Plaintiffs sued their insurer, Northbrook Indemnity Company, which removed the case to federal court and moved to compel arbitration. A Florida district court granted Northbrook’s motion to compel, and the dispute proceeded to arbitration.
Read More Federal Court Denies Insured’s Motion to Vacate Arbitration Award: Finds That Reinsurer Was Not Indispensable Party to Dispute, Arbitrators Had Authority to Award Attorneys’ Fees, and Manifest Disregard of the Law is No Longer Viable
United States
The BP Disaster: The Flood of Oil has Stopped, Insurance Claims have Just Begun
By Troutman Pepper Locke on
(This post is an excerpt from the full article here, originally published by Bloomberg Finance L.P. in the Vol. 4, No. 9 edition of the Bloomberg Law Reports—Insurance Law. Reprinted with permission.)
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The BP disaster (also referred to as the Deepwater Horizon disaster or the Macondo blowout) in the Gulf of Mexico is now considered to be the largest accidental oil spill in history. On April 20, 2010, an explosion and resulting fire at the Deepwater Horizon semi-submersible oil drilling platform, the cause of which is still uncertain as investigations continue, killed 11 platform workers and injured 17 others out of the 126 crew members on board the platform at the time. …
Read More The BP Disaster: The Flood of Oil has Stopped, Insurance Claims have Just Begun
New York Considers Catastrophe Pool
By Troutman Pepper Locke on
The New York State Insurance Department (“NYID”) issued a news release on September 22, 2010 (the “News Release”) announcing proposed measurers aimed at ensuring the availability and affordability of homeowners insurance in coastal areas of New York. Such proposals include the creation of a catastrophe pool to be funded by insurer assessments and used to help cover the cost of hurricanes and other catastrophes. …
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OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance
On September 23, 2010, David Brummond, Senior Sanctions Advisor for Insurance at the Office of Foreign Assets Control (“OFAC”) in the U.S. Treasury Department, gave a presentation at the HR Litigation Conference on International Economic Sanctions on “Regulation of Business – Important Considerations for Insurance and Reinsurance.” Mr. Brummond’s presentation gave an overview of the role of OFAC with respect to insurance industry related activities. …
Read More OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance
Healthcare News from Capitol Hill and the Department of Health and Human Services – September 27, 2010
By Troutman Pepper Locke on
Healthcare matters remained highly relevant throughout the month of September, as comments were released on important home health regulations, as a lawsuit appeared likely to move forward, and as lawmakers and the President marked the six-month anniversary of the new healthcare reform law. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – September 27, 2010
NAIC Representative Selected for Financial Stability Oversight Council
By Troutman Pepper Locke on
The National Association of Insurance Commissioners (“NAIC”) has selected Missouri Insurance Director John Huff as its representative on the new Financial Stability Oversight Council (the “FSOC”), which was created under the Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). …
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The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation
By Troutman Pepper Locke on
(This is a partial excerpt of an article previously published in Bloomberg Insurance Law Report available here.) The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act)1 is the latest development in the ongoing saga of state versus federal regulation of insurance. Unlike other major industries, insurance is still primarily and almost exclusively regulated by the states – and the states have long been vigilant about keeping it that way. …
Read More The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation
Congress Passes One-Year Extension for National Flood Insurance Program
By Troutman Pepper Locke on
As we previously reported here, earlier this week the U.S. Senate passed the Flood Insurance Program Reextension Act of 2010 (S. 3814) (the “Act”) to extend the National Flood Insurance Program (“NFIP”) from September 30, 2010 to September 30, 2011. The U.S. House of Representatives passed the Act yesterday. The Act is expected to be signed by President Obama shortly. …
Read More Congress Passes One-Year Extension for National Flood Insurance Program
United States Solicitor General: The Convention Is Not Preempted by the McCarran-Ferguson Act
By Troutman Pepper Locke on
As our readers know, we have been following the developments in Louisiana Safety Association of Timbermen – Self Insured Fund v. Certain Underwriters at Lloyd’s, London, et al., No. 09 945, a case under consideration for certiorari by the U.S. Supreme Court that concerns whether Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, as implemented by Chapter 2 of the Federal Arbitration Act (the “FAA”), is an “Act of Congress” subject to the anti preemption provision of the McCarran Ferguson Act, 15 U.S.C. 1011, et seq. …
Read More United States Solicitor General: The Convention Is Not Preempted by the McCarran-Ferguson Act
Join the U.S. Re Under 40s Group on October 7 at Katwalk
By Troutman Pepper Locke on
The next U.S. Re Under 40s Group event will be in New York, at Katwalk on October 7, starting at 6:00. The U.S. Under 40s Group will be hosting members of the Bermuda Under 40s Re/Insurance Group while they are in New York. It promises to be an excellent opportunity to meet our friends from Bermuda and network with other members of the U.S. Re Under 40s Group. …
Read More Join the U.S. Re Under 40s Group on October 7 at Katwalk