In an August 10, 2009 decision, the Delaware Supreme Court held that under certain circumstances, a D&O insurer may reasonably withhold its consent to settle a Claim.
Jurisdictions
Final Rules Issued for Breach of Electronic Health Information
By Troutman Pepper Locke on
Posted in Privacy/Data Security/Cyber Risk, United States
In the last week of August, 2009, the Department of Health and Human Services (“HHS”) and the Federal Trade Commission (“FTC”) officially published their final rules concerning consumer notification of breaches of protected health information (“PHI”). Congress mandated that both rules be issued under the Health Information Technology for Economic and Clinical Health (“HITECH”) Act, part of the American Recovery and Reinvestment Act of 2009.
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Secondhand Asbestos Lawsuit Settled After Decision by Tennessee Supreme Court
By Troutman Pepper Locke on
As previously discussed here, and here, the estate of Amanda Satterfield brought suit against Alcoa for her death from mesothelioma at the age of 25. The suit alleged that her death was the result of secondhand exposure to asbestos clinging to her father’s work clothes, who was an Alcoa employee.
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New Vermont Captive Insurance Association President
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Following a nation-wide search, Michael Bemi, Chair of the Vermont Captive Insurance Association (the “VCIA”) Board of Directors recently announced that the VCIA has selected Richard Smith as the new President of the VCIA.
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Anticipated Legislative Action on Financial Regulatory Reform
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
As President Obama renewed his push for financial services regulatory reform during yesterday’s speech on Wall Street, new reports offered a glimpse of Congress’ potential timeline for action.
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New York Announces Public Hearing on Life Insurance and Annuity Sales Practices
By Troutman Pepper Locke on
Yesterday, the New York State Insurance Department (“NYSID”) issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices. The hearing is particularly concerned with sales practices as they apply to seniors, and will focus on suitability (i.e. whether a particular product is appropriate for an individual consumer).
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UK: Surprise Decision of the Scottish Outer House of the Court of Session Casts Doubt on Ability of Insurers to Obtain Sanction for solvent schemes of Arrangement
By Troutman Pepper Locke on
The decision in Re Scottish Lion Insurance Company Limited [2009] CSOH 127 concerned a preliminary hearing on two specific issues relating to the sanction of a solvent scheme of arrangement proposed by Scottish Lion Insurance Company Limited. A full sanction hearing is scheduled for January 2010.
New Compensation Disclosure Requirements Proposed for New York Insurance Producers
By Troutman Pepper Locke on
After months of discussion with industry and consumer groups, the New York Insurance Department (the “Department”) released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers.
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Brazilian Market Shows Microinsurance Promise, But Regulation Lags Behind
By Troutman Pepper Locke on
Posted in Latin American Developments, United States
Brazil’s insurance regulator, SUSEP, recently indicated that the timeline for microinsurance legislation has been further extended. Almost to the day, yet another study was released, this time by the Brazilian economic analysis firm FGV, indicating a vast potential for microinsurance sales in the Brazilian market.
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Connecticut Trial Court Awards Judgment in Favor of Insured and Rejects Insurer’s Theory That Insured’s Lack of Income Was Motive For Loss Where Insured Had Other Assets
By Troutman Pepper Locke on
A Connecticut trial court recently awarded judgment, following a bench trial, in favor of an insured who sought coverage from her insurance company for her vehicle after it was stolen and destroyed by fire.