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The European Union and the United States have today signed their pending Bilateral Agreement on Prudential Insurance and Reinsurance Measures.  In the US, the Agreement is the Covered Agreement under the Dodd-Frank Act; in the EU, it is an Agreement under Article 218 of The Treaty on the Functioning of the European Union.  The language of the Agreement was finalized and submitted to the United States Congress in January 2017.…
On September 4, 2017, Florida’s Governor, Rick Scott, declared a state of emergency in every county in Florida in anticipation of Hurricane Irma, through Executive Order No. 17-235, triggering Insurance Commissioner David Altmaier’s related emergency authority. Fla. Stat. § 252.63(1). On September 13, 2017, Commissioner Altmaier issued the Office of Insurance Regulation’s (the “Office”) Emergency Order establishing and amending certain rules for insurance companies post Hurricane Irma. The Emergency Order applies to insurers…
The aftermath of Hurricane Harvey will include a surge in insurance claims by homeowners and commercial entities.  Property and casualty insurers should be aware of a Texas insurance reform law relating to claims dispute litigation and recent directives issued by the Texas Department of Insurance. INITIATING CLAIMS DISPUTE LITIGATION – TEXAS HOUSE BILL 1774 House Bill 1774, signed into law by the Texas Governor in May 2017 and effective on September 1, 2017, will impact…
On January 13, 2017,  Federal Insurance Office (“FIO”) submitted to the US Congress a Covered Agreement negotiated with the EU  addressing:  (1) group supervision;  (2) reinsurance;  and (3) exchange of information between regulators.  Once fully implemented, the Covered Agreement eliminates EU collateral and local presence requirements for US insurers operating in the EU, and eliminates US state collateral and local presence requirements for EU insurers operating in the US. The Treasury Department issued a Fact