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In a recent decision originating from the United States District Court for the Southern District of New York, on remand from the Second Circuit Court of Appeals, the court held that (i) there was no basis for finding that joint liquidators for a Bermuda insurer were deficient or engaged in any misconduct, or that their actions resulted in any prejudice to reinsurer Commercial Union and (ii) that vacating the underlying arbitration award and granting injunctive relief would confer an undeserved benefit on Commercial Union. …
Read More Federal Court Rules That Reinsurer Was Not Prejudiced By Redomestication of Insurer Carried Out Through Deceit

The Connecticut Supreme Court recently reversed a lower court decision and held that the failure to charge a jury on an insurer’s special defense of late notice was harmful error. 

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Read More Connecticut Supreme Court: Failure to Submit Insurer’s Special Defense of Late Notice to Jury was Harmful Error

UBS has agreed to pay $4.4 million in return for a consent judgment resolving the Massachusetts Attorney General’s investigation of UBS’s sales of auction rate securities (ARS) to Massachusetts municipalities and state agencies. 

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Read More UBS Settles Auction Rate Securities Claims By Massachusetts Attorney General for $4.4 Million

Midwest Employers Casualty Company (“MECC”) filed suit against Legion Insurance Company in the United States District Court for the Eastern District of Missouri seeking a declaration with respect to its liability under forty-three reinsurance contracts issued to Legion. 

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Read More Insolvent Insurer Ordered to Produce Documents Related to its Reinsurance

On Wednesday, July 23rd and Friday, July 25th, the New York State Insurance Department and the New York Attorney General held the second and third public hearings in a series of three hearings concerning producer compensation and disclosure of fee arrangements to consumers. 

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Read More The New York Insurance Department and New York Attorney General Held their Second and Third Joint-Hearings Regarding Insurance Producer Compensation

The Fifth Circuit Court of Appeals recently affirmed a decision of the U.S. District Court for the Southern District of Texas holding that a jury’s finding of knowing misconduct on the part of an insured does not preclude the finding of a covered “accident” resulting from such misconduct. 

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Read More Fifth Circuit Affirms Coverage for Property Damage Caused by Knowing Misconduct

The Connecticut Attorney General, Richard Blumenthal, recently filed separate complaints against The McGraw-Hill Companies, Inc. (as the parent of Standard & Poor’s), Moody’s Corp., and Fitch, Inc.  The complaints were filed in the Connecticut Superior Court, Judicial District of Hartford.  Each complaint contains a single count for violation of Connecticut’s Unfair Trade Practices Act (CUTPA). 

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Read More Connecticut Attorney General Files Complaints Against Rating Agencies

State Farm and the Florida Farm Bureau insurance companies have asked Florida state regulators to approve rate increases for homeowners’ policies.  State Farm’s company spokesman has reported that, since 2000, for every dollar in premiums collected the company spent $1.20 in claims and other expenses, including salaries and profits. 

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Read More Crist Resists Florida Homeowners Insurers’ Request for Rate Increases