Jurisdictions

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As the Financial Stability Oversight Council continues its process for designating systemically important financial institutions (SIFIs) (see our previous blog on this topic here), the International Association of Insurance Supervisors (IAIS) has released its policy measures for global systemically important insurers, or G-SIIs. …
Read More IAIS Seeks Public Comment on G-SII Proposed Policies

A New York State trial court recently dismissed claims by the holders of variable life insurance policies, some of whose excess cash value was invested with Bernard Madoff’s securities firm, against various investment advisors and hedge fund managers.  The decision is SSR II, LLC v. John Hancock Life Insurance Company, et al., No. 652793/2011 (N.Y. Sup. Ct. – N.Y. Co. – Sept. 28, 2012). …
Read More New York Court Dismisses Madoff Claim Against Investment Advisors & Fund Managers

On Thursday, October 18, 2012, the Financial Stability Oversight Council (FSOC) will meet in a closed session. At this meeting FSOC will continue its consideration of nonbank firms that might be designated as systemically important financial institutions (nonbank SIFIs).  For the posting on the Treasury Department’s website about Thursday’s meeting click here. …
Read More FSOC To Hold Another Closed-Session Meeting; Appears Close to Designating First Set of Non-Bank SIFIs

D&O and E&O carriers alike will want to keep a close eye on the US Supreme Court this term.  On September 25, the court accepted the matter of Gabelli v. SEC, No. 11-1274.  Another market-timing case against investment advisors, at issue in Gabelli is when a claim accrues under the 5-year statute of limitations for SEC enforcement actions. …
Read More Market Timing Case Goes to U.S. Supreme Court

In Jonathan Smyth v St Andrew’s Insurance plc [2012] EWHC 2511 (QB) Mr John Randall QC (sitting as a Deputy High Court Judge) held that defendant insurers (St Andrew’s) had failed to establish that the claimant’s (Smyth) partner had deliberately started a fire which had caused extensive damage to Smyth’s property, and thus St Andrews could not avail itself of a clause in the relevant insurance policy which excluded damage caused by Smyth’s “family”. …
Read More UK: English High Court Rules on Application of Exclusion for Deliberate Damage in a House Insurance Policy

In a subrogated claim, a restaurant owner’s insurer pursued negligent contractors whose faulty repairs following a flood caused further material damage and loss of profits. The High Court held that the contractors were liable only for reasonable costs of reinstatement, and in a quantum assessment, the reinstatement costs actually incurred should be considered no more than a starting point. …
Read More UK: High Court Considers Basis of Assessment of Reasonable Costs of Reinstatement

D&O issuers and policyholders concerned about their exposure to Exchange Act claims for overly optimistic wind-energy deals may be breathing easier in the wake of a Massachusetts federal district court’s holding that a pension fund could not state a viable cause of action against American Superconductor. …
Read More Massachusetts Federal Court Shows Little Patience for Poorly-Pled Exchange Act Claims

Edwards Wildman Speakers:  Joshua P. Broudy, Alexander G. Henlin

When fire or another casualty damages a commercial building, businesses may suffer financial hardship beyond lost income and costs to repair the property. In most situations, a prudent business owner is likely to incur expenses that fall outside the scope of those normally seen in the business’s day-to-day operations. …
Read More AN INVITATION to an Edwards Wildman WEBINAR: US Treatment of Extra Expense Claims