Jurisdictions

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A Connecticut District Court recently held that plaintiffs, who brought a subrogation action to recover a judgment entered in their favor in an underlying legal malpractice action against their attorneys, were entitled to litigate coverage issues even though the attorneys’ insurer obtained a default judgment against the attorneys in a separate coverage action. …
Read More Connecticut District Court: Insurer’s Default Judgment Does Not Necessarily Preclude Litigation in Subrogation Action

In a recent decision, the Supreme Court of Appeals of West Virginia concluded that the West Virginia Human Rights Act prohibits discrimination by an insurer in the settlement of a property claim. …
Read More West Virginia Human Rights Act Prohibits Discrimination by Insurer in the Settlement of Property Claim

On 30 June 2010, the UK’s Financial Services Authority (FSA) and Financial Reporting Council (FRC) published a joint discussion paper (DP) entitled “Enhancing the auditor’s contribution to prudential regulation”.
Read More UK: Financial Services Authority and Financial Reporting Council Publish Discussion Paper on Auditors’ Role in Prudential Regulation

On 6 July 2010, Lloyd’s issued Market Bulletin Y4408 (click here to see a copy of the bulletin) clarifying the reporting requirements of managing agents who underwrite broker errors and omissions (E&O) insurance. These requirements were issued in April 2010 by Market Bulletin Y4390 (click here to see a copy of the bulletin). …
Read More UK: Lloyd’s Regulates Conflict of Interest for Underwriters of Broker E&O Insurance

EAPD’s own Ambereen Salamat and Chris Collins were asked by Complinet in its Mid-Year Roundup what the biggest regulatory and compliance challenge this year will be and above all, Solvency II was the resounding response. …
Read More Solvency II: The Insurance Industry’s Biggest Regulatory and Compliance Challenge this Year: How well prepared is it?

The British Insurance Brokers Association (BIBA) has written a letter dated 24 June 2010 responding to the Competition Commission’s (CC) provisional decision of 14 May 2010 in relation to how Payment Protection Insurance (PPI) is sold. …
Read More UK: Regulation – The British Insurance Brokers Association Response to the Competition Commission’s Decision on Payment Protection Insurance

On July 1, the U.S. Department of Health and Human Services unveiled a new website, HealthCare.gov , to provide consumers with information on their rights and benefits under the Patient Protection and Affordable Care Act.  The site offers data on U.S. insurance carriers and the products they offer and includes a timeline of when new programs under the new law will begin between now and 2014. …
Read More New Government Healthcare Website Unveiled

Texas Farmers Insurance Company (“Texas Farmers”) issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4/9/99-4/9/00, 4/9/00-4/9/01, and 4/9/01-4/9/02.  The first two policies had a $5 million limit of liability per claim. …
Read More Ninth Circuit Affirms Ruling That Reinsurer Has No Duty to Contribute to Settlement Payment Where Reinsured Excess Policy Was Not Triggered

The case of Cosco Bulk Carrier Co. Ltd v Team-Up Owning Co. Ltd [2010] EWHC 1340 (Comm) was an appeal to the High Court of a decision by an arbitration panel.  Mr Justice Gross, who heard the appeal, noted that the subject of the case was topical and of interest to the industry and therefore set out a lengthy judgment, despite his decision to dismiss the appeal in full. …
Read More UK: The Problem of Piracy Reaches the English High Court