Scandinavian Reinsurance Company Limited (“Scandinavian Re”) and St. Paul Fire & Marine Insurance Company, St. Paul Reinsurance Company, Ltd. and St. Paul Re (Bermuda) Ltd. (collectively “St. Paul”) entered into a retrocessional agreement under which St. Paul ceded a portion of its casualty reinsurance portfolio to Scandinavian Re.
Read More New York Federal Court Vacates Arbitration Award Based on Evident Partiality
United States
New York Insurance Department Opens Its Regulations to Public Comment
By Troutman Pepper Locke on
Pursuant to Executive Order No. 25 from the New York State Governor’s office establishing a Regulatory Review and Reform Program, the New York State Insurance Department (the “Department”) is inviting comments from regulated entities and other interested parties to identify existing regulations that impose unnecessary, burdensome or excessive costs, paperwork or other requirements.
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NAIC Adopts Revisions to Suitability in Annuity Transactions Model Regulation
By Troutman Pepper Locke on
On March 28, 2010, the National Association of Insurance Commissioners (“NAIC”) issued a press release announcing adoption of revisions to the existing Suitability in Annuity Transactions Model Regulation (the “Model”).
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International Association of Insurance Supervisors (IAIS) publishes guidance paper on insurance groups
By Troutman Pepper Locke on
On 12 April 2010, the IAIS published a guidance paper on the “treatment of non-regulated entities in group-wide supervision” (the Guidance), which is available here.
Former Executives from WaMu Testify in Senate Hearings
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On April 13, 2010, the U.S. Senate Permanent Subcommittee on Investigations (the “Senate Subcommittee”) heard testimony from former executives of Washington Mutual Bank (“WaMu”) in its first day of hearings titled “Wall Street and the Financial Crisis: The Role of High Risk Home Loans.” …
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UPDATE: Louisiana House Passes Surplus Lines Exemption Bill
By Troutman Pepper Locke on
As we previously reported here, the Louisiana House of Representatives scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). …
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Chinese Drywall – Chinese president says that he will look into drywall responsibility
By Troutman Pepper Locke on
United States Senator Bill Nelson (D-Fla.) reports that, this week, Chinese president Hu Jintao told him this week that he would investigate problems with Chinese manufactured drywall.
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EAPD Partner Appointed to NY Insurance Exchange Working Group
By Troutman Pepper Locke on
Posted in New York Developments, United States
Nick Pearson, a partner in EAPD’s Insurance and Reinsurance Department, has been appointed by New York Insurance Superintendent James Wrynn to serve on the New York Insurance Exchange Working Group.
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Eyjafjallajökull Volcano’s Flight Disruption Leads to Uncovered Losses and New Types of Coverage for Airlines
As the Eyjafjallajökull volcano continues to erupt and the dust cloud over much of Europe continues to hang in the air, approximately 16,000 flights each day are being canceled without any certainty as to when normal flight schedules can resume.
New York Seeks Comments on Draft Amendment Restricting Release Terms
By Troutman Pepper Locke on
The New York Insurance Department has proposed a fourteenth amendment to Regulation 64, Unfair Claims Settlement Practices and Claims Cost Control Measures (the “Proposed Amendment”).
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