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The European Company Statute (Regulation 2157/2001, which is directly applicable in EU member states) was adopted on 8 October 2001 and came into force on 8 October 2004. It required the Commission to report on its application five years after coming into force. The Commission published its consultation on 23 March 2010, together with a report by external consultants. …
Read More EU: European Commission Publishes a Review of the European Company Statute

This entry updates our March 24, 2010 posting.  The NAIC issued a press release earlier this month announcing its intent to hold a public hearing on the emergence of stranger originated/owned annuity transactions (“STAT”), but did not specify the date or location of the hearing. 

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Read More NAIC Provides Details Regarding Upcoming Hearing on Stranger Owned Annuities

On March 24, 2010, Judge Rebecca Beach Smith of the U.S. District Court for the Eastern District of Virginia dismissed claims filed by a Virginia Beach-based builder seeking insurance coverage for the costs of voluntarily remediating Chinese Drywall. …
Read More Chinese Drywall – Federal Judge Rules No Coverage For Drywall Remediation

We have previously reported here, on the Employers’ Liability Insurance Bureau Bill, which is currently subject to scrutiny in the UK Parliament. The Bill seeks to establish a ‘fund of last resort’, to be used in instances where an employer is insolvent or does not hold insurance compulsory under the Employer’s Liability (Compulsory Insurance) Act 1969. This is seen to be a particular problem in claims relating to asbestos. 

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Read More UK: Employers’ Liability Insurance Bureau Bill 2009-10 – Update

Alastair Darling’s 2010 Budget includes provisions designed to help asbestos trusts which were set up by companies prior to 24 March 2010 to meet their asbestos liabilities. Under the proposal, the trustees of such a trust would be exempt from income tax, capital gains tax and inheritance tax retrospectively from 6 April 2006. 

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Read More UK: Alastair Darling’s Budget Proposes Tax Break for Asbestos Trusts

The English High Court, in Clare Horwood & Others v Land of Leather (In Administration) & Zurich Insurance PLC & Others [2010] EWHC 546 (Comm), held that Zurich did not have to pay compensation to customers who suffered burns from “toxic sofas” sold by the now-defunct Land of Leather. 

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Read More UK: High Court Refuses Compensation for “Toxic Sofa” Victims for Breach of Claims Control Clause

The NAIC’s International Insurance Relations (G) Committee (the “Committee”), chaired by Commissioner Kevin McCarty (Florida) met on Friday, March 26, 2010, during  the NAIC Spring National Meeting.  The Committee received an update on International Strategy and Action Plans and discussed International Association of Insurance Supervisors (“IAIS”) strategic planning, including the Common Framework or Supervision of Internationally Active Insurance Groups (“Common Framework”). 

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Read More NAIC Update: International Insurance Relations (G) Committee