The Eleventh Circuit federal Court of Appeals recently affirmed summary judgment in favor of an automobile insurance company, finding that no reasonable jury could conclude that the insurer had acted in bad faith by offering the policy limits to an accident victim 33 days after the accident.
Jurisdictions
Half- day Insurance and Reinsurance Seminars
By Troutman Pepper Locke on
EAPD is delighted to announce that it will again this year host a half-day insurance seminar which will be repeated in Bermuda, New York and Boston. …
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President Obama Orders Federal Agencies To Review Preemption of State Laws
By Troutman Pepper Locke on
Posted in Product Liability, United States
On May 20, 2009, President Barack Obama issued a memorandum addressing the limitations of federal preemption of state laws. The memorandum ordered federal departments and agencies to review regulations preempting state laws to determine whether such preemption is based on an explicit Congressional mandate or an otherwise sufficient legal basis. …
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HK: Anglo Starlite Insurance Co. Ltd. in Provisional Liquidation
By Troutman Pepper Locke on
Posted in Hong Kong, Insolvency, Restructuring and Run-Off
Anglo Starlite Insurance Co. Ltd. (the “Company”) was placed into provisional liquidation on 8 May 2009 following an investigation by the Hong Kong Insurance Authority (“IA”). Peter Whalley and Jan Blaauw of PricewaterhouseCoopers were appointed as joint and several provisional liquidators. …
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Advisen Report Indicates Securities Suits Still On the Rise
By Troutman Pepper Locke on
Posted in D&O Liability, United States
Advisen recently issued a securities filing report for Q1 2009 indicating that the upward trend in securities litigation filings from 2008 is continuing. According to the report, there were a total of 169 securities cases filed in Q1 2009, up from both the prior quarter (Q4 2008 saw 125 filings) and Q1 2008 (134 filings).
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United States International Trade Commission Releases Report: Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets
By Troutman Pepper Locke on
The United States International Trade Commission recently released its report Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets. In preparing its report, drafted at the request of the United States Trade Representative of the Office of the President of the United States, the USITC reviewed non-tariff restrictive measures in 72 countries. …
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NAIC Seeks to Monitor Non-insurance Entities in Insurance Holding Companies
By Troutman Pepper Locke on
Posted in Regulatory, United States
Edwards Angell Palmer & Dodge LLP attended the International Insurance Forum sponsored by the National Association of Insurance Commissioners (the “NAIC”) in Washington, D.C. on May 18, 2009 (the “Forum”). During the Forum, the NAIC announced its plans to review and address solvency issues within insurance holding companies.
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UK: Lloyd’s Announces Capacity Market Rules for 2009
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd’s syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance. …
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New Jersey Senate Considering Ban on Credit-Based Insurance Scoring
By Troutman Pepper Locke on
On May 4, 2009, New Jersey State Senator Nia H. Gill introduced Senate Bill 2766 into the New Jersey State Senate to temporarily prohibit the use of credit-based insurance scoring by property-casualty insurers in rate-making for personal lines insurance coverage. The bill, as currently drafted, would suspend such use of credit-based insurance scoring until June 30, 2011. …
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The Government Accountability Office Releases a Report on Insurance Regulation Uniformity and Reciprocity
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Government Accountability Office (the “GAO”) recently issued a report regarding its review of the steps made by the National Association of Insurance Commissioners (the “NAIC”) and state regulators to make rules regarding producer licensing, product approval, and market conduct regulation more uniform and reciprocal. While the report notes that progress in these three areas has been made, the GAO believes that several challenges still remain.