The Supreme Court of Louisiana recently overturned a Katrina-related Louisiana state appellate court decision, and held that an insurer’s flood exclusion was not ambiguous and that coverage could be denied for water damage sustained to an insured’s property on the basis of this exclusion.
Jurisdictions
Iowa Adopts STOLI Legislation
By Troutman Pepper Locke on
Last week, the Iowa Senate unanimously voted (49-0) to pass Senate File 2392 as amended by the Iowa House which, if signed by the Governor, would revise Iowa’s viatical settlements act to address stranger originated life insurance (“STOLI”) transactions.
Examining Proposals on Insurance Regulatory Reform
On April 16, 2008, the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing on proposals on insurance regulatory reform. …
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EU: European Commission (the Commission) to examine the use of insurance block exemption regulation
By Troutman Pepper Locke on
The Commission has begun a public consultation to investigate the functioning of the Insurance Block Exemption Regulation (BER) and the impact on the various insurance markets in the European Union (EU). …
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Fifth Circuit Reverses Katrina Award Against State Farm
By Troutman Pepper Locke on
The Fifth Circuit recently reversed a January 2007 federal district court decision, Broussard v. State Farm, in which Mississippi policyholders, whose home was destroyed by Hurricane Katrina, had been awarded their policy limits and $ 1 million in punitive damages against State Farm. …
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Lloyd’s enters Brazil
By Troutman Pepper Locke on
In February we reported that Lloyd’s was to apply for admission as a reinsurer in Brazil (see the post here: https://www.insurereinsure.com/BlogHome.aspx?entry=479).
English Commercial Court gives guidance on the meaning of “machinery” in a public and product liability policy
By Troutman Pepper Locke on
The case of John Reilly v National Insurance & Guarantee Corporation Limited [2008] EWHC 722 (Comm) considered whether the failure of a fire extinguishing system was covered under the insured’s public and product liability policy.
U.S. House Bill Aims to Expand Commercial Property Insurance Options for Members of Risk Retention and Risk Purchasing Groups
United States House Representatives Dennis Moore (D-Kansas) and Deborah Pryce (R-Ohio) have recently introduced H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act of 2008 (the “IICO Act”). …
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Market confidence in Bermuda as a leading centre for international insurance and reinsurance remains strong
By Troutman Pepper Locke on
Posted in Bermuda
The Bermuda Monetary Authority (BMA) reported on 14 April 2008 that the Bermuda insurance market continues to maintain a strong performance, against a backdrop of a soft global market. …
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FSA: Insurance in a Wider Financial Context
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Callum MCarthy, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on aspects of the wider financial context of the insurance industry.