In a lawsuit filed against the U.S. Army Corps of Engineers involving allegations that the Army Corps was negligent in its maintenance of the Mississippi Gulf River Outlet (“MRGO”), a federal district court in Louisiana recently denied plaintiffs’ partial summary judgment motion and defendants’ renewed motion to dismiss.
Jurisdictions
Latin American Insurance Market Growth Updates: Brazil, El Salvador, Peru, Venezuela
By Troutman Pepper Locke on
Posted in Latin American Developments, United States
Several Latin American countries recently reported growth in their insurance markets.
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Mexico Considers Mandatory Auto Insurance Law
By Troutman Pepper Locke on
In response to the large number of accidents in Mexico in which drivers are found to lack automobile insurance coverage, a group of private organizations and governmental groups are prepared to present to the legislature a proposal for mandatory auto insurance coverage.
Court Enjoins Arbitrators from Determining Jurisdiction Over Non-Parties to Arbitration Agreement
By Troutman Pepper Locke on
UBS AG and its affiliates (“UBS”) commenced arbitration against Lakah Funding Limited, the primary obligor and issuer of certain Eurobonds, and against four guarantors of the bonds.
NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework
By Troutman Pepper Locke on
As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting.
Lloyd’s Publishes Mid-Year Coming-Into-Line Arrangements
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has issued a market bulletin giving details of the arrangements relating to mid-year coming-into-line (click here to see a copy). The bulletin is addressed both to members’ agents and to direct corporate members.
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UK: Fraudulent Claims
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Direct Line Insurance (DLI) v. Kenneth Ronald Fox [2009] EWHC 386 (QB), DLI sought to recover sums paid under a buildings insurance policy to an insured, Mr Fox, in respect of fire damage to Mr Fox’s home. Mr Fox had made a claim for recovery under the policy, which DLI accepted, entering into a written agreement providing Mr Fox with a settlement amount and also providing for a VAT payment upon the provision of certain documentation from Mr Fox following the damage being repaired.
UK: Turner Report – Credit Rating Agencies and the Use of Ratings
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have already reported on the publication of the Turner Report here. As part of this report, the FSA Chairman, Lord Turner, considered the role that credit rating agencies played in the current financial crisis and whether they should be regulated in the future.
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New York State Appellate Court: Asbestos Claims Fall Within Products/Operations Hazard Coverage and Are Subject to Aggregate Limits
By Troutman Pepper Locke on
A New York state appellate court recently reversed a landmark 2007 trial court decision and held that asbestos-related bodily injury claims fall within the products/completed operations hazard coverage of the comprehensive general liability policies at issue and are therefore subject to that coverage’s aggregate limits.
UK: Lloyd’s Announces Appointment of New Underwriting Performance Director
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has announced the appointment of Tom Bolt as its new Underwriting Performance Director, replacing Rolf Tolle who steps down as Franchise Performance Director at the end of the year. Although the title changes, we understand the role is largely the same.
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