Legislation is under consideration in Connecticut and New Jersey that may significantly expand a claimant’s ability to directly sue an insurer over unfair claims settlement practices.
Troutman Pepper Locke
New Jersey Federal Court Dismisses Securities Class Action Complaint as Sanction for Attorney Misconduct
By Troutman Pepper Locke on
Posted in D&O Liability, United States
The United States District Court for the District of New Jersey recently dismissed a securities class action complaint as a sanction for conduct by the lead plaintiff and class counsel. Guy Del Giudice v. S.A.C. Capital Management, LLC, et al., 06-cv-1413 (February 19, 2009).
UK: ABI Responds to the Turner Review
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Lord Turner, chairman of the Financial Services Authority, published his report on the present economic turmoil on 18 March 2009 (see our blog here).
Supreme Judicial Court Refuses to Extend Gamache Fee-Shifting Rule to Insurer Plaintiffs
By Troutman Pepper Locke on
In a recent decision, the Supreme Judicial Court of Massachusetts ruled that an insurer, in contrast to an insured, cannot obtain attorney’s fees incurred in successfully establishing another insurer’s duty to defend. John T. Callahan & Sons, Inc. v. Worcester Ins. Co., SJC-10180 (March 19, 2009).
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Senate Bill Aims to End the Use of Preexisting Condition Exclusions by Health Insurers
By Troutman Pepper Locke on
Last week, Senator John D. Rockefeller IV, (D-W.Va.) introduced the Preexisting Condition Patient Protection Act of 2009 (S. 623) (the “Bill”). According to Senator Rockefeller, the Bill will address any coverage gaps created in the Health Insurance Portability and Accountability Act of 1996 regarding preexisting condition exclusions by eliminating the use of preexisting condition exclusions in all health insurance markets.
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UK: Employer’s Liability Trigger Judgment to be Appealed in November 2009
By Troutman Pepper Locke on
Posted in Toxic Tort, United Kingdom
In November 2008 we reported that the English High Court had ruled that employers’ liability policies, however they are worded, are triggered by exposure to asbestos and not when, many years later, the tumour develops.
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Florida Chief Financial Officer Alex Sink Opposes the Use of Credit Scoring when Determining Automobile Insurance Rates and Availability
By Troutman Pepper Locke on
As we previously reported here, the Florida Office of Insurance Regulation recently held a hearing on the use of credit information in insurance ratemaking by insurers.
Aviation Repair Company Files Lawsuit to Recover for Alleged Total Loss of its Leased Plane Engines Due to Confiscation by the Mexican Government
By Troutman Pepper Locke on
An aviation repair company recently filed a lawsuit in federal court in Florida seeking recovery from its insurance broker and Lloyds of London for their alleged failure to cover a purported loss of plane engines leased to a Mexican airline that were confiscated by the Mexican government.
UK: Amendments to FSA’s Systems and Controls Regime
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
From 1 April, amendments to the FSA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC) will extend the application of the so-called “common platform requirements” (SYSC 4 to 10) to all FSA-regulated firms other than insurers, managing agents and the Society of Lloyd’s.
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Legislation Introduced to Repeal Insurance Industry’s Antitrust Exemption
By Troutman Pepper Locke on
On March 18, 2009, U.S. Congressmen Gene Taylor (D-Miss.) and Peter DeFazio (D-Ore.) introduced the Insurance Industry Competition Act of 2009 (H.R. 1583). H.R. 1583 seeks to amend the McCarran-Ferguson Act, 15 U.S.C. §§ 1011 et seq., by removing the federal antitrust exemption for the insurance industry.
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