Jurisdictions

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The Eighth Circuit Court of Appeals recently held that no coverage was available under two excess professional liability claims-made insurance policies for class action lawsuits asserting claims similar to those asserted in class actions filed prior to the policies’ effective date.  In so ruling, the Court rejected the insured’s argument that the later suits were covered despite the policies’ prior acts provision because, at the time of the policies’ inception, the insured could not reasonably foresee that a claim might be brought by the specific claimants. 

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Read More Prior Acts Provision Bars Coverage Even If Insured Could Not Reasonably Foresee Claim By Specific Claimant

Relying on the Supreme Court’s decision in Riegel, the U.S. District Court for the Northern District of Illinois recently held that the Food and Drug Administration’s (“FDA”) extensive premarket approval (“PMA”) process for Class III medical devices preempts state law causes of action for injuries allegedly caused by those devices. …
Read More Illinois Federal Court: FDA Premarket Approval Process Preempts State Law Causes of Action

On December 1, 2008, Risk Specialties Companies, Inc., a subsidiary of AIG Commercial Insurance announced its plan to offer Takaful homeowners insurance in the United States, the first installment in a series of insurance products compliant with Islamic Shar’iah law.  In a press release, AIG stated “we’re pleased to offer socially responsible solutions to this segment of the domestic market [U.S.].” 

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Read More AIG to Offer Takaful Insurance Products in the United States

On  October 2, 2008, Wells Fargo presented Wachovia with a signed and Board-approved offer to purchase Wachovia Corporation without government assistance in a stock-for-stock merger transaction valued at $10 billion.  Prior to receiving this proposal, Wachovia had been negotiating with Citigroup to complete a merger transaction that included assistance from the federal government. 

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Read More Court Grants Request for Expedited Proceeding By Wachovia Shareholder Seeking To Enjoin Wells-Fargo Merger

The New York Insurance Department has now issued Circular Letter No. 26 (2008) dated November 18, 2008 to remind liability insurers writing property/casualty policies of the changes resulting from the new law, which takes effect on January 17, 2009, and also to clarify certain aspects of the Legislation.

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Read More New York Insurance Department Issues Circular Letter Summarizing Late Notice Legislation and Advising Insurers to Promptly Revise and File Policy Forms Conforming With New Requirements

The Court of Appeal case of Pratt v Aigaion Insurance [2008] EWCA 1314 concerned the construction of a warranty in an insurance policy. While the judge at first instance found that the clause meant exactly what it said, the Court of Appeal held that the literal meaning could not have been intended by the parties. 

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Read More UK: Pratt v Aigaion Insurance – When Does a Warranty Mean What it Says?

The FSA has brought forward the date from which it will fully integrate TCF into its supervisory work from September 2009 to January 2009. Jon Pain, managing director of retail markets at the FSA, stated that the announcement means: “the FSA can deliver the benefit from the TCF programme more quickly. Our focus will be on the outcome for consumers. 

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Read More UK: Integration of the Treating Customers Fairly (TCF) Initiative Into the Core Supervisory Work of the Financial Services Authority (FSA)