In a departure from recent rulings by other federal circuit courts on this issue, the U.S. Court of Appeals for the Fifth Circuit has held that manifest disregard of the law is no longer a valid basis for vacating arbitration awards under the Federal Arbitration Act (“FAA”).
Read More Fifth Circuit Finds That Manifest Disregard of the Law Has Been Abrogated By Hall Street
Jurisdictions
U.S. Supreme Court Denies Certiorari for Three Cases Concerning Manifest Disregard of the Law
By Troutman Pepper Locke on
On October 5, 2009, the U.S. Supreme Court denied writs of certiorari in three cases that examined whether manifest disregard of the law remains a valid basis for challenging arbitration awards in light of the Court’s decision last year in Hall Street Associates, L.L.C. v. Mattel, Inc., 128 S.Ct. 1396 (2008). …
Read More U.S. Supreme Court Denies Certiorari for Three Cases Concerning Manifest Disregard of the Law
The New York Insurance Department Updates Proposed Insurance Producer Compensation Transparency Rule; Explains Departure from Dinallo Era
By Troutman Pepper Locke on
This updates our September 15, 2009 blog posting. Matthew Gaul, special counsel for the Department, recently explained that the draft proposal for the disclosure of insurance producer compensation released by the Department last month differs from that proposed by former Superintendent Eric Dinallo in that the revised proposal does not differentiate between captive agents, independent agents and independent brokers. …
Read More The New York Insurance Department Updates Proposed Insurance Producer Compensation Transparency Rule; Explains Departure from Dinallo Era
Minnesota Governor Proposes Changes to State Law to Allow for the Purchase of Health Insurance Policies Across State Lines and the Creation of an Interstate Health Insurance Compact
By Troutman Pepper Locke on
Governor Time Pawlenty (R-MN) recently outlined a set of proposed healthcare reforms to be considered during Minnesota’s 2010 legislative session.
SEC and NAIC Take Affirmative Steps To Address Corporate Disclosures Regarding Climate Change
By Troutman Pepper Locke on
On October 2, 2009, as part of the 48th Annual Corporate Counsel Institute held at Northwestern University School of Law, SEC Commissioner Elisse B. Walter gave a speech entitled “SEC Rulemaking — ‘Advancing The Law’ To Protect Investors.” In her speech, Commissioner Walter touched upon the SEC’s recent work with respect to climate change disclosures, and her belief that climate change is a very serious issue. …
Read More SEC and NAIC Take Affirmative Steps To Address Corporate Disclosures Regarding Climate Change
UK: FSA Issues Reminder on its Approval and Interview Process for Significant Influence Functions
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 14 October 2009, the FSA wrote to the CEOs of certain regulated firms to clarify its new approach to the approval and supervision of persons performing significant influence functions (SIFs). …
Read More UK: FSA Issues Reminder on its Approval and Interview Process for Significant Influence Functions
Louisiana Insureds Petition the U.S. Supreme Court to Review a Fifth Circuit Decision Vacating that Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith
On July 21, 2009, Judy and Michael Kodrin filed a petition for a writ of certiorari in the U.S. Supreme Court, asking the Supreme Court to review a Fifth Circuit decision vacating that portion of a Katrina-related judgment that awarded them penalties, damages and attorneys’ fees based on their homeowners insurer’s alleged bad faith. …
Read More Louisiana Insureds Petition the U.S. Supreme Court to Review a Fifth Circuit Decision Vacating that Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith
Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed.
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Read More Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers
New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
By Troutman Pepper Locke on
The New York Court of Appeals recently overturned an Appellate Division decision denying excess insurers summary judgment based on prior knowledge exclusions contained in professional liability policies issued to the insured law firm. …
Read More New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
Live Blog – Chinese Drywall Insurance Conference – October 22, 2009 – Miami Beach, Florida
By Troutman Pepper Locke on
EAPD participated in the October 22, 2009 sessions of the Chinese Drywall Insurance Conference taking place in Miami Beach, Florida. The day included a lively discussion between attorneys on all sides of this emerging issue, including attorneys representing homeowners, builders, suppliers, and insurers. Summaries of those discussions are set out below.
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Read More Live Blog – Chinese Drywall Insurance Conference – October 22, 2009 – Miami Beach, Florida