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In the Matter of Trader Pro LLC v. Pires, No. 012334/09 (N.Y. Sup. Ct., Apr. 16, 2009), the Petitioners moved for an order pursuant to CPLR 3102[c] for the issuance of pre-arbitration subpoenas to the Respondents, in order to determine the identity of other potential parties for an arbitration that Petitioners intended to commence. …
Read More New York State Court Orders Pre-Arbitration Discovery in Aid of Contemplated Arbitration

Mergers and acquisitions (M&As) and joint ventures (JVs) both represent mechanisms for consolidation within the insurance market and new entry into that market. A number of issues involved in consolidation as well as issues relevant to new entrants in the insurance industry, principally in Hong Kong, are considered in this booklet. …
Read More Doing Business in Hong Kong – Issues in Insurance Mergers Acquisitions and Joint Venture

A trial involving claims that the U.S. Army Corps of Engineers was negligent in its maintenance of the Mississippi River Gulf Outlet began recently in Louisiana federal court.  (for a prior blog post regarding these claims, please click here).  The non-jury trial, in which Judge Stanwood Duval, Jr. will preside, is expected to last approximately four weeks. …
Read More Significant Hurricane Katrina-Related Trial Under Way in Louisiana Federal Court

The Pennsylvania Superior Court recently affirmed a lower court’s summary judgment ruling in favor of an insurer, holding that the limit of liability in a directors and officers liability policy was limited to $10 million in the aggregate, as opposed to per claim, even though certain policy documents did not include the word “aggregate” when referring to the limit of liability. 

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Read More Pennsylvania Superior Court Affirms Decision in Favor of Insurer Regarding Whether D&O Policy’s Limit of Liability Applied in the Aggregate or Per Claim

Last week, both the Florida Senate and House passed legislation, Senate Bill 1894 and House Bill 853 respectively (the “Legislation”), to exempt surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise, which contains Florida’s rate and form filing statutes. …
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Passed By Florida Senate and House

The Federal Trade Commission (“FTC”) issued a press release on April 30, 2009, a day before the effective date of the federal Red Flag rules (16 CFR 681, the “Rules”), extending the enforcement date for creditors, for a second time, to August 1, 2009.  For financial institutions, compliance has been required since November 28, 2008.  The Rules require that “financial institutions” and “creditors” with “covered accounts,” as defined under the Rules,  develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft. 

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Read More FTC Delays Enforcement of Red Flag Rules

On April 28, 2009, Democratic Representative Barney Frank, chairman of the U.S. House of Financial Services Committee, told the Reuters Global Financial Regulation Summit in Washington that a congressional panel will examine whether insurance companies should be regulated under an optional federal charter, which would give insurers a choice between state or federal regulation. …
Read More House Panel Hearings on Optional Federal Charter

A New York trial court recently denied an insurer’s motion to dismiss the insured’s claim of consequential/extra-contractual damages for pain and suffering and held that the insured may proceed with discovery to explore whether the insurer’s denial of benefits violated the duty of good faith and fair dealing. …
Read More NY Court Extends Availability of Consequential Damages to No-Fault Insurance Cases

The Court of Appeal has held, in dismissing an appeal from summary judgment given in the Commercial Court, that lease agreements for aircraft can fall within the Unfair Contract Terms Act 1977’s (“UCTA”) exemption for ‘international supply contracts’, even if the contract does not specifically provide for the aircraft to be transported to another country. …
Read More UK: UCTA’S EXEMPTION TAKES FLIGHT – Trident Turboprop (Dublin) Ltd v First Flight Couriers Ltd [2009] EWCA Civ 290