CAVALIERI LLC and Scott G. Paris, Esq., HOMESERVE USA
Despite the express exclusion of the “business of insurance” from the authority granted to the Consumer Financial Protection Bureau (CFPB), recent regulations promulgated by the CFPB will indirectly, if not directly, affect both property insurers and

INTERNATIONAL INSURANCE REGULATION: WILL CANADA BECOME AN ISLAND?

By  J. Brian Reeve, Esq., CASSELS BROCK & BLACKWELL LLP
As the difficult economic conditions over the past few years have continued to expose weaknesses in many international financial institutions, it is clear that a coordinated international approach to regulation has become more important than ever. C

JUDGE INVALIDATES CALIFORNIA'S FAIR CLAIMS SETTLEMENT PRACTICES REGULATIONS

By  Robert W. Hogeboom, Esq., HINSHAW & CULBERTSON LLP
On August 15, 2012, California Administrative Law Judge Stephen J. Smith issued a 51-page ruling and Order holding that the long-standing California Fair Claims Practices Regulations ("FCPR") may not be asserted as claims violations for purposes of a

CITIZENS - THE LIKELY FOCUS OF PROPERTY INSURANCE REFORM DURING FLORIDA’S 2013 LEGISLATIVE SESSION

By  Richard J. Fidei, Esq., GREENBERG TRAURIG LLP and Fred E. Karlinsky, Esq., GREENBERG TRAURIG LLP
Although reform of Florida's property insurance market has not been politically popular in recent years, changes in the leadership of the state have made changes to Florida's Citizens Property Insurance Corporation ("Citizens") a possibility this yea