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The trial involving claims that the U.S. Army Corps of Engineers was negligent in its maintenance of the Mississippi River Gulf Outlet (MRGO), which we discussed here, concluded on May 14, 2009.  Judge Stanwood Duval, Jr. of the United States District Court, Eastern District of Louisiana, is expected to issue his ruling this summer in this non-jury trial. 

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Read More UPDATE: Significant Hurricane Katrina-Related Trial Concluded in Louisiana Federal Court

The Eleventh Circuit federal Court of Appeals recently affirmed summary judgment in favor of an automobile insurance company, finding that no reasonable jury could conclude that the insurer had acted in bad faith by offering the policy limits to an accident victim 33 days after the accident. 

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Read More Eleventh Circuit: As a Matter of Law, Auto Insurer’s Settlement 33 Days After Accident Is Not Bad Faith

On May 20, 2009, President Barack Obama issued a memorandum addressing the limitations of federal preemption of state laws.  The memorandum ordered federal departments and agencies to review regulations preempting state laws to determine whether such preemption is based on an explicit Congressional mandate or an otherwise sufficient legal basis. …
Read More President Obama Orders Federal Agencies To Review Preemption of State Laws

Advisen recently issued a securities filing report for Q1 2009 indicating that the upward trend in securities litigation filings from 2008 is continuing.  According to the report, there were a total of 169 securities cases filed in Q1 2009, up from both the prior quarter (Q4 2008 saw 125 filings) and Q1 2008 (134 filings). 

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Read More Advisen Report Indicates Securities Suits Still On the Rise

Edwards Angell Palmer & Dodge LLP attended the International Insurance Forum sponsored by the National Association of Insurance Commissioners (the “NAIC”) in Washington, D.C. on May 18, 2009 (the “Forum”).  During the Forum, the NAIC announced its plans to review and address solvency issues within insurance holding companies.

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Read More NAIC Seeks to Monitor Non-insurance Entities in Insurance Holding Companies

On May 4, 2009, New Jersey State Senator Nia H. Gill introduced Senate Bill 2766 into the New Jersey State Senate to temporarily prohibit the use of credit-based insurance scoring by property-casualty insurers in rate-making for personal lines insurance coverage.  The bill, as currently drafted, would suspend such use of credit-based insurance scoring until June 30, 2011. …
Read More New Jersey Senate Considering Ban on Credit-Based Insurance Scoring

The Government Accountability Office (the “GAO”) recently issued a report regarding its review of the steps made by the National Association of Insurance Commissioners (the “NAIC”) and state regulators to make rules regarding producer licensing, product approval, and market conduct regulation more uniform and reciprocal.  While the report notes that progress in these three areas has been made, the GAO believes that several challenges still remain. 

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Read More The Government Accountability Office Releases a Report on Insurance Regulation Uniformity and Reciprocity

According to industry reports, the U.S. Treasury Department is willing to inject up to $22 billion into the life insurance industry and has given preliminary approval to six life insurers to participate in the Troubled Asset Relief Program (“TARP”).  TARP is only available to life insurers with federally chartered banks, or savings-and-loan institutions. 

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Read More Treasury Opens TARP Funds to Certain Life Insurers