On July 18th, federal U.S. District Court Judge Alvin Hellerstein ruled against Silverstein Properties Inc. (“Silverstein”) in its quest to recover damages from American Airlines and United Airlines as a result of the terrorist attacks of September 11th, 2001.
Read More District Court Rules Silverstein Unable to Collect From Airlines for 9/11 Attacks
Troutman Pepper Locke
First Circuit Rules That Auto Carrier Must Pay Post-Judgment Interest, Despite Claimants’ Multiple-Year Failure To Demand It
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
In March 2005, the federal district court in Puerto Rico entered a $6 million judgment for a personal injury plaintiff. In late September 2005, the relevant insurer paid into court its remaining policy limit of $75,000. …
Read More First Circuit Rules That Auto Carrier Must Pay Post-Judgment Interest, Despite Claimants’ Multiple-Year Failure To Demand It
Hong Kong: Government urged to help develop and promote the maritime industry
By Troutman Pepper Locke on
Posted in Hong Kong, Industry Developments
The Hong Kong Federation of Insurers presented a study report on How to Position Hong Kong as a Maritime Centre for the Asia-Pacific Region to the Hong Kong Maritime Industry Council on 29 April 2013 (Report).
Read More Hong Kong: Government urged to help develop and promote the maritime industry
China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 9 April 2013, the CIRC promulgated the Notice on Relevant Issues regarding Article 4 (“Notice”) of the Administrative Measures on Equity Interest in Insurance Companies (“Measures”).
Read More China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%
People’s Bank of China requires insurers to implement new anti-money laundering rules by 2015
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
As reported by Reuters on 17 April 2013, according to accountants and bankers with knowledge of the matter, in December 2012 the People’s Bank of China issued new anti-money laundering rules to banks and insurers.
Read More People’s Bank of China requires insurers to implement new anti-money laundering rules by 2015
Hong Kong to launch RBC model in 2016 at earliest
By Troutman Pepper Locke on
Posted in Hong Kong, Industry Developments
In the January 2013 newsletter published by the Office of the Commissioner of Insurance (OCI), the OCI confirmed that it is reviewing the solvency and capital regime for insurance companies with a view to develop an appropriate risk-based capital framework for Hong Kong.
Read More Hong Kong to launch RBC model in 2016 at earliest
Internet marketing of collective investment schemes to professional investors
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 22 March 2013, a company and its director were acquitted by the Hong Kong’s Magistrate’s Court of four counts of issuing advertisements to promote a collective investment scheme, including posting relevant information on the company’s website, without the authorisation of the Securities and Futures Commission (SFC) in contravention of section 103 of the Securities and Futures Ordinance.
Read More Internet marketing of collective investment schemes to professional investors
Enhanced disclosure for the sale of ILAS products
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Hong Kong Federation of Insurers (HKFI) released a circular on 22 April 2013 introducing new measures to enhance disclosure relating to the sale of investment-linked assurance schemes (ILAS) products.
Read More Enhanced disclosure for the sale of ILAS products
Hong Kong: The Office of Privacy Commissioner for Personal Data Finds an Insurance Broker Collected Personal Data for Use in Direct Marketing by Arguably Deceitful Means
By Troutman Pepper Locke on
Posted in Hong Kong, Privacy/Data Security/Cyber Risk
On 9 April 2013, the Office of Privacy Commissioner for Personal Data (“Commissioner“) issued a report in respect of the investigation carried out by the Commissioner against a body check service company and an insurance broker concerning the unfair collection of personal data from the public by the body check service company and its transfer to the insurance broker for use in direct marketing.
Read More Hong Kong: The Office of Privacy Commissioner for Personal Data Finds an Insurance Broker Collected Personal Data for Use in Direct Marketing by Arguably Deceitful Means
Recent Caselaw Illuminates the Limits of the Federal Arbitration Act’s Reach to Insurance Contracts
By Troutman Pepper Locke on
Posted in Arbitration
Courts are more and more likely to enforce an arbitration clause, but not necessarily the ones in an insurance contract. The U.S. Supreme Court has held the Federal Arbitration Act (“FAA”) to override state common law and statutes that would obstruct enforcement of an arbitration clause.
Read More Recent Caselaw Illuminates the Limits of the Federal Arbitration Act’s Reach to Insurance Contracts