Jurisdictions

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Recently, the United States Treasury Department (the “Treasury”) has announced that certain life insurers that have acquired banks and thrifts are eligible to receive assistance from the Capital Purchase Program, a sub-program of the Troubled Asset Relief Program. 

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Read More United States Treasury Department to Offer Financial Assistance to Life Insurers

On April 9, 2009, U.S. Senator Patrick Leahy (D-Vt.) recommended Molly Lambert, current President of the Vermont Captive Insurance Association (VCIA), to President Barack Obama for the post of U.S. Department of Agriculture (USDA) State Director for Rural Development for Vermont and New Hampshire. 

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Read More Molly Lambert, VCIA President, Recommended by Senator Leahy (D-VT) for Regional USDA Post

The United States Court of Appeals for the Fifth Circuit recently vacated a portion of a November 2007 ruling against State Farm Fire and Casualty Company, in which plaintiffs Judy and Michael Kodrin were awarded damages arising out of State Farm’s alleged bad faith failure to timely pay their claim for Hurricane-Katrina related wind damage. 

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Read More Fifth Circuit Vacates Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith

The Financial Services Authority has previously voiced concerns with the lack of transparency regarding brokers’ commission and invited the insurance industry to prepare guidance on commission disclosure and the management of the potential conflicts of interest. 

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Read More UK: FSA Approves Industry Guidance on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market

In Temple Legal Protection Ltd v QBE Insurance (Europe) Ltd [2009] EWCA Civ 453, Temple Legal Protection (Temple) appealed against a first instance decision dismissing its appeal against an arbitration award, which stated that Temple had no entitlement to conduct the run-off of business of QBE Insurance (Europe) (QBE) after termination of its binder by QBE. 

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Read More UK: Court of Appeal Rules on Underwriting Agent’s Entitlement to Conduct Run-Off

The United States District Court for the Northern District of Florida granted the receiver for The Aries Insurance Company (“Aries Insurance”) its motion to remand the case.  The court remanded the receiver’s action to the state court in accordance with the requirements of the McCarran-Ferguson Act’s reverse preemption doctrine. 

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Read More Federal Court Grants Receiver’s Motion to Remand Under the McCarran-Ferguson Act’s Reverse Preemption Doctrine