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Paul Zimmerman
pzimmerman@mrllp.com
310.299.5500

Showing 27 posts in Regulatory.

Regulatory
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Brexit: The Knowns and The Known Unknowns

On June, 23, 2016, the UK population voted by 51.9% to 48.1% to leave the European Union (EU). Turnout was 72%, with a record 46.5 million people eligible to vote. Then Prime Minister David Cameron led the “Remain” campaign and immediately after the “Leave” result it was announced he would resign.

In voting to leave the EU, the UK has made probably its most profound economic and political decision in 60 years. In doing so, the UK electorate has registered its dissatisfaction with the EU economic and legal model, rejected European integration and globalization, and, perhaps most significantly of all, has registered its dissatisfaction with the “establishment.” But what happens next? (Read More)

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MetLife and Federal Regulators Battle Over 'Systemically Important' Label

The definition and regulation of systemically important financial institutions (SIFI), including the extension of this designation to certain insurance companies, has bred contention amongst key stakeholders. As federal regulators look to ramp up oversight of large insurance companies (including the imposition of higher capital requirements and other risk management protocols), all eyes are on a significant appeal being heard in the D.C Circuit Court, with potentially massive financial and political implications. (Read More)

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Looming Preemption: State Regulators Consider Ramifications of U.S. / EU Bilateral Insurance Agreement

Earlier this month at the National Association of Insurance Commissioners (NAIC) Insurance Summit, a panel of regulators – Tennessee Commissioner Julie McPeak, Maine Superintendent Eric Cioppa, and Iowa Commissioner Nick Gerhart – discussed key regulatory initiatives being addressed at the NAIC. One such issue is the role of covered agreements negotiated by federal representatives with the European Union (EU) and other foreign powers, and the effect such agreements could have on the US regulatory system. Last fall, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative (USTR) announced their intention to begin negotiating a covered agreement with the EU.  Under the Federal Insurance Office (FIO) Act, the Secretary of the Treasury, through the FIO, and USTR are authorized to jointly negotiate a covered agreement with one or more foreign governments, authorities, or regulatory entities. The NAIC, as a body focused on state-based regulation, is concerned about the possible preemptive effects such agreements could have. (View More)

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Proposal Calls for CA Insurers to Divest From Coal

On January 25, 2016, California Insurance Commissioner Dave Jones asked California insurers to voluntarily divest their investments in the thermal coal industry. In addition, beginning in April 2016, California insurers writing $100 million or more in premiums nationally will be required to disclose their investments in carbon-based industries, including coal, oil, and natural gas to the California Department of Insurance (CDI) on an annual basis. Such disclosures will be made public so that interested parties “can know the extent to which insurance companies are invested in the carbon economy.”  The goal of this initiative, as stated in the CDI press release, is to mitigate the financial risk to insurance companies posed by investments that are shrinking in value as the state turns to clean, renewable fuels. (Read more)

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The California CDI’s Insurance Diversity Initiative

On November 4, 2015, the California Department of Insurance (CDI) hosted its 4th Annual Insurance Diversity Summit, and issued the results of its second Insurer Supplier Diversity Survey.  These are significant outputs of California Insurance Commissioner Dave Jones’s “Insurance Diversity Initiative,” a major policy begun in 2011; the Commissioner ‘s first year on the job. (Read more)

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Governor Brown Vetoes AB 1232

Governor Brown has vetoed AB 1232, a bill sponsored by the California Department of Insurance (CDI) which would have allowed the agency's licensing hearings to be conducted in the CDI Administrative Hearing Bureau instead of in the Office of Administrative Hearings. The Governor’s veto message said:  (Read more)

Regulatory
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CA Appeals Court Orders Defendant to Pay Plaintiff’s Expenses in Proving Negligence

On September 15 the California Court of Appeal ordered publication of its previously unpublished opinion in Grace v. Mansourian. This opinion awarded costs to the plaintiff in a personal injury action based upon the defendant’s unreasonable denial of a request to stipulate liability.  (Read more)

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Zurich Insurance Decision Underscores Need for Caution in Regulatory Compliance

A recent trial court decision in the Federal District Court demonstrates the importance of taking a conservative approach to regulatory compliance. Zurich Insurance v. Country Villa Service Corp involved esoteric questions about whether a “side agreement” to a large deductible workers compensation policy was an endorsement to the policy and, therefore, was required by law to be filed in California with the Workers Compensation Insurance Rating Bureau (WCIRB).  (Read more)

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California Court of Appeal Rules that Unruh Act Can Apply to Service Animals

On July 17, 2015, a California Court of Appeal confirmed that denying service to a patron with a service animal can give rise to claims under either the Unruh Act (California Civil Code §§51, 52) or the Disabled Person Act (“DPA”) (California Civil Code §§54-55.3); and that such claims need not be brought exclusively under the DPA. (Read more)

Regulatory
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State Bar Insurance Law Regulatory Update

The information below is current as of the date of the report.  Additional information about any of these proposals may be obtained from the California Department of Insurance (CDI) web site at http://www.insurance.ca.gov/0250-insurers/0500-legal-info/0200-regulations/proposed-regulations.cfm (Read More)