Jurisdictions

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The Commercial Court has held that a “follow the leader” clause was to have a broad application and was not restricted to quantum unless there was clear language indicating such restriction. …
Read More UK: Court Finds a ‘Follow the Leader’ Clause Applies to Both Quantum and Liability Issues

On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits.  Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits

On November 4, 2011, the National Association of Insurance Commissioners (“NAIC”) elected the following officers for the upcoming year:

President: Florida Insurance Commissioner Kevin M. McCarty
President-Elect: Louisiana Insurance Commissioner James J. Donelon
Vice President: North Dakota Insurance Commissioner Adam Hamm
Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica J. Lindeen 

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Read More NAIC Elects New Officers For 2012

Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).   The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. …
Read More Appointments Made to the Federal Advisory Committee on Insurance

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

In Williams v University of Birmingham [2011] EWCA Civ 1242 the Court of Appeal analysed the correct approach to proving liability in a mesothelioma case. The Court emphasised that the relaxation of normal principles of proof in relation to mesothelioma claims, laid down by the House of Lords in the Fairchild case (Fairchild v Glenhaven Funeral Services Ltd [2002] UKHL 22), apply only to the need to prove causation. …
Read More UK: Mesothelioma – Fairchild Principles of Proof Apply Only to the Need to Prove Causation

On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Read More UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland

On October 25, 2011, the House Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs, Part 2.”  Michael T. McRaith, Director of the Federal Insurance Office (“FIO”) testified before the Committee providing a report of the FIO’s progress to date. …
Read More McRaith Testifies Before House Committee Regarding FIO Progress