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In May 2008, CEIOPS issued a questionnaire to member states on the treatment of third country reinsurers and equivalence measures. CEIOPS’ report on the findings to this questionnaire has recently been published. The questionnaire dealt with three elements of the relationship between Member States of the EEA and third countries – the treatment of reinsurance undertakings, equivalence provisions and co-operation agreements. 

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Read More EU: CEIOPS Releases Report of Third Country Reinsurance Equivalence Survey

Tackling poor sales practices in respect of payment protection insurance is a continuing priority for the FSA, as is evident from the its ongoing work and the regulatory action taken against 20 PPI providers in 2008 (see our most recent post here). The FSA has welcomed the decision by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax and the Bank of Scotland), and RBS/Natwest to stop selling single premium PPI with unsecured personal loans by the end of January 2009. 

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Read More UK: FSA Issues Update on the Sale of Payment Protection Insurance (PPI)

The European Captive Insurance and Reinsurance Owners’ Association (ECIROA) has recently published its comments on CEIOPS’ Issues Paper on Implementing Measures on System of Governance. …
Read More EU: European Captive Insurance and Reinsurance Owners’ Association Comments on System of Governance Issues Paper

In Cain Petroleum Inc. v. Zurich American Insurance Company, A134133 (Or. Ct. App. Dec. 3, 2008), a company that operated gasoline stations sought coverage for a contaminant release under its “Storage Tank System Third Party Liability and Cleanup Policy,” which provided coverage for environmental cleanup costs and third party liability caused by releases from a “scheduled storage tank system” at 17 “scheduled location[s]” after a specific “retroactive date.” 

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Read More Environmental Claims – Limitation to Specified Storage Tanks Upheld

On January 16, 2009, United States District Judge Rebecca R. Pallmeyer, of the U.S. District Court, Northern District of Illinois, Eastern Division, granted summary judgment in favor of defendants UnitedHealth Group, Inc. and Pacificare Health Systems, Inc. on all claims in the antitrust litigation with institutional pharmacy Omnicare, Inc. 

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Read More Illinois Federal Court Dismisses Antitrust Suit Brought by Institutional Pharmacy Against Insurer

Reuters reports that bond insurer Assured Guaranty Ltd.’s proposed acquisition of Belgian lender Dexia’s U.S. bond insurance unit cleared an antitrust hurdle with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. …
Read More U.S. Bond Insurer Clears an Antitrust Hurdle in Acquisition of U.S. Bond Insurance Unit of Belgian Lender

This summer, the Delaware Chancery Court arguably expanded the potential liability of independent directors of Delaware corporations by declining to grant summary judgment in favor of non-conflicted, independent directors that had allegedly accepted a buyout offer without performing standard due diligence about the fairness of the deal. 

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Read More Delaware Supreme Court May Uphold Expansion of the Potential Liability of Independent Directors

New York’s First Department recently issued a decision addressing the circumstances under which a company’s appointment of a special litigation committee (“SLC”) can shield its directors and officers from shareholder derivative litigation. 

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Read More New York State Court Reverses Demand Futility Dismissal Although Board Had Formed an SLC Before Litigation Was Filed

The Second Circuit Court of Appeals has affirmed the dismissal of an “F-Cubed” securities class action — i.e., a securities class action brought by foreign investors who purchased shares in a foreign company on a foreign stock exchange — on subject matter jurisdiction grounds. …
Read More Second Circuit Affirms Dismissal Of “F-Cubed” Securities Class Action

Hutchinson Technology, Inc., a firm with a dual focus on computer hardware technology and health care technology, recently filed suit against UBS AG, UBS Financial Services and UBS Securities LLC (“UBS”) for allegedly fraudulently inducing Hutchinson to purchase millions of dollars in auction rate securities (ARS). …
Read More Hutchinson Technology Files Suit Against UBS Claiming That Auction Rate Securities Regulatory Settlements Are Not Enough