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Please join the Reinsurance Under 40s at their next event — July 30 at Bourbon Street Bar and Grille at 6:00 p.m. — and enjoy a New Orleans-style drink with other members of the industry.  For more information about the July 30 event, click here and for more information about the Under 40s, click here. 

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Read More Join the Re Under 40s at their Summer Event on July 30 in New York

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced on July 7th that all licensed agencies (resident and nonresident) must complete a new online survey by July 23rd, with a threat of administrative action against licensees who fail to meet the deadline. …
Read More REGULATORY ALERT: Michigan Insurance Regulators Request Information from All Active Agencies in Michigan by July 23, 2009

On July 9, 2009, the Treasury released the new guidelines and application procedures for the stimulus program which reimburses taxpayers for the cost of renewable energy property. …
Read More New Treasury Guidelines and Application Procedures for the Treasury Cash Grants in Lieu of Renewable Energy Tax Credits

On July 8, 2009,  Substitute Senate Bill No. 894, An Act Requiring Disclosure of Automobile Liability Insurance Policy Limits Prior to the Filing of a Claim, was signed by Governor Jodi Rell as Public Act 240 (2009). 

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Read More Connecticut: Governor Rell Signs Bill Requiring Insurers to Disclose Automobile Liability Insurance Policy Limits Prior a Claim Being Filed

Responding to concerns voiced by shareholder activists and others, the Securities and Exchange Commission has approved a rule change by the New York Stock Exchange that eliminates broker discretionary voting in uncontested elections for directors. …
Read More Broker Discretionary Voting for Directors Eliminated – Smaller Companies Will Need to Work Harder for the Retail Vote

Last week Rep. Barney Frank (D-MA) introduced H.R. 3139 that would temporarily extend the National Flood Insurance Program (“NFIP”) for an additional six months to March 31, 2010.  The NFIP was temporarily extended through September 30, 2009 as part of the omnibus appropriations bill signed into law by President Obama on March 11. …
Read More National Flood Insurance Program Extension Bill Proposed in House

Several prominent mediators have come together to create REMEDI, the Re/Insurance Mediation Institute, to foster the  development of mediation as a tool for resolving reinsurance and insurance disputes. …
Read More REMEDI, the Re/Insurance Mediation Institute, Formed To Promote Mediation

On July 1, 2009, the Department of Justice announced that it had entered into a deferred prosecution agreement with homebuilder Beazer Homes USA (“Beazer’) in connection with its alleged mortgage and accounting fraud. 

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Read More Beazer Homes Enters Deferred Prosecution Agreement Regarding its Subprime Mortgage Origination Practices

Last month, the Connecticut Appellate Court ruled that where coverage is excluded under a policy of insurance, a plaintiff may not pursue a bad faith claim against the insured in connection with the insured’s denial of coverage. 

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Read More Connecticut Appellate Court: Plaintiff May Not Maintain Bad Faith Claim in Connection With a Denial of Coverage Where Coverage is Excluded