On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department. This proposal is just one in a series of legislative drafts being sent to Congress as part of the Administration’s large scale financial regulatory reform efforts (previous proposals discussed here).
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United States
The Florida Office of Insurance Regulation Enters Cooperation Agreement with the United Kingdom’s Financial Regulator
By Troutman Pepper Locke on
On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the United Kingdom Financial Services Authority (“FSA”), the United Kingdom
New York Insurance Department Announces Cooperation Agreement with Thailand
By Troutman Pepper Locke on
On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand
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Treasury Department Sends Systemic Risk Regulation Proposal to Congress, and Other Financial Regulatory Overhaul News
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council – the Financial Services Oversight Council – to identify and manage emerging risks.
NY Appellate Court: Insurer’s Disclaimer Timely and Proper Despite Lack of Prejudice Resulting From Insured’s Late Notice of Claim
By Troutman Pepper Locke on
On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 02260/08 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law. …
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White House Proposes SEC Registration and Oversight of Private Equity, Venture Capital and Hedge Fund Advisors
By Troutman Pepper Locke on
The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC). The proposed legislation marks the most extensive effort to date to register and oversee the private equity, venture capital and hedge fund markets.
New Jersey State Court Compels Attorney to Notify its Professional Liability Insurer of Malpractice Claim
By Troutman Pepper Locke on
Ruling from the bench, a New Jersey state court judge recently ordered an attorney to notify its liability carrier of a malpractice claim. …
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Second Circuit Upholds Dismissal for Advisor Who Recommended Bayou Group Hedge Fund
By Troutman Pepper Locke on
In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC. …
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Update: Shareholder Lawsuit Against Company that Invested in Lehman Bonds a Day Prior to Lehman’s Bankruptcy Has Been Voluntarily Dismissed
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On June 16, 2009, plaintiff Kathryn Squires voluntarily dismissed, without prejudice, the lawsuit filed on behalf of iShares Trust shareholders. …
Read More Update: Shareholder Lawsuit Against Company that Invested in Lehman Bonds a Day Prior to Lehman’s Bankruptcy Has Been Voluntarily Dismissed
New York Revises Draft Commission Disclosure Rule
By Troutman Pepper Locke on
This updates our February 11, 2009 blog posting. On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Original Draft”), which aimed to protect public interests by setting forth minimum disclosure requirements regarding the role of insurance producers and the “actual or potential conflicts of interest created by compensation paid to insurance producers.” …
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