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Petitioners Mitsubishi Heavy Industries, Ltd. and Mitsubishi Power Systems Americas, Inc. (“Mitsubishi”) moved to vacate a partial arbitration award entered by the International Centre for Dispute Resolution in favor of Respondent Stone & Webster, Inc. (“Stone & Webster”). 

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Read More Court Finds That Arbitration Award is Not Final for Purposes of Review under the FAA

Plaintiff China National Chartering Corp. (“CNCC”) petitioned the U.S. District Court for the Southern District of New York to confirm an arbitration award rendered in its favor against defendant Pactrans Air & Sea, Inc. (“Pactrans”) by the China Maritime Arbitration Commission (“CMAC”). 

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Read More Federal Court Confirms Foreign Arbitration Award, Even Though Appeal of Award in Foreign Jurisdiction was Pending

During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the “White Paper on Alternative Mechanisms for Troubled Companies” (the “White Paper”). 

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Read More NAIC Subgroup Adopts White Paper on Alternative Mechanisms for Troubled Companies

The Law Commission has today published its draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation. It applies only to consumer insurance contracts, ie. contracts of insurance bought by individuals for purposes wholly or mainly unrelated to their trade, business or profession. It also only deals with the issue of what a consumer must tell an insurer before entering into or varying an insurance contract. 

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Read More UK: Insurance Contract Law Reform – Draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation

On Friday, the House passed its 1,200+ page package of nine bills to reform the U.S. financial regulatory system by a vote of 223-202.  Passage of the comprehensive measure – the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) – wraps up months of House debate on the issue and marks an important step in the legislative process for one of the top priorities of the Obama Administration. 

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Read More Details of House-Passed Financial Regulatory Reform Legislation

Debate on healthcare reform legislation continued on the Senate floor last week, while behind the scenes a tentative agreement was reached among Democrats on the controversial public insurance option.  As a result, further consideration of the Senate healthcare reform bill is temporarily on hold, as Democratic leaders await cost estimates on the new public option compromise. …
Read More Last Week in DC: The Healthcare Reform Debate – December 14, 2009

As discussed here and here, the New York Insurance Department (the “Department”) has drafted a new regulation regarding the transparency of insurance producer compensation.  The proposed rule, Regulation 194, would require insurance producers to disclose to clients information about their compensation. …
Read More Proposed Insurance Producer Transparency Regulation is Published in the New York State Register; Prompts Insurance Industry Trade Group to Prepare for Suit Against Regulators