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One of the proposed budget savings recently proposed by President Obama is a reduction in the federal government’s role in the terrorism insurance market via a reduction in funding of Terrorism Risk Insurance Act (TRIA). 

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Read More President Obama’s Proposed Budget Calls for Reduction to TRIA

Last week, the New Jersey Senate Commerce Committee began its review of the New Jersey Consumer Catastrophe Preparedness and Protection Act, S. 2089 (the “Bill”), by hearing testimony from representatives of the insurance industry and first responders.  We previously reported about a version of the Bill that was introduced last year, but was never enacted. …
Read More New Jersey Senate Committee Begins Review of Catastrophe Fund Bill

As we previously reported here, the Federal Trade Commission (“FTC”) extended the compliance date for the Red Flag Rules from May 1, 2009 to August 1, 2009.  According to the FTC, the Red Flag Rules are risk-based in recognition of the burden that the Red Flag Rules could impose upon an entity that has only a small risk of identity theft.  The FTC makes clear that higher risk entities should have more elaborate identity theft programs, while low risk entities may have less complex programs. …
Read More FTC Releases Red Flag Program Template for Low Risk Entities

A Mississippi Federal Court recently refused to remand a case after concluding that the plaintiff improperly joined two insurance agents to a lawsuit to destroy diversity jurisdiction. …
Read More Mississippi Federal Court Dismisses Claims Against Insurance Agents Upon Finding They Were Brought To Destroy Diversity

Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. …
Read More Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009

On February 12, 2009, House Representative Henry “Hank” Johnson (D-GA) re-introduced legislation relating to the Federal Arbitration Act, which is now called the Arbitration Fairness Act of 2009.  In June 2008, we first reported on the initial introduction of this legislation, the Arbitration Fairness Act of 2007 (click here for previous post). …
Read More Proposed Senate Bill Seeks to Enact Significant Changes in Arbitration

The United States Supreme Court will review a decision by the United States Court of Appeals for the Seventh Circuit rejecting the so-called Gartenberg test, which looks to the “reasonableness” of advisory fees charged by investment advisors. …
Read More United States Supreme Court to Consider Challenge To Gartenberg Test Governing Allegedly Excessive Advisory Fees

The Superior Court of Delaware recently held that a D&O insurer failed to timely respond to it insured’s reimbursement requests and must therefore provide reimbursement for prior legal defense costs and advance future defense costs within sixty days of receipt of invoices. …
Read More Delaware State Court: D&O Insurer Waived its Right to Hearing on Reasonableness of Insured’s Reimbursement Requests