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A federal judge has sentenced two former executives of collapsed health care financing company National Century Financial Enterprises (“NCFE”), to decades in prison for their roles in a $2.8 billion fraud scheme. 

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Read More NCFE Executives Sentenced to Decades in Prison for Role in Company’s Collapse and $2.8 Billion Fraud

Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II  regime. 

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Read More EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II

In Westport Ins. Corp. v. Coffman, Case No. C2-05-1152 (S.D. Ohio Jan. 29, 2009), the federal district court for the Southern District of Ohio held that an underlying class action lawsuit filed against an insured attorney and his clients, and the subsequent malpractice claim filed by the clients against the insured attorney, constitute a single claim and are therefore subject to a single per-claim limit of liability. 

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Read More Ohio Federal Court: Class Action Against Attorney and His Clients and Malpractice Claim are “Related” Under Policy’s Multiple Insureds, Claims and Claimants Provision

In Wagner v. United National Insurance Co. et al. (click here to read the decision), the Supreme Court of Nebraska affirmed a district ruling that a regulatory exclusion in a D&O policy excluded coverage for the underlying action brought by the Director of Insurance of the State of Nebraska in his capacity as the bankruptcy liquidator of the insured, an insolvent insurance company. 

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Read More Regulatory Exclusion Bars Coverage for Lawsuit Brought by the Director of Insurance

Recently, the United States Treasury Department (the “Treasury”) has announced that certain life insurers that have acquired banks and thrifts are eligible to receive assistance from the Capital Purchase Program, a sub-program of the Troubled Asset Relief Program. 

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Read More United States Treasury Department to Offer Financial Assistance to Life Insurers

On April 9, 2009, U.S. Senator Patrick Leahy (D-Vt.) recommended Molly Lambert, current President of the Vermont Captive Insurance Association (VCIA), to President Barack Obama for the post of U.S. Department of Agriculture (USDA) State Director for Rural Development for Vermont and New Hampshire. 

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Read More Molly Lambert, VCIA President, Recommended by Senator Leahy (D-VT) for Regional USDA Post