Jurisdictions

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Federal Investigation

Federal lawmakers recently called on several agencies, including the Securities and Exchange Commission (SEC), the Energy Information Administration (EIA) and the Government Accountability Office (GAO), to investigate whether the natural gas industry has provided an accurate picture to investors of the long-term profitability of their wells and the amount of gas these wells can produce. …
Read More Hydrofracking Under Fire: Federal and State Lawmakers Turn Up Heat on Natural Gas Industry and NY Attorney General Issues Subpoenas to Five Companies

Munich Reinsurance America was reinsured under a treaty in which National Casualty Corporation and Employers Insurance Company of Wausau, among others, participated as reinsurers.  The treaty contained an arbitration clause that provided as follows: …
Read More Federal Court Finds that Treaty’s Consolidation Language is for Arbitrators to Interpret

The Massachusetts Appeals Court recently concluded that an insured could not claim property insurance benefits following a fire at its restaurant, because the insured had actual knowledge that its fire-suppression system was no longer functional, and because the insured had exclusive control over the system’s maintenance. …
Read More Massachusetts Court Rules for Carrier in Property Dispute, Orders Return of Advance

In the recent judgment, AES Ust-Kamenogorsk Hydropower Plant LLP v Ust-Kamenogorsk Hydropower Plant JSC [2011] EWCA Civ 647, the Court of Appeal held that an anti-suit injunction can be granted to restrain foreign proceedings brought in breach of an English arbitration agreement, even in the absence of an actual, proposed or intended arbitration. …
Read More UK: Arbitration Proceedings Not a Prerequisite for Anti-Suit Injunctions

A recent decision in the U.S. Court of Appeals for the Ninth Circuit has left resounding implications for insurers with respect to benefit plans under ERISA.  In Cyr v. Reliance Standard Life Insurance Co., case number 07-56869, an en banc panel of the Court held that insurers can be sued directly under ERISA by plan participants even when not acting as the plan administrator. …
Read More Insurer Sued Directly Under ERISA

On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator. …
Read More New York State Insurance Department Announces Cooperation Agreement with Switzerland

On 20 June 2011, the Bank of England and the Financial Services Authority published a joint paper (click here for a copy) outlining their current thinking on how the Prudential Regulation Authority (PRA), once established, will approach the supervision of (re)insurers. Acknowledging that the nature of (re)insurers’ business models exposes them to a different set of risks than banks, the paper sets out how the PRA will adapt its supervisory methods accordingly. …
Read More UK: Bank of England and FSA Publish Joint Paper Detailing Supervisory Approach to be Taken by PRA

This updates our June 14 blog post.

The National Conference of Insurance Legislators (“NCOIL”) has proposed amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Proposes Amendments to the Beneficiaries’ Bill of Rights Model Act relating to Payment of Life Insurance Benefits

In Zurich Insurance Company PLC v Hayward [2011] EWCA Civ 641 the Court of Appeal held that Zurich was entitled to bring new evidence of fraudulent behaviour by an individual who was injured at work despite the fact that issues as to his good faith had already been raised in a prior action. …
Read More UK: Court of Appeal Rules on Issue Res Judicata in the Context of a Fraudulently Exaggerated Personal Injury Claim