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The third panel on Day 2 of the PLUS D&O Symposium discussed foreign exposures for U.S. companies. They noted that this encompasses two broad categories: claims brought in the U.S. relating to activities abroad, and claims actually brought abroad against U.S. companies. …
Read More PLUS D&O Symposium 2012 – Day 2 Third Panel: Foreign Exposures

President Obama’s recently released Budget of the U.S. Government for the Fiscal Year 2013 (the “Proposed 2013 Budget”) would disallow the current deduction for non-taxed reinsurance premiums paid to foreign-affiliates by U.S. insurance companies. …
Read More Obama’s 2013 Budget Proposes Tax on Excess Reinsurance Premiums to Offshore Affiliates Again

In Sulamerica CIA Nacional de Seguros SA & Ors v Enesa Engenharia SA & Ors [2012] EWHC 42 (Comm), Mr Justice Cooke held that an anti-suit injunction restraining the defendant insureds from pursuing proceedings in Brazil in breach of an arbitration clause would be continued. …
Read More UK: Arbitration: English High Court Upholds Anti-Suit Injunction in Favour of Arbitration Proceedings

On 6 February 2012, Hector Sants, CEO of the UK Financial Services Authority (FSA) explained in a speech to the British Bankers’ Association that on 2 April 2012 the FSA will be split into the Prudential Group (shadowing the future Prudential Regulation Authority) and the Conduct Group (shadowing the future Financial Conduct Authority). …
Read More UK: FSA Details Planned “Shadow Split”

In connection with Florida’s transition of the state-run Citizens Property Insurance Corporation (“Citizens”) back to an insurer of last resort, the Florida House of Representatives recently approved by a 66-48 vote a bill (HB 245 [PDF]) that would allow surplus lines insurers to assume certain policies from Citizens. …
Read More Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers

The 2012 PLUS D&O Symposium continued with a panel that focused on D&O claims activity in the private company and non-profit space.  Traditionally, these sectors of the market have comprised the vast majority of the D&O universe, and the types of claims that tend to arise under these polices have not significantly changed for a generation. …
Read More PLUS D&O Symposium 2012 – Day 2 Second Panel: Private Company & Non-Profit D&O Claims Activity