Last Friday, the House of Representatives passed the Senate’s revised version of the $700 billion bailout bill, H.R. 1424, by a vote of 263-171. This was a significant turnaround from last Monday’s House vote of 205-228, which rejected the first version of the bailout bill. H.R. 1424 was signed into law by President Bush the same day.
Read More UPDATE: House Passes Revised Bailout Bill
United States
Wisconsin Supreme Court Awards Nearly $1 Million Default Judgment Against Insurer That Failed to Timely Answer
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
In Otto v. Physicians Ins. Co. of Wisconsin Inc., 751 N.W.2d 805 (Wisc. 2008), a sharply divided Wisconsin Supreme Court affirmed a default judgment entered against an insurer for damages allegedly caused by its co-defendant insureds’ negligence, even though no finding had been made as to the insureds’ liability for the damages at issue. …
Read More Wisconsin Supreme Court Awards Nearly $1 Million Default Judgment Against Insurer That Failed to Timely Answer
Insane Act Can Be “Intentional” for Insurance Coverage Purposes
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Ninth Circuit federal court of appeals recently held that a person can commit an “intentional act” for insurance purposes even if he was criminally insane at the time of the act. …
Read More Insane Act Can Be “Intentional” for Insurance Coverage Purposes
Pennsylvania Federal Court Bars As Untimely Insurers’ Attempt to Join Additional Insurers in Asbestos Coverage Case
By Troutman Pepper Locke on
A Pennsylvania federal court recently ruled that a group of defendant insurers in an asbestos coverage case would not be permitted to join a number of additional insurers as defendants in the action as their request for joinder was untimely.
Mortgage Broker’s E&O Policy Excludes Coverage for Fraudulent Acts of Its Employee in Connection with Subprime Mortgage Loan Application and Documents
By Troutman Pepper Locke on
The First Circuit Court of Appeals recently held that the fraud and dishonesty exclusion in an errors and omissions policy issued to a mortgage originator and broker excluded coverage for the fraudulent acts of one of its employees in the loan origination process. …
Read More Mortgage Broker’s E&O Policy Excludes Coverage for Fraudulent Acts of Its Employee in Connection with Subprime Mortgage Loan Application and Documents
MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company
By Troutman Pepper Locke on
MBIA Inc. announced yesterday that MBIA Insurance Corporation (“MBIA”), its financial guaranty insurance company subsidiary, had completed a reinsurance transaction with Financial Guaranty Insurance Company (“FGIC”) whereby MBIA will reinsure FGIC’s risks that consist entirely of U.S. public finance bonds with total net par outstanding of about $166 billion.
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Read More MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company
New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement
On September 29, 2008, New York State Insurance Superintendent Eric Dinallo and Chief Executive Officer Matthew Elderfield of the Bermuda Monetary Authority (“BMA”) signed a memorandum of understanding (the “MoU”). …
Read More New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement
U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23
By Troutman Pepper Locke on
Please join the U.S. Reinsurance Under 40s Group at their ReIndustry Speak on October 23, sponsored by Swiss Re, to hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), speak about our industry.
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Read More U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23
Information Security Breaches and Appropriate Responses – New Mandatory Security Rule in Massachusetts and Privacy Policy in Connecticut
An increase in data breaches affecting various industries, including banking, insurance and other financial services, has been profiled recently. These developments require companies to anticipate problems, develop new responsive policies and protective procedures, and react quickly to near-crisis situations resulting from data breaches.
UPDATE: Senate Passes Revised Bailout Bill, Now Up to the House
As we discussed here, the Senate voted on a revised version of the $700 billion bailout bill last night. After more than three hours of floor debate, it passed by a vote of 74 to 25. The House is expected to vote on the Senate’s version of the legislation on Friday.
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Read More UPDATE: Senate Passes Revised Bailout Bill, Now Up to the House