Jurisdictions

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In Flexsys America LP v XL Insurance Co Ltd [2009] EWHC 1115 (Comm) the Claimant, Flexsys America LP (Flexsys) sought to recover the balance of its legal costs from the defendant XL Insurance Company (XL) under a Master Policy when its Local Policy (which covered Flexsys), taken out with XL Select, was exhausted. It also sought a declaration that it was entitled to be indemnified by XL in respect of the potential damages to a third party, Korean Kumo Petrochemical Company Limited (KKPC), and its costs of defence. 

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Read More UK: Interpreting the Drop Down Clause in a Master Policy

This week, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), Germany’s integrated financial regulator responsible for regulatory oversight of the insurance, banking and securities markets. 

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Read More The Florida Office of Insurance Regulation Enters Cooperation Agreement with Germany’s Financial Regulator

On June 10, 2009, the Federal Trade Commission released a detailed report entitled: “Emerging Health Care Issues: Follow-on Biologic Drug Competition.”  The FTC Report is important because it provides the most current government-sector analysis of the U.S. biologics market and the FTC’s recommendations for legislation designed to allow for “follow-on” versions of such drug products. …
Read More The Follow-on Biologics Debate and the June 2009 FTC Report on Follow-on Biologic Drug Competition

The European Commission has published a report and a green paper on the application of EC Regulation No 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (the Regulation). Copies of the report and the green paper can be found here and here. …
Read More EU: European Commission Considers Reform to EC Regulation No 44/2001

In Woodworth v. Erie Insurance Company, No. 05-CV-6344CJS (Jun. 12, 2009), the federal district court for the Western District of New York held that recovery of consequential damages under Bi-Economy Mkt., Inc. v. Harleysville Ins. Co. of NY, 10 N.Y. 3d 187 (2008), is not limited to commercial property insurance claims. …
Read More NY Federal Court: Availability of Consequential Damages Not Limited to Commercial Property Insurance

As previous reported here, President Obama’s release of his plan to overhaul the regulation of the financial industry was followed by Treasury Secretary Timothy Geithner’s defense of the Administration’s proposal before the Senate Committee on Banking, Housing and Urban Affairs on Thursday.  The Secretary’s expected appearance before the House Committee on Financial Services later in the day was postponed, due to an extended series of votes on the House floor. 

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Read More Financial Regulatory Overhaul Update

On June 16, 2009, the United States Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing regarding how to improve oversight of the insurance industry in order to protect insurance consumers and prevent insurance companies from posing a systemic risk to the American financial system. 

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Read More House Financial Services Subcommittee Holds Hearing Regarding the Federal Regulation of Insurance and Systemic Risk

The Government of Hong Kong has long planned to establish a safety net for Hong Kong policy holders in the event of an insurance company collapse. The first consultation exercise on a safety net for policy holders was held in 2003 where it was suggested two protection funds be established – one for life insurance and the other for general insurance, but the scheme was put on hold due to a lack of support from the insurance industry. …
Read More HK: HKFI Presents a Protection Fund Proposal