The Gulf Coast Claims Facility (“GCCF”) has issued a report containing updated data on claims payments made as of November 17, 2010.
Read More BP Update: Breakdown of Gulf Coast Claims Facility Claim Payments
United States
Third Circuit Affirms District Court’s Vacatur of Arbitration Award, Finding That the Panel Exceeded its Powers by Awarding Relief Not Sought by Either Party
By Troutman Pepper Locke on
The U.S. Court of Appeals for the Third Circuit recently affirmed a District Court’s vacatur of an arbitration award because the arbitration panel exceeded its authority in ordering relief not sought by either of the parties and removing from the parties’ reinsurance agreement a material provision. …
Read More Third Circuit Affirms District Court’s Vacatur of Arbitration Award, Finding That the Panel Exceeded its Powers by Awarding Relief Not Sought by Either Party
Federal BP Spill Panel: No Evidence that Money Trumped Safety in Deepwater Horizon Disaster
By Troutman Pepper Locke on
President Obama’s ordered investigation of the BP disaster seems to lend support to BP’s own conclusions about the disaster and challenges congressional claims – as well as those made by others – that BP, Transocean and Halliburton made decisions that sacrificed safety to cut costs. …
Read More Federal BP Spill Panel: No Evidence that Money Trumped Safety in Deepwater Horizon Disaster
Emergency Rule Proposes Workers’ Compensation Rate Hikes of 12% in Washington State
By Troutman Pepper Locke on
Posted in Regulatory, United States
Last week, the Washington Department of Labor and Industries (the “Department”) announced that it will increase workers’ compensation insurance premiums on average by 12 percent, or 6.5 cents per hour worked. …
Read More Emergency Rule Proposes Workers’ Compensation Rate Hikes of 12% in Washington State
Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule
By Troutman Pepper Locke on
On November 5, 2010, the New York Insurance Department (the “Department”) issued Circular Letter No. 18 (2010) (the “Circular Letter”) setting forth clarification on the implementation of and compliance of insurance producers and authorized insurers with 11 NYCRR 30 (Regulation 194). …
Read More Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule
Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective
By Troutman Pepper Locke on
A study released November 3, 2010 by the RAND Institute for Civil Justice and Risk Management Solutions (the “Study”) found that the Catastrophe Obligation Guarantee Act (S.886/ H.R.4014) (the “Proposed Legislation”) would only modestly increase insurance coverage for losses resulting from an earthquake in California. …
Read More Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective
Connecticut Names New Insurance Commissioner
By Troutman Pepper Locke on
Connecticut Governor M. Jodi Rell has appointed Barbara C. Spear acting Commissioner of Insurance effective today. Governor Rell’s office confirmed the appointment of Ms. Spear, who currently serves as the Director of Consumer Services and Business Regulation at the Connecticut Insurance Department (the “CID”). …
Read More Connecticut Names New Insurance Commissioner
Alien Reinsurers Enter Florida Property and Casualty Market Under Reduced Collateral Rule
By Troutman Pepper Locke on
Earlier this week the commissioner (the “Commissioner”) of the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with three alien reinsurers pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Alien Reinsurers Enter Florida Property and Casualty Market Under Reduced Collateral Rule
Deadline Approaching for Licensing Captive Insurance Company in Delaware in 2010
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Delaware Department of Insurance has issued informal advice that those captive insurance companies that would like to obtain licensing in Delaware in the 2010 calendar year should submit their applications to the Department no later than November 24, 2010. …
Read More Deadline Approaching for Licensing Captive Insurance Company in Delaware in 2010
Ambac Financial Group, Inc. Files for Chapter 11 Bankruptcy
Ambac Financial Group Inc., parent of the troubled Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief on November 8, 2010. As was alluded to in our blog post last week, Ambac has been unable to raise additional capital or come to terms with its debt holders. Additionally, while Ambac had originally sought to enter bankruptcy as part of a prepackaged agreement, this too failed. …
Read More Ambac Financial Group, Inc. Files for Chapter 11 Bankruptcy