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A delegation of representatives from municipal bond issuer advocacy groups, the National League of Cities and the National Association of Counties, met last month with the staff of the New York State Insurance Department (the “NYSID”) to discuss the possible formation of a not-for-profit mutual municipal bond insurer that would be broadly-owned by the issuers of municipal debt.  During the discussion, the staff of the NYSID walked the delegation through the mutual insurance company licensing process. 

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Read More Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement

In DHL GBS (UK) Limited v Fallimento Finmatica SPA [2009] EWHC 291 the English High Court declined an application by DHL GBS (UK) Limited (DHL) to stay its own appeal against the registration of an Italian judgment which had been entered against it. …
Read More UK – English High Court Decision Hints at the Impact of the West Tankers Decision

The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
Read More De Larosière Report on Financial Supervision in the EU

In addition to the requirements for an insurer to be authorised to carry on insurance (whether general business or long term business and whether as a direct insurer, composite insurer, reinsurer or captive insurer) in or from Hong Kong (as described in our companion guidance note on the “Authorisation of insurers in Hong Kong”) there are a number of continuing regulatory requirements that the insurer will need to satisfy on authorisation and thereafter. 

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Read More Doing Business in Hong Kong – Ongoing Regulatory Requirements for Insurers

On February 19, 2009, Connecticut Insurance Commissioner Thomas R. Sullivan testified before the Connecticut Insurance and Real Estate Committee in support of House Bill 6354, titled “An Act Regulating Surety Bail Bond Agents” (the “Act”).  The Act would reform the bail bond industry and allow the Connecticut Insurance Department to better regulate the industry through stronger laws. 

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Read More Connecticut Insurance Commissioner Supports Bail Bond Reform

As we previously reported here, former Massachusetts Governor Mitt Romney signed a health care bill, known as “An Act Providing Access to Affordable, Quality, Accountable Health Care” (the “Act”), into law on April 12, 2006.  The Act became effective on July 1, 2007 and requires that all Massachusetts residents carry health insurance, unless they have a waiver for religious reasons or have a waiver from the Commonwealth Health Insurance Connector Authority (the “Connector”).  Individuals that do not have a waiver and do not have health care insurance face fines of more than $1,000 per individual for the 2009 tax year. …
Read More Recession Will Test Massachusetts’ Mandatory Health Insurance Program

On February 12, 2009, the U.S. Court of Appeals for the Ninth Circuit held that shareholders of St. Joseph Medical Corp. (“St. Joseph”) could bring a securities class action against Cowen & Company (“Cowen”), an investment bank, in California state court under the Delaware carve-out of SLUSA for poor advice provided during the merger of the closely-held corporation with FPA Medical Management (“FPA”), a publicly-held company. …
Read More Federal Appeals Court: Shareholders Can Sue Financial Advisers in State Court Under Delaware Carve-Out of Securities Litigation Uniform Standards Act (SLUSA)

On February 17, 2009, the Northern District of Texas issued a decision in which they applied an Insured v. Insured exclusion to a shareholder derivative action brought by two plaintiffs, only one of which was an “Insured.”  The Court concluded that the action was excluded in its entirety based on the plain meaning of the Insured v. Insured exclusion. …
Read More Insured v. Insured Exclusion Applies Where One of the Two Underlying Plaintiffs Was Not an “Insured”

On February 17, 2009, the US District Court for the Southern District of New York dismissed, without prejudice, a shareholder derivative action pending against Merrill Lynch’s directors and officers alleging breach of fiduciary and waste of corporate assets in connection with Merrill Lynch’s exposure to subprime debt. …
Read More Merrill Lynch Subprime-Related Shareholder Derivative Action Dismissed

The State Court of Appeal of Louisiana, Fourth Circuit has held that an insured could pursue her lawsuit for Katrina-related damages against her insurer,  Louisiana Citizens Property Insurance Corporation, even though the lawsuit was filed over a year after the August 2007 filing deadline had expired. …
Read More Recent Louisiana State Court Ruling Allows for New Hurricane Katrina-Related Suits Despite the Passing of the August 2007 Filing Deadline