On March 16, 2011, Kentucky Governor Steve Beshear signed into law the Surplus Lines Insurance Multi-State Compliance Compact (“SLIMPACT”).
Read More Kentucky First to Enact SLIMPACT
Jurisdictions
UK: Bribery Act – Guidance Issued Today, Act to Come into Force on 1 July
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have previously reported here that the implementation of the Bribery Act, 2010 (the Act) was to be delayed until after guidance on the Act has been issued. …
Read More UK: Bribery Act – Guidance Issued Today, Act to Come into Force on 1 July
Proposed Amendment to Vermont Captive Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Captive Insurance Division of the Vermont Department of Banking, Insurance, Securities and Health Care Administration is proposing changes to its captive insurance law through bill H438. …
Read More Proposed Amendment to Vermont Captive Insurance Law
Chinese Drywall – Florida Federal Court Rules Pollution Exclusion Bars Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
United States District Court Judge K. Michael Moore of the Southern District of Florida has recently ruled that a pollution exclusion bars coverage for personal injuries and property damages associated with Chinese drywall. …
Read More Chinese Drywall – Florida Federal Court Rules Pollution Exclusion Bars Coverage
UK: Court of Appeal – Subrogation and Conditional Fee Agreements
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In D Sousa v London Borough of Waltham Forest Council [2011] EWCA Civ 194 the Court of Appeal upheld an insurer’s right to recover a success fee paid under a Conditional Fee Agreement (CFA) as part of the recovery of its costs. …
Read More UK: Court of Appeal – Subrogation and Conditional Fee Agreements
Rhode Island seeks to close Regulatory Vacuum in Issuance of Group Policies to Trusts and Associations
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Rhode Island Department of Business Regulation (the “DBR”) recently proposed Insurance Regulation 117, Insurance Issued to Trusts and Associations (the “Proposed Regulation”), in order to “protect the public from a regulatory vacuum by ensuring that insurance issued or renewed in Rhode Island through a trust or association is adequately regulated.” …
Read More Rhode Island seeks to close Regulatory Vacuum in Issuance of Group Policies to Trusts and Associations
New Jersey Joins New York, Florida In Requiring Lower Reinsurance Collateral
New Jersey’s governor signed that state’s Reinsurance and Surplus Lines Stimulus and Enhancement Act (A-2670/S-2010) into law this past Tuesday, March 22 (N.J. Pub. L. 2011, c. 39).
Read More New Jersey Joins New York, Florida In Requiring Lower Reinsurance Collateral
China: Insurance Exchange Planned for Shanghai
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) has revealed that Shanghai has applied to the central government for approval to establish an insurance exchange, as part of Shanghai’s drive to become a major international financial hub by 2020. …
Read More China: Insurance Exchange Planned for Shanghai
Florida Property Insurance Reform Moving Forward in Legislature
By Troutman Pepper Locke on
Florida Senate Budget Committee approved a bill this week that proposes wide ranging reforms to Florida’s property insurance market. …
Read More Florida Property Insurance Reform Moving Forward in Legislature
UK: Directors Take Note – Always Act in Company’s and Creditors’ Best Interests
By Troutman Pepper Locke on
Posted in D&O Liability, United Kingdom
In the recent case of Phillips Roberts (Liquidator of Onslow Ditching Ltd) v (1) Peter Frohlich (2) Godfrey Spanner [2011] EWHC 257 (Ch), the High Court was asked to decide whether the respondent directors had breached their fiduciary duties by continuing with a land development project when it was not in the best interests of the company or its creditors. …
Read More UK: Directors Take Note – Always Act in Company’s and Creditors’ Best Interests