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The new Japanese Insurance Act (the Insurance Act), which was passed by the Japanese Diet in May 2008 came into force on 1 April 2010. The Insurance Act will regulate insurance contracts generally (although the Commercial Code will continue to regulate marine insurance). The Insurance Act represents the first significant revision of insurance law in Japan for about 100 years. …
Read More HK: New Japanese Insurance Law Concerning Insurance Contracts Comes Into Force

A federal jury in Boston recently returned a verdict against Pfizer Inc. in connection with claims that Pfizer unlawfully promoted off-label uses of its anti-epilepsy drug Neurontin.  The plaintiffs, a group of hospitals and HMOs, claimed that Pfizer had fooled them into believing that Neurontin was effective in the treatment of bipolar disorder, neuropathic pain and other conditions. 

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Read More Jury Awards $141 Million Against Pfizer in Connection With Off-Label Use of Neurontin

Blue Cross Blue Shield of Massachusetts and the Massachusetts Association of Health Plans have sued the Massachusetts Division of Insurance (DOI) after the DOI’s decision last week to reject most proposed rate increases for small businesses for the current calendar quarter. 

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Read More Massachusetts Health Insurers Sue Over Rejected Rate Increases

Sally Dewar, the Financial Services Authority’s (FSA) managing director of Risk, gave a speech entitled “Taking the FSA’s corporate governance agenda forward” at the City Corporate Governance and Remuneration Summit on 30 March 2010. 

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Read More UK: Speech by Sally Dewar – Taking the FSA’s Corporate Governance Agenda Forward

As Members of Congress returned home last week to discuss the new healthcare reform law with their constituents, President Obama put the finishing touches on the process by signing a package of healthcare corrections into law.  Meanwhile, Health and Human Services (HHS) Secretary Kathleen Sebelius wasted no time in announcing her department’s intent to clarify potentially confusing language in the new law. …
Read More Last Week in DC: The Healthcare Reform Debate – April 6, 2010

The UK Government has announced a consultation on proposals to strengthen the administration regime for insurers, in particular to improve the protection and payment of benefits for persons insured with companies facing financial difficulties and addressing gaps in the administration regime for insurers as compared with the liquidation regime. 

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Read More UK: Government Consultation on Strengthening the Administration Regime for Insurers

As previously reported here, the Third Parties (Rights against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. …
Read More Third Parties (Rights against Insurers) Bill Receives Royal Assent

According to a recent report from Reuters, London’s marine insurance market has added Iran to a list of areas deemed high risk.   The Lloyd’s Market Association (LMA) announced the move on Monday, March 22, 2010, ahead of possible sanctions being pushed by the U.S., among other countries. …
Read More London Insurers: Iran on High Risk Area List as Sanctions Loom