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The FSA has fined LVBS for regulatory failings in the sales processes for PPI policies. (See: Final Notice and  Press Release)  The penalty was imposed in respect of PPI offered to customers who telephoned LVBS seeking unsecured personal loans between 14 January 2005 and 8 August 2007. …
Read More UK: Financial Services Authority (FSA) Fines Liverpool Victoria Banking Services Limited (LVBS) £840,000 for Regulatory Failings in the Sale of Payment Protection Insurance (PPI) Policies

Today, Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. 

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Read More TODAY’S WEBINAR: Insurance Implications of Climate Change

On October 7, 2008, the New York Insurance Department and New York Department of Health will be holding a joint meeting to address out-of-network insurance coverage.  The hearing will be held in response to numerous consumer complaints regarding bills from specialists whom the consumers did not know were out-of-network. 

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Read More New York to Hold Joint Hearing on Out-of-Network Coverage

Reports indicate that state and federal regulators are now turning their attention to Fidelity’s and Schwab’s participation in the Auction Rate Securities (ARS) market. 

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Read More Regulators Probing Fidelity’s and Schwab’s Involvement in Auction Rate Securities Issues

On 22 August 2008, Aon Corporation (Aon) and Benfield Group Limited (Benfield) announced that the boards of both companies had unanimously approved an agreement under which Aon will acquire Benfield for £3.50 per share in cash and assume approximately £91 million of Benfield’s net debt, representing an enterprise value of £935 million ($1.75 billion) on a fully diluted basis. …
Read More UK/US: Aon to Acquire Benfield Group Limited

The provisions of the Act are coming into force in stages, with all provisions expected to be in force by 1 October 2009. GC100 has published an information pack to help companies prepare for the requirements of the Act that will come into force on 1 October 2008. Changes coming into effect on 1 October 2008 include: the introduction of new statutory duties for directors in relation to conflicts of interest; the abolition of the financial assistance prohibition for private companies; and the introduction of a new capital reduction procedure for private companies. …
Read More UK: The Association for General Counsel (GC100) Publishes Pack on Directors’ Conflicts of Interest to Help Companies Prepare for the Requirements of the Companies Act 2006 (the Act)

On Friday, August 15, 2008, Florida Insurance Commissioner Kevin McCarty announced that the Office of Insurance Regulation (OIR) had reached a limited agreement with the Allstate Companies (Allstate). …
Read More Allstate Agrees to Resolve Litigation with Florida Insurance Commission by Paying Fine, Decreasing Rates and Writing More Homeowners Insurance in Florida

UBS recently agreed to buy back $18.6B in auction rate securities (ARS) and pay $150M in penalties ($75M to the State of New York, and $75M to the North American Securities Administrators Association) to settle allegations made by the New York Attorney General and the Securities and Exchange Commission that UBS fraudulently marketed the safety of ARS to customers. …
Read More UBS Auction Rate Securities Settlement

Massachusetts Attorney General Martha Coakley recently announced a settlement with Morgan Stanley & Company (“Morgan Stanley”) to resolve allegations that Morgan Stanley sold high risk auction rate securities (ARS) to Massachusetts municipalities and presented the securities as safe investments. 

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Read More Morgan Stanley to Reimburse Massachusetts Municipalities for Auction Rate Securities

Alabama Governor Bob Riley announced on August 8, 2008 that Walter A. Bell will be resigning as Alabama’s Insurance Commissioner at the end of this month.  Bell has served as Insurance Commissioner since January 2003.  Last year, he served as president of the National Association of Insurance Commissioners (“NAIC”), making him the first Alabama commissioner to head the NAIC. …
Read More Alabama Insurance Commissioner Walter Bell Resigns