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In Improv West Associates, et al. v. Comedy Club, Inc., 514 F.3d 833 (9th Cir. 2007), the U.S. Court of Appeals for the Ninth Circuit vacated an arbitration award on the basis that the arbitrator’s refusal to abide by well-established California law in rendering its decision was in manifest disregard of the law. 

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Read More U.S. Supreme Court Vacates Court of Appeals’ Decision Applying Manifest Disregard of the Law Standard to Arbitration Award, Remands for Consideration in Light of Hall Street

The Statutory Accounting Principles Working Group of the National Association of Insurance Commissioners (“NAIC”) recently issued a proposal (the “Proposal”) to enhance the disclosure of positions held in credit derivatives, hybrid instruments that have embedded credit derivatives, and certain guarantees in the financial statements filed by insurers. 

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Read More NAIC Proposes Insurer Disclosure of Positions Held in Credit Derivatives and Certain Guarantees

In a recent decision of the United States Court of Appeals for the Eighth Circuit, the court reversed a ruling against a D&O insurer in a coverage action arising from a bankruptcy case. 

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Read More Eighth Circuit: No Extrinsic Evidence Should Be Admitted to Qualify Unambiguous Exclusion

In a recent decision of the United States District Court for the Western District of Missouri, the court held that a reinsurer was required to follow the settlements of its cedent, finding that the treaty contained language sufficient to be deemed a “follow-the-settlements” provision. 

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Read More Court Rules that Reinsurer Must Follow The Settlements of Cedent

A recent study by Benfield Group Ltd. entitled “Global Reinsurance:  Capital Consequences-Billion Dollar Question” predicts a hardening in reinsurance pricing for the coming year, given reinsurers increasing exposure to recent catastrophes, such as Hurricane Ike, and the fallout from the global credit crisis.  Click here to review a copy of

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Read More Pricing in Insurance, Reinsurance Markets Shifting

The Consumer Product Safety Improvement Act of 2008 was signed into law August 14, 2008. It greatly expands the powers of the Consumer Product Safety Commission (CPSC) to protect the public from harmful products. …
Read More New Federal Consumer Protection Law Requires Certifications and Testing, Lowers Limits on Lead and Phthalates in Toys and Children’s Products, Increases Fines, Penalties and Enforcement Powers of CPSC

A federal judge recently denied motions by Credit Suisse First Boston Corp. (“Credit Suisse”) and other defendants to dismiss a lawsuit brought by Bankers Life Insurance Company (“Bankers Life”) over subprime-mortgage-backed bonds that Bankers Life purchased from Credit Suisse. 

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Read More Federal Judge Refuses to Dismiss Subprime Bond Purchaser Action Against Credit Suisse