ACR Capital Holdings, the parent of Asia Capital Reinsurance, a Singapore-based reinsurer, has announced the formation of ACR ReTakaful Holdings Limited, a Dubai-based retakaful company. ACR ReTakaful will be a joint venture among ACR Capital and Malaysian and Dubai investment companies.
Read More Launch of Large ReTakaful Company Announced
Jurisdictions
UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)
By Troutman Pepper Locke on
The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
Read More UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)
Insurance Guarantee Schemes
We reported on 15 January 2008 on the publication of a study on Insurance Guarantee Schemes (IGS) commissioned by the European Commission (the Commission) (click here).
Senate Rejects NFIP Windstorm Amendment
By Troutman Pepper Locke on
This post is an update to our postings on October 2 and October 22, 2007 regarding the proposed legislation to extend the National Flood Insurance Program (“NFIP”). The NFIP is set to expire in September unless renewed. …
Read More Senate Rejects NFIP Windstorm Amendment
Auction Rate Securities: UBS Settles Massachusetts Attorney General Probe for Over $35 Million
UBS Financial Services, Inc. and UBS Securities LLC entered into an agreement Wednesday with the Massachusetts Attorney General to return over $35 million to Massachusetts towns, cities and government entitities that UBS had invested in auction rate securities. The settlement resolves an investigation initiated in February 2008 into allegations that UBS had misrepresented to state entities that auction rate securities were “a permissible investment for the municipalities under Massachusetts law.” …
Read More Auction Rate Securities: UBS Settles Massachusetts Attorney General Probe for Over $35 Million
Brocade: Stock Option Backdating Derivative Suit Names Brocade’s Outside Counsel
By Troutman Pepper Locke on
Posted in D&O Liability, United States
As previously reported on this blog, Brocade Communications Systems, Inc. and its directors and officers have been the subjects of civil litigation for allegedly improper stock option practices. In addition, two former officers – former CEO Greg Reyes and former human resources director Stephanie Jensen – have been convicted of securities fraud and conspiracy, respectively, arising out of Brocade’s alleged stock option backdating.
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Read More Brocade: Stock Option Backdating Derivative Suit Names Brocade’s Outside Counsel
UK: Regulatory: Treating Customers Fairly in Wholesale Markets
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Sarah Wilson, Financial Services Authority (FSA) Director of the Retail Firms Division, gave a speech on Treating Customers Fairly (TCF) in wholesale markets at the Protiviti breakfast meeting on 15 April 2008. A copy of the speech is available here.
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Read More UK: Regulatory: Treating Customers Fairly in Wholesale Markets
Louisiana Looks To Extend Incentive Program
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Louisiana Senate has recently voted to extend the Insure Louisiana Incentive Program (the “Program”). We previously reported about the program here and here. Under the Program, Louisiana earmarked $100 million in grants ranging from $2 to $10 million for qualified property and casualty insurance companies entering the Louisiana market. The goal of the Program is to increase the private market capacity by 15%.
Local Authority’s Participation in Mutual Insurer Questioned
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The English High Court recently considered whether a local authority in London, the London Borough of Brent (Brent), was empowered to set up, with other London authorities, a mutual insurance company, the London Authorities Mutual Limited (LAML).
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Read More Local Authority’s Participation in Mutual Insurer Questioned
Eleventh Circuit: SOX Does Not Save Previously Time-Barred Claims
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In a matter of first impression in the circuit, the U.S. Court of Appeals for the Eleventh Circuit recently affirmed a lower court’s dismissal order on the ground that the longer statute of limitation contained in the Sarbanes-Oxley Act (“SOX”) does not serve to revive claims that had already expired under the previous, shorter statute of limitations.
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Read More Eleventh Circuit: SOX Does Not Save Previously Time-Barred Claims