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DISTANCE MARKETING OF INSURANCE PRODUCTS TO CONSUMERS IN THE UK
Richard Spiller, Esq. In October 2004, the UK implemented the EU Directive concerning the distance marketing of consumer financial services (the Directive) by secondary legislation (the Regulations) and amendments to parts of the Handbook of Rules and Guidance (the FSA Rules) issued by the Financial Services Authority (the FSA). The final piece of the jigsaw fell into place on 14 January 2005 when the FSA's Insurance: Conduct of Business Sourcebook (ICOB), which forms part of the FSA Rules, came into force.
WHAT ACTIVITIES ARE PERMISSIBLE BY UNLICENSED AGENTS OR BROKERS IN NEW YORK
Frederick J. Pomerantz, Esq. Leonard M. Fisher, Esq. On October 30, 2003, Governor George Pataki announced that he had signed legislation making it easier for New York State's licensed agents and brokers to be licensed to do business in other states and compete more efficiently. The law, Senate Bill 5729, enacted a New York State version of the National Association of Insurance Commissioner's (NAIC) Producer Licensing Model Act, (NAIC Model Act) which provides uniform procedures and guidelines for the licensing of insurance brokers and agents.
OHIO ENACTS TORT REFORM
Alan F. Berliner, Esq. In a "lame duck" session in December 2004, the Ohio General Assembly enacted new tort reform laws. The legislation, Senate Bill 80, changed dozens of provisions in Ohio's statutory tort laws and will have a major impact on tort cases in Ohio. The major provisions of the general tort reform bill are summarized below. This article is not intended to provide legal advice and readers should, of course, review the actual bills that have been enacted. The bills are available on-line.
SOUTH CAROLINA AND SECURITIZATION
Michael A. Molony, Esq. The South Carolina captive insurance program, administered by the Department of Insurance's Alternative Risk Transfer Section, has taken a giant leap forward as it licensed its 116th captive in its fourth year of operation.
AVOIDING JACKPOT JUSTICE
Robert B. House, Esq. David L. Martin, Esq. Since 2002, Mississippi has made significant strides in the area of civil justice reform. Legislation that was passed in a special session and which generally went into effect on September 1, 2004, is considered to be one of the most comprehensive legal reform bills in the nation. In addition, arbitration and mediation approaches may be used to avoid the "magic jurisdiction" and thereby possibly avoid losing a case when the evidence and law are on your side. In this article, we will review the legal background of arbitration provisions in insurance policies in Mississippi. Also, we will outline how to resolve insurance disputes through arbitration and mediation.
THE NEW STANDARD FOR REVIEW OF RATE APPLICATIONS IN CALIFORNIA
Robert W. Hogeboom, Esq. This article reviews recent developments affecting property and casualty insurance rate applications in California. On August 22,2003, California Insurance Commissioner John Garamendi adopted the proposed decision of Administrative Law Judge Marjorie A. Rasmussen regarding the rate increase application of SCPIE Indemnity Company and American Health Care Indemnity Company (collectively, "SCPIE"). The SCPIE decision is important because it establishes the methodology under which California rate applications will be tested in the future. |
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