At The Insider Scope 2010 seminar in London on 10 February 2010, Joe Plumeri, Chairman and Chief Executive of Willis – and “Number 1 Fan” of the insurance industry – put forward his outlook for the (re)insurance industry. During his speech, Mr Plumeri set out his “Top Ten Risks in 2010”.
United States
New Jersey Trial Court Cannot Apportion Defense Costs Based On Claimed Damages, But Must Apportion Based On The Reasonable Value Of The Legal Services Rendered In Defending The Respective Claims
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The New Jersey Appellate Division in William H. Hall Co. v. Harleysville Ins. Co. of NJ (October 13, 2009) reversed and remanded a trial court’s decision in a declaratory judgment action following summary judgment motions made by the parties.
Judge Orders Insurer to Cover R. Allen Stanford’s Defense Costs
By Troutman Pepper Locke on
According to the Houston Chronicle, U.S. District Judge David Hittner, who is presiding over R. Allen Stanford’s criminal proceeding, has ordered Lloyd’s of London to pay for the criminal defense attorneys defending Mr. Stanford and two other officers of his company who were recently indicted for allegedly running a $7 billion Ponzi scheme.
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Read More Judge Orders Insurer to Cover R. Allen Stanford’s Defense Costs
Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court
By Troutman Pepper Locke on
The Liquidator of Midland Insurance Company moved to remand to state court a lawsuit asserted against Dunav Re to recover for claims billed to Dunav Re by Midland under certain reinsurance treaties. …
Read More Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court
Last Week in DC: The Healthcare Reform Debate – February 16, 2010
By Troutman Pepper Locke on
The two major snowstorms that struck Washington, DC last week brought business on Capitol Hill to a near standstill, as the House cancelled all votes for the week and the Senate conducted limited business. As a result, Democrats headed into the first congressional recess of 2010 with little progress to report on their retooled jobs agenda, and no substantive breakthroughs on their stalled healthcare reform efforts. …
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California Federal Court Finds That Issue of Whether Commutation Terminated Certain Reinsurance Contracts was for the Arbitration Panel to Decide
By Troutman Pepper Locke on
Petitioner Sun Life Assurance Company of Canada (“Sun Life”) moved to confirm an arbitration award against Respondents Liberty Mutual Insurance Company, Golden Eagle Insurance Corporation and San Diego Insurance Company. The award was rendered by a panel of three actuaries and required Sun Life to pay a specific commutation amount to Respondents pursuant to certain reinsurance contracts. …
Read More California Federal Court Finds That Issue of Whether Commutation Terminated Certain Reinsurance Contracts was for the Arbitration Panel to Decide
New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)
By Troutman Pepper Locke on
This updates our January 27, 2010 posting. At the Insider Scope conference in London on February 10, 2010, New York Insurance Department (“NYID”) Superintendent James Wrynn announced that the NYID is targeting September 2010 for the publication of its action plan for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). …
Read More New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)
Massachusetts Division of Insurance on the Move
By Troutman Pepper Locke on
The Massachusetts Division of Insurance has announced that it is relocating its offices to 1000 Washington Street, 8th floor, Boston MA 02118-2218 effective March 22, 2010.
New Massachusetts Insurance Commissioner Named
By Troutman Pepper Locke on
Joseph G. Murphy, the acting Massachusetts Insurance Commissioner, has been named the new Massachusetts Insurance Commissioner. Murphy temporarily took over the duties of insurance commissioner after Nonnie Burns stepped down in September 2009. …
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Eight Circuit Rejects FDA Preemption Defense Raised by Generic Drug Manufacturers
By Troutman Pepper Locke on
Posted in Product Liability, United States
On November 27, 2009, the United States Court of Appeals for the Eighth Circuit held that failure to warn claims directed at generic pharmaceutical manufacturers are not preempted by federal law.
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Read More Eight Circuit Rejects FDA Preemption Defense Raised by Generic Drug Manufacturers