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US companies with subsidiaries or operations in France have until 7 June 2011 to make any required amendments to their whistleblower programs in France in order to comply with new data protection rules there. As French authorities have also recently announced their intention to conduct more company audits, including of data transfers to the US, adherence to these new procedures is prudent. …
Read More Client Advisory – Global Whistleblower Hotlines: New French Restrictions Require Immediate Program Amendments

he Independent Insurance Agents & Brokers of New York (“IIABNY”) announced in a press release last week that it will appeal a lower court’s decision to uphold Regulation 194, last discussed here, which requires mandatory producer compensation disclosure.  The appeal will be filed with the New York State Supreme Court’s Appellate Division, Third Department in Albany sometime this summer. …
Read More Industry Trade Group Continues Battle Against New York Producer Compensation Disclosure Rule

In a ruling written by former Supreme Court Justice David Souter, sitting by designation, the First Circuit concluded that Cynosure, Inc., was owed no coverage by St. Paul Fire and Marine Insurance Company under a Massachusetts commercial policy insuring against injury caused by advertising. …
Read More Reversing District Court, First Circuit Finds Cynosure Owed No Coverage for Fax Blasts Suit

In December 2009, we reported on the Law Commission’s draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation (click here for our previous blog). The draft Bill applies only to consumer insurance contracts and deals with the issue of what information a consumer must tell an insurer before entering into or varying an insurance contract. …
Read More UK: Government to Proceed with New Bill on Consumer Insurance Law

On May 17, 2011, Florida Governor Rick Scott signed property insurance reform legislation.  We previously reported on the progress of Senate Bill 408 here.  The new law requires windstorm and hurricane claims to be brought within three, instead of five years, and sinkhole claims to be brought within two years. …
Read More Florida Governor Signs Florida Property Insurance Reform Into Law

This updates our May 2, 2011 blog post.

On May 11, 2011, Vermont Governor Peter Shumlin signed into law H.438 (the “Bill”) allowing for the incorporation of protected cells.  Multiple protected cells are combined to form a single sponsored captive insurance company. …
Read More Vermont Enacts Legislation in Hopes of Expanding Its Captive Insurance Market

In order to encourage product innovation and meet the growing demand for investment linked products in the insurance market, the CIRC launched a trial programme of allowing PRC licensed insurers to sell variable annuity products in Beijing, Shanghai, Guangzhou, Shenzhen and Xiamen (Trial Programme). …
Read More China: China Insurance Regulatory Commission (CIRC) Issued Regulations for the Trial Program of Variable Annuity Products

We have previously reported here and here on the long-running dispute between West Tankers and the insurers, Allianz and Generali. The latest development is the English Commercial Court decision, West Tankers Inc v. (1) Allianz SpA and (2) Generali Assicurazione Generali SpA [2011] EWHC 829 (Comm). For full details of the facts leading up to this decision, please go to our previous blogs. …
Read More UK: Commercial Court Upholds Order Enforcing a Declaratory Award

This updates our May 3, 2011 blog post.  Several state regulators have joined together to form a special task force (“Task Force”) under the auspices of the NAIC to coordinate investigation of the claims procedures of certain life insurance companies.  In particular, states are examining the manner in which such companies investigate and determine whether a particular insured is deceased, and locate beneficiaries. …
Read More NAIC Task Force Established to Coordinate Investigation of Life Insurance Companies’ Claims Procedures