The United States Circuit Court of Appeals for the Eleventh Circuit has asked the Florida Supreme Court to decide if liability insurance policies cover damages for violations of a federal law prohibiting the transmission of unsolicited advertisements by facsimile.
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United States
FDIC Chairman Indicates that FDIC’s Powers Could Extend to Insurers
By Troutman Pepper Locke on
Posted in Regulatory, United States
As reported in our previous blog posts here and here, Congress has for some time been considering an Optional Federal Charter that would allow insurance companies to choose between state and federal regulation. As an outgrowth of this concept and in light of the recent the federal bailout of insurance giant America International Group, Congress is now considering expanding the power of the Federal Deposit Insurance Corp. (“FDIC”) to cover insurance companies. …
Read More FDIC Chairman Indicates that FDIC’s Powers Could Extend to Insurers
Urgent Information on Security Policies for Companies with Employee, Customer or Other Relationships with Massachusetts Residents
By Troutman Pepper Locke on
Edwards Angell Palmer & Dodge LLP has recently drafted two Client Advisories related to Massachusetts data security requirements. Click here and here to view the Advisories. They describe new requirements imposed by Massachusetts to be effective May 1, 2009 mandating procedures to be put into effect to protect personal information
Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance
By Troutman Pepper Locke on
According to reports, Goldman Sachs recently agreed to pay $100.5 million to policyholders of the now defunct General American Life Insurance to settle a pending lawsuit brought by General American in which it alleged that Goldman Sachs provided bad advice to the company. Other defendants named in the suit previously settled with General American. …
Read More Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance
Florida State Appeals Court Reverses Jury Award of Bad Faith Damages
By Troutman Pepper Locke on
A Florida appeals court recently ruled that while a state statute provides for the award of “reasonably foreseeable” damages resulting from insurer bad faith, a jury is not free to award such damages without any supporting evidence. …
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Industry Analyst Predicts Impact on D&O and E&O Insurers to Total $9.6 Billion
Advisen recently issued three reports, on the D&O market, E&O market and the financial services industry, containing predictions on the impact of the subprime/credit crisis on insurers worldwide.
With respect to D&O claims, Advisen predicts $5.9 billion in losses for claims during 2007, 2008, and 2009. This amount
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Read More Industry Analyst Predicts Impact on D&O and E&O Insurers to Total $9.6 Billion
Eleventh Circuit Finds that Excess D&O Policy Did Not Cover Attorney’s Fees After Exhaustion of Primary Policy’s Limits
By Troutman Pepper Locke on
The Eleventh Circuit recently held that an excess Directors and Officers (“D&O”) insurance policy did not cover its insured’s attorney’s fees after the primary policy’s limits were depleted. …
Read More Eleventh Circuit Finds that Excess D&O Policy Did Not Cover Attorney’s Fees After Exhaustion of Primary Policy’s Limits
New Massachusetts Guidelines for Mandatory Computer Security Policies
Massachusetts already has one of the most aggressive data security regulations in the country, and robust new guidelines were just issued to implement this regulation, effective January 1, 2009.
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Insurance Company Participation in the Troubled Asset Relief Program
As previously discussed here, here, here, and here, in enacting the Emergency Economic Stabilization Act (“EESA”), Congress authorized the United States Treasury to establish the Troubled Asset Relief Program (“TARP”). As part of the Treasury’s effort to inject capital into the credit markets, the Treasury initiated the Capital Purchase Program (“CPP”) as part of the TARP. …
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Merck Discloses Additional Vytorin Investigations and Lawsuits
By Troutman Pepper Locke on
Posted in Product Liability, United States
Since January 2008, Merck and Co., Inc. (“Merck”) and its joint venture partner, Schering-Plough, Corp. (“Schering-Plough”) have been under investigation for their marketing of the cholesterol lowering drug Vytorin. Last week, Merck announced in its third quarter Form 10-Q that it received notice of further investigations and additional lawsuits, including an investigation by the U.S. Department of Justice (“DOJ”).
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Read More Merck Discloses Additional Vytorin Investigations and Lawsuits