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  • The National Association of Insurance Commissioners (NAIC) finally adopted its Reinsurance Regulatory Modernisation Framework Proposal (RMFP) on 7 December in a long-awaited move which will overhaul the US' current state-based regulation of alien reinsure
  • The collapse of the telecommunications firm WorldCom is not as damaging for the P&C Insurance industry as Enron, with most of the industry's exposure to WorldCom's $30bn of outstanding debt in the hands of the life insurers.
  • A federal appeals court has ruled that MBIA Inc should be awarded $30mn under the terms of its directors' and officers' cover for costs accrued during federal and state regulator investigations
  • Global insurance broker Marsh has appointed David Batchelor to head its international division.
  • Lloyd’s insurer Catlin announced today (19 October) that it expects to be hit with estimated net losses of $60mn from the damage caused by Hurricane Rita.
  • Global insurance broker Marsh has announced the appointment of Bill Pieroni as chief operating officer, effective 19 September.
  • Japanese non-life insurers will be able to manage collective Tohuku earthquake losses estimated at 600bn yen ($7.5bn) by Fitch Ratings, the agency says in a report on the sector
  • Lloyd’s insurer Hiscox Ltd has come to an agreement with members’ agents over plans to launch a new syndicate backed 100 percent by its own capital to transfer business currently underwritten on its Names-backed Syndicate 33.
  • Further woes for troubled insurer as SEC investigation follows class action suits CIGNA, the distressed US employee benefits giant currently defending class action suits over alleged violations of the Securities Exchange Act, is now being investigated
  • UK regulatory body Financial Services Authority (FSA) has warned that its endorsement of proposed schemes of arrangement is not a "foregone conclusion" and it will continue to push back on "arbitrary formulaic offers" that do not sufficiently protect poli