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Last week, the Connecticut Supreme Court issued a ruling in which it placed several restrictions on the uses that the Connecticut Attorney General (AG) may make of documents subpoenaed from a Florida-based insurer during an antitrust investigation. …
Read More Connecticut Supreme Court Limits Attorney General’s Power to Disclose Documents Subpoenaed from Insurer

Earlier this year, the Independent Insurance Agents and Brokers of New York (the “IIABNY”) and the Council of Insurance Brokers of Greater New York (the “CIBGNY”) filed an Article 78 petition in New York State Supreme Court in Albany County against the New York Insurance Department (the “NYID”) in order to prevent the mandatory producer compensation disclosure requirements of Regulation 194[1]. …
Read More New York Attorney General Files Response to Article 78 Petition to Prevent the Producer Compensation Disclosure Requirements of Regulation 194; Petitioners Gear Up for Rebuttal

Media reports suggest that BP’s D&O insurers could face significant exposure to claims stemming from the Deepwater Horizon disaster.  As we previously reported, BP self-insures much of its property and liability cover through its captive insurer, Jupiter Insurance Ltd.  According to media reports, Jupiter does not purchase reinsurance; but it does currently have over $700 million on hand to respond to Deepwater Horizon claims. …
Read More D&O Insurers Face Potential Exposure on Deepwater Horizon Claims

The International Accounting Standards Board (IASB) has published its draft proposals to improve accounting for insurance contracts. The draft proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis. …
Read More Improvements Proposed to Insurance Accounting

In Robert Bacon v Nacional Suiza Cia Seguros Y Reseguros SA [2010] EWHC 2017 (QB), Mr Justice Tomlinson, in a preliminary issue hearing, was asked to determine (i) the grounds why Spanish law was applicable to the Defendant’s liability; and (ii) the issue of liability itself. …
Read More UK/Europe: English High Court Considers the Application of Rome II

According to a recent article in Business Insurance, risk management consulting firm Towers Watson & Co. estimates that commercially insured losses from the explosion at the Deepwater Horizon oil rig in the Gulf of Mexico will be between $4 billion and $6 billion.   Nonetheless, Towers Watson notes that its estimate represents only a fraction of the overall economic loss suffered from the Gulf oil spill, which so far is estimated to be $35 billion. …
Read More Oil Rig’s Insured Losses estimated to be $4 Billion to $6 Billion

According to a recent Dow Jones News Service article, leading insurance companies have recently stated that they do not expect the Deepwater Horizon explosion in the Gulf to be a catastrophic event for the so-called “upstream” insurance market.  The upstream insurance market, which sells coverage to companies that are involved in the search for, development and production of oil, operates in its own niche of the property and casualty insurance industry collecting roughly $2.5 billion a year in premiums. …
Read More Upstream Insurers See Losses From Gulf Oil Spill But Continue Business

In Chalbury Mccouat International Ltd v. P.G. Foils Ltd [2010] EWHC 2050 (TCC) a dispute had arisen between Chalbury, an English company, and Foils, an Indian company, under a contract between Chalbury and Foils for the dismantling of a manufacturing plant in the Netherlands. The contract contained an arbitration clause which did not provide a procedure for the appointment of a tribunal. The parties failed to appoint a tribunal. …
Read More UK: Appointment of Arbitral Tribunal by English Court