Jurisdictions

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Unlike other several other states as we reported here, New York has enacted legislation as part of its budget bill that does not authorize the state to enter into the Surplus Lines Insurance Multi-State Compliance Compact (“SLIMPACT”), or any other surplus lines tax allocation compact.  SLIMPACT is an interstate compact that is designed to, among other things, allow for the adoption of uniform standards across participating compact states and uniform tax allocation formulas on multi-state risks. …
Read More New York Rejects SLIMPACT

A Massachusetts federal judge has found that violations of a fee-sharing agreement between a lawyer and his former firm do not constitute legal services, and therefore do not fall within the scope of coverage afforded by the lawyer’s professional malpractice policy.
Read More Fee Dispute Between Lawyer and Former Firm Not Covered by E&O Policy

Over the years, swimming pools have given rise to more than their share of reported decisions.  One of the most recent, and relevant to the insurance industry, is the US Court of Appeals for the Fifth Circuit’s recent decision affirming a finding that a contractor’s faulty work in installing a swimming pool may be deemed an “occurrence” for purposes of general liability insurance coverage. …
Read More Faulty Work Deemed An “Occurrence” Under CGL Policy

The Seattle Times recently reported that a settlement “in excess of $200 million” has been reached in a case involving the 2008 demise of the banking giant Washington Mutual.  The suit, filed against a number of WaMu’s former directors and officers and a bevy of Wall Street investment banks, concerns WaMu’s allegedly slapdash lending practices and misleading public statements about the bank’s financial health. …
Read More Tentative Settlement Worth a Reported $200+ Million Reached in WaMu Securities Class Action

In a consultation launched on 14 December 2010, HM Treasury outlined proposals for the development of “Simple Financial Products”(click here for a copy of the consultation), in particular payment protection insurance (PPI) products. …
Read More UK: Association of British Insurers Tentatively Backs Current HM Treasury Proposals for Simple Payment Protection Insurance Products

On 22 March 2011, the China Insurance Regulatory Commission (CIRC) published a set of draft Tentative Administrative Measures on the Transfer of Insurance Business (Draft Measures) for public consultation by 11 April 2011. …
Read More China: CIRC Seeks Consultation on Tentative Administrative Measures on the Transfer of Insurance Business

By a majority decision (5-2) the UK Supreme Court in Jones v Kaney [2011] UK SC 13, in a leapfrog appeal from a first instance decision, has held that there is no longer any justification for the immunity of expert witnesses from civil suit for breach of duty in relation to their involvement in litigation. …
Read More UK: Supreme Court Holds that Expert Witnesses are no Longer Immune from Civil Suit