Plaintiffs sued their insurer, Northbrook Indemnity Company, which removed the case to federal court and moved to compel arbitration. A Florida district court granted Northbrook’s motion to compel, and the dispute proceeded to arbitration.
Read More Federal Court Denies Insured’s Motion to Vacate Arbitration Award: Finds That Reinsurer Was Not Indispensable Party to Dispute, Arbitrators Had Authority to Award Attorneys’ Fees, and Manifest Disregard of the Law is No Longer Viable
Jurisdictions
The BP Disaster: The Flood of Oil has Stopped, Insurance Claims have Just Begun
By Troutman Pepper Locke on
(This post is an excerpt from the full article here, originally published by Bloomberg Finance L.P. in the Vol. 4, No. 9 edition of the Bloomberg Law Reports—Insurance Law. Reprinted with permission.)
________________
The BP disaster (also referred to as the Deepwater Horizon disaster or the Macondo blowout) in the Gulf of Mexico is now considered to be the largest accidental oil spill in history. On April 20, 2010, an explosion and resulting fire at the Deepwater Horizon semi-submersible oil drilling platform, the cause of which is still uncertain as investigations continue, killed 11 platform workers and injured 17 others out of the 126 crew members on board the platform at the time. …
Read More The BP Disaster: The Flood of Oil has Stopped, Insurance Claims have Just Begun
UK: Proposed Special Administration Regime For Investment Banks
HM Treasury has issued a consultation paper on proposals for a special administration regime for investment banks which it hopes will lead to less disruption in financial markets and simplify the process of returning assets and money to clients and creditors of a failing bank. …
Read More UK: Proposed Special Administration Regime For Investment Banks
New York Considers Catastrophe Pool
By Troutman Pepper Locke on
The New York State Insurance Department (“NYID”) issued a news release on September 22, 2010 (the “News Release”) announcing proposed measurers aimed at ensuring the availability and affordability of homeowners insurance in coastal areas of New York. Such proposals include the creation of a catastrophe pool to be funded by insurer assessments and used to help cover the cost of hurricanes and other catastrophes. …
Read More New York Considers Catastrophe Pool
OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance
On September 23, 2010, David Brummond, Senior Sanctions Advisor for Insurance at the Office of Foreign Assets Control (“OFAC”) in the U.S. Treasury Department, gave a presentation at the HR Litigation Conference on International Economic Sanctions on “Regulation of Business – Important Considerations for Insurance and Reinsurance.” Mr. Brummond’s presentation gave an overview of the role of OFAC with respect to insurance industry related activities. …
Read More OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance
Healthcare News from Capitol Hill and the Department of Health and Human Services – September 27, 2010
By Troutman Pepper Locke on
Healthcare matters remained highly relevant throughout the month of September, as comments were released on important home health regulations, as a lawsuit appeared likely to move forward, and as lawmakers and the President marked the six-month anniversary of the new healthcare reform law. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – September 27, 2010
The Bermuda Monetary Authority Extends Class 4 Solvency Requirements to Class 3B Insurers
By Troutman Pepper Locke on
In a continuing effort to enhance the supervisory regime for Bermuda-based (re)insurers ahead of third country assessment of its framework under Solvency II, the Bermuda Monetary Authority (“BMA”) issued a 2010 Amendment to the Insurance (Prudential Standards) (Class 4 Solvency Requirement) Order of 2008. The 2010 Order, captioned Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Order 2010, will extend the requirements currently applicable to Class 4 insurers, to Class 3B insurers. …
Read More The Bermuda Monetary Authority Extends Class 4 Solvency Requirements to Class 3B Insurers
NAIC Representative Selected for Financial Stability Oversight Council
By Troutman Pepper Locke on
The National Association of Insurance Commissioners (“NAIC”) has selected Missouri Insurance Director John Huff as its representative on the new Financial Stability Oversight Council (the “FSOC”), which was created under the Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). …
Read More NAIC Representative Selected for Financial Stability Oversight Council
The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation
By Troutman Pepper Locke on
(This is a partial excerpt of an article previously published in Bloomberg Insurance Law Report available here.) The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act)1 is the latest development in the ongoing saga of state versus federal regulation of insurance. Unlike other major industries, insurance is still primarily and almost exclusively regulated by the states – and the states have long been vigilant about keeping it that way. …
Read More The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation
Congress Passes One-Year Extension for National Flood Insurance Program
By Troutman Pepper Locke on
As we previously reported here, earlier this week the U.S. Senate passed the Flood Insurance Program Reextension Act of 2010 (S. 3814) (the “Act”) to extend the National Flood Insurance Program (“NFIP”) from September 30, 2010 to September 30, 2011. The U.S. House of Representatives passed the Act yesterday. The Act is expected to be signed by President Obama shortly. …
Read More Congress Passes One-Year Extension for National Flood Insurance Program