Research carried out by a team at the Erasmus Medical Centre in the Netherlands on ten people with malignant mesothelioma has shown that a vaccine may aid victims of the disease. View More
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On March 1, 2010, the Florida Supreme Court heard oral argument in Rafael Vargas v. Enterprise Leasing Company, et al., SC08-2269. The case challenges the application of a federal law that shields rental car companies from vicarious liability for accidents involving rental cars. View More
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The first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans and is ongoing. This “bellwether” trial involves seven Virginia plaintiffs whose homes contain drywall manufactured by China-based Taishan Gypsum Co. View More
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Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers. As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. View More
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This updates our February 10, 2010 posting. According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate. The current federal corporate tax rate is approximately 35%. View More
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Democrats moved steadily forward last week on their reinvigorated efforts to enact comprehensive healthcare reform, as the White House specified its procedural preferences and Congressional leaders continued to hammer out policy provisions. However, given the various complications that stand in their way, it remains to be seen whether Democrats will be able to finalize legislation before the end of the month – their new self-imposed deadline. View More
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The Insurance Federation of New York, Inc. is hosting a breakfast with New York Superintendent James J. Wrynn on Friday March, 19, 2010 at 8:15 a.m. at Edwards Angell Palmer & Dodge LLP 's New York office. View More
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In Markerstudy Insurance Company Ltd and others v Endsleigh Insurance Services Ltd [2010] EWCH 281 (Comm), Mr Justice Steele was asked to determine as a preliminary issue, amongst other things, the true construction of certain exclusion clauses in a number of claims handling agreements (the Agreements) between the four claimants and Endsleigh. View More
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Having now dispatched personnel to review the damage, and beginning to receive reports from their largest insureds, Chile’s insurers have raised their estimate of insured losses from US$ 2.6 billion to $US 4 billion. Mikel Uriarte, president of the local association of insurers, also conceded that the figure could continue to rise as insurers obtain better information from around the country. View More
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On March 3, 2010, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act of 2009 (H.R. 2554 or “NARAB II”) on a voice vote. We previously covered H.R. 2254’s introduction last May here. NARAB II will now head to the Senate for consideration where similar legislation has not yet been voted on. View More
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The High Court ruled, in Clinton David Jacobs v Motor Insurers' Bureau [2010] EWHC 231 (QB), that under European Union Regulation 864/2007 (Rome II), Spanish law applied in the case of a UK resident seeking compensation for serious injuries sustained in Spain, at the hands of an uninsured driver, then resident in Spain. View More
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The Financial Ombudsman Service (FOS) has recently published its second set of consumer complaints data relating to individual financial businesses (which includes insurance companies, banks and investment firms) for the six-month period from 1 July to 31 December 2009. View More
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Brazil's government-controlled former reinsurance monopoly holder, IRB-Brasil Re, reports that it saw profits rise 2.6% in 2009 despite lower revenue from premiums. View More
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The Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC), as previously reported here. View More
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As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. View More
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As a reminder, please join the U.S. Reinsurance Under 40s Group for its upcoming "It's Almost Spring" Happy Hour this Thursday at 6:00 p.m. View More
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The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled "Consultation Paper on The Bermuda Monetary Authority's Proposed Insurance Groups Regulatory Framework" (the Paper). The Paper outlines the BMA's proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. View More
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In a statement issued by Justice Secretary Jack Straw, the Government has set out its decision on pleural plaques. As previously reported here, the House of Lords' decision in Johnston v NEI International Combustion [2007] UKHL 39 found that asymptomatic pleural plaque claims were not compensatable under the current laws. View More
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On 24 February 2010, Peter Smith, Head of Investments Policy in the Conduct Policy Division of the FSA, made a speech to the European Life Settlements Association clarifying its approach to TLPIs. View More
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Recently, the Supreme Judicial Court of Massachusetts upheld two lower court decisions dismissing, on separate motions to dismiss and for summary judgment, a number of claims brought by credit unions against a retailer in connection with a breach of debit and credit card data. View More
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