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The draft law, which curtails consumers’ rights to hand on the right to claims to service providers, passed its final Senate committee on Wednesday.
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The issue of collateral rollover “keeps coming up” in applications for new UK ILS transactions, with assurances needed that assets will not be counted twice, said the PRA’s Gareth Truran.
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The House of Representatives’ Judiciary Committee passed the bill to the next stage, with 14 votes in favour and three against. -
The government intends to develop a policy for financing of natural disaster risk which could include cat bonds.
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The committee voted in favour of a new law that would see state funds used to buy cover for the costs of responding to a natural disaster.
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Brokers could act as market makers for ILS transactions listed on the exchange.
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New registrations are expected from the ILS market.
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Warm winter sun might have helped Miami’s case for bringing ILS folks to the city for one of its annual conferences a couple of weeks ago.
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Both houses of the state legislature are eyeing up reform of attorney fees involved in litigated insurance claims.
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Bermuda was included on the EU’s 2015 blacklist.
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The regulator intends to publish further material to support the industry after the consultation period.
