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The Senate Subcommittee on Consumer Protection, Product Safety and Insurance (the “Subcommittee”) will hold the first Congressional hearings on Chinese Drywall on May 21st at 10:30 a.m.  The Subcommittee intends to investigate the alleged health and product safety issues associated with Chinese Drywall. …
Read More Chinese Drywall Capitol Hill Update – Senate Subcommittee Will Conduct Hearings and House Orders Study of Available Property Insurance

Earlier this week, the United States District Court for the District of Maine issued its ruling on a motion to dismiss a class action complaint against a supermarket chain based on a massive data breach.  The decision addressed the question of whether when a third party steals a customer’s credit and debit card information from a grocer, can the customer then recover from the grocer? …
Read More Federal Court Decides That Data Breach Case Against Supermarket Chain Can Proceed, But Only As to One Plaintiff

In Dunlop Haywards (DHL) and Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited, Lockton Companies International Limited and MSI Corporate Capital Limited and others [2009] EWCA Civ 354, the Appellant insurance broker (Erinaceous Insurance) appealed against a decision of the High Court (see previous blog post) not to allow the Respondent excess insurers to be joined as defendants in a claim brought against the Appellant by its client insured, Dunlop. 

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Read More UK: Role of Excess Insurers in Proceedings Between Insured, Broker and Sub-Broker

One of the proposed budget savings recently proposed by President Obama is a reduction in the federal government’s role in the terrorism insurance market via a reduction in funding of Terrorism Risk Insurance Act (TRIA). 

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Read More President Obama’s Proposed Budget Calls for Reduction to TRIA

Last week, the New Jersey Senate Commerce Committee began its review of the New Jersey Consumer Catastrophe Preparedness and Protection Act, S. 2089 (the “Bill”), by hearing testimony from representatives of the insurance industry and first responders.  We previously reported about a version of the Bill that was introduced last year, but was never enacted. …
Read More New Jersey Senate Committee Begins Review of Catastrophe Fund Bill

We have previously reported on two consultation papers issued by the European Commission on the regulation of credit rating agencies (click here for our earlier post). The consultation process culminated in the publication of draft regulations (the Regulations). On 23 April the European Commission announced that the Regulations had been approved by the European Parliament and the European Council. 

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Read More EU: European Parliament and Council Approve Regulation of Credit Rating Agencies

We recently reported that the Solvency II directive had been approved by the European Parliament (see the post here). The final stage of the European legislative process has now been completed with the European Commission adopting the directive on Tuesday 5 May. The implementation date, by which each of the EU member states must bring into force implementing regulations, is stated in the directive to be 31 October 2012. 

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Read More Solvency II Directive Adopted; UK Financial Services Authority Publishes Solvency II Feedback

As we previously reported here, the Federal Trade Commission (“FTC”) extended the compliance date for the Red Flag Rules from May 1, 2009 to August 1, 2009.  According to the FTC, the Red Flag Rules are risk-based in recognition of the burden that the Red Flag Rules could impose upon an entity that has only a small risk of identity theft.  The FTC makes clear that higher risk entities should have more elaborate identity theft programs, while low risk entities may have less complex programs. …
Read More FTC Releases Red Flag Program Template for Low Risk Entities

City lawyer, Patrick Raggett, has been allowed to proceed with his claim against the governors of a Jesuit run school he attended. He is claiming £5 million in damages (a record amount) for sexual abuse suffered in the 1970s at the hands of a now deceased priest at the school before it closed in 1978. 

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Read More UK: City Lawyer Sues Governors of Jesuit School for £5m Alleging Sexual Abuse