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The Pennsylvania Superior Court recently affirmed a lower court’s summary judgment ruling in favor of an insurer, holding that the limit of liability in a directors and officers liability policy was limited to $10 million in the aggregate, as opposed to per claim, even though certain policy documents did not include the word “aggregate” when referring to the limit of liability. 

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Read More Pennsylvania Superior Court Affirms Decision in Favor of Insurer Regarding Whether D&O Policy’s Limit of Liability Applied in the Aggregate or Per Claim

Last week, both the Florida Senate and House passed legislation, Senate Bill 1894 and House Bill 853 respectively (the “Legislation”), to exempt surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise, which contains Florida’s rate and form filing statutes. …
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Passed By Florida Senate and House

The Federal Trade Commission (“FTC”) issued a press release on April 30, 2009, a day before the effective date of the federal Red Flag rules (16 CFR 681, the “Rules”), extending the enforcement date for creditors, for a second time, to August 1, 2009.  For financial institutions, compliance has been required since November 28, 2008.  The Rules require that “financial institutions” and “creditors” with “covered accounts,” as defined under the Rules,  develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft. 

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Read More FTC Delays Enforcement of Red Flag Rules

Under Ley 253 de 1995 (Ley de Seguro de Responsabilidad Obligatorio para Vehiculos de Motor), a system of compulsory minimum automobile coverage was instituted in Puerto Rico.  The coverage, obtained from the Puerto Rican government itself, currently carries a premium of $99 per year. …
Read More Puerto Rico: Insurance Commissioner Considers 20% Reduction in Compulsory Auto Insurance Premiums

As previously discussed here, Brazilian law previously imposed a 10% limit on total annual premiums that a local insurer could cede to an occasional foreign reinsurer.  On April 27, 2009, however, the Superintendencia de Seguros Privados (SUSEP), the Brazilian insurance regulator, relaxed that limitation significantly, but only as to two lines of business. …
Read More Brazil Raises Cession Limit to Occasional Foreign Reinsurers for Surety and Petroleum Lines

On April 28, 2009, Democratic Representative Barney Frank, chairman of the U.S. House of Financial Services Committee, told the Reuters Global Financial Regulation Summit in Washington that a congressional panel will examine whether insurance companies should be regulated under an optional federal charter, which would give insurers a choice between state or federal regulation. …
Read More House Panel Hearings on Optional Federal Charter

Recently, in Lyondell Chem. Co. v. Ryan, the Delaware Supreme Court reaffirmed the protections afforded directors in their efforts to obtain the best price in a corporate sale and provided important clarification of directors’ duties in navigating change of control transactions. 

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Read More Delaware Supreme Court Reaffirms Exculpation Protections in Sale of Corporate Control and Clarifies Revlon Duties

A New York trial court recently denied an insurer’s motion to dismiss the insured’s claim of consequential/extra-contractual damages for pain and suffering and held that the insured may proceed with discovery to explore whether the insurer’s denial of benefits violated the duty of good faith and fair dealing. …
Read More NY Court Extends Availability of Consequential Damages to No-Fault Insurance Cases