A German court recently ordered Deutsche Telekom (“DT”) to provide records from a 2005 U.S. lawsuit to plaintiffs in a similar lawsuit filed in Germany.
Read More Deutsche Telekom Ordered by German Court to Turn Over Records Provided in Earlier U.S. Lawsuit
United States
UPDATE: Congress to Continue Examination of Federal Insurance Regulatory Initiatives in September
By Troutman Pepper Locke on
As previously reported in our prior post, Congress is examining three key pieces of legislation that involve regulation of the insurance industry.
Nebraska Adopts Uniform Producer Licensing Measures
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Nebraska Department of Insurance recently adopted uniform producer licensing measures to make the lines of authority available for Nebraska licensed producers consistent with the uniformity standard of the National Association of Insurance Commissioners.
…
Read More Nebraska Adopts Uniform Producer Licensing Measures
NY Insurance Department Announces Successful Closing of Agreement to Recapitalize Syncora Holdings, Ltd.
On July 29, XL Capital (“XL”) announced plans to raise $2.5 billion through an offering of ordinary shares and equity security units, the proceeds of which were to be used to recapitalize Syncora Holdings, Ltd. (formerly known as Security Capital Assurance) (“Syncora”), a bond insurance company that XL spun off in 2006. …
Read More NY Insurance Department Announces Successful Closing of Agreement to Recapitalize Syncora Holdings, Ltd.
Beijing Olympics Protected With Record High-Limit Cancellation Insurance Policies
By Troutman Pepper Locke on
Posted in Industry Developments, United States
With the 2008 Olympic Games set to begin in Beijing, China on Friday, August 8, the International Olympic Committee (“IOC”) has opted to purchase cancellation and abandonment insurance with policy limits of $415 million, more than double the policy limits for the last two Olympic Games combined.
…
Read More Beijing Olympics Protected With Record High-Limit Cancellation Insurance Policies
Placing Conditions on Settlement Payment Constitutes Counteroffer, Opening Door for Bad Faith Claim
By Troutman Pepper Locke on
Posted in Florida Developments, United States
A recent Florida state court decision underscores the importance of accepting a policy limits demand on its precise terms.
Florida Insurance Commissioner Intends to Disapprove of Florida Farm Bureau’s Proposed Rate Hike
By Troutman Pepper Locke on
As previously reported here, Florida Farm Bureau Insurance was seeking a state-wide, 28.4 percent average increase for its homeowners insurance policies. …
Read More Florida Insurance Commissioner Intends to Disapprove of Florida Farm Bureau’s Proposed Rate Hike
City of LA Files Two Lawsuits Over Municipal Bond Losses
By Troutman Pepper Locke on
The City of Los Angeles recently filed two separate lawsuits in California state court concerning substantial losses it allegedly suffered as a result of municipal bonds it previously issued. …
Read More City of LA Files Two Lawsuits Over Municipal Bond Losses
Supreme Court of Alabama: “Abnormal” Bad Faith Claim Improperly Dismissed
By Troutman Pepper Locke on
The Supreme Court of Alabama recently reversed summary judgment in favor of an insurer on an “abnormal” bad faith claim, ruling that genuine issues of material fact existed as to whether the insurer failed to properly investigate the insured’s claim and failed to investigate the condition of the insured’s house prior to the hurricane that allegedly caused the damage.
…
Read More Supreme Court of Alabama: “Abnormal” Bad Faith Claim Improperly Dismissed
Follow the Fortunes Does Not Apply to a Cedent’s Theoretical Liability Under Reinsured Policies
By Troutman Pepper Locke on
Tall Tree Insurance Company (“Tall Tree”) issued two excess liability insurance policies to Hewlett-Packard Company (“HP”).