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This entry updates our March 24, 2010 posting.  The NAIC issued a press release earlier this month announcing its intent to hold a public hearing on the emergence of stranger originated/owned annuity transactions (“STAT”), but did not specify the date or location of the hearing. 

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Read More NAIC Provides Details Regarding Upcoming Hearing on Stranger Owned Annuities

On March 24, 2010, Judge Rebecca Beach Smith of the U.S. District Court for the Eastern District of Virginia dismissed claims filed by a Virginia Beach-based builder seeking insurance coverage for the costs of voluntarily remediating Chinese Drywall. …
Read More Chinese Drywall – Federal Judge Rules No Coverage For Drywall Remediation

The NAIC’s International Insurance Relations (G) Committee (the “Committee”), chaired by Commissioner Kevin McCarty (Florida) met on Friday, March 26, 2010, during  the NAIC Spring National Meeting.  The Committee received an update on International Strategy and Action Plans and discussed International Association of Insurance Supervisors (“IAIS”) strategic planning, including the Common Framework or Supervision of Internationally Active Insurance Groups (“Common Framework”). 

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Read More NAIC Update: International Insurance Relations (G) Committee

Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company’s computer system. 

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Read More District of New Jersey Dismisses Securities Fraud Claims Against Company That Suffered Data Breach

Healthcare reform’s long and often bumpy journey through Congress came to a close last week, as President Obama signed into law the 2,000+ page legislation that will overhaul the nation’s healthcare system.  Simultaneously, the Senate worked to clear a package of corrections to the new law via the budget reconciliation process, changing it ever so slightly and sending it back to the House for one final vote. 

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Read More Last Week in DC: The Healthcare Reform Debate – March 29, 2010

On February 17, 2010 Judge Kaplan issued a written opinion granting in part and denying in part the individual Lehman defendants’ motion to dismiss in In re: Lehman Brothers Mortgage-Backed Securities Litigation. 

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Read More Lehman Defendants’ Motion to Dismiss Granted in Part and Denied in Part in In re: Lehman Brothers Mortgage-Backed Securities Litigation