United States

Seventh Circuit Strictly Construes Consent To Settlement Provision

By Troutman Pepper Locke on June 20, 2008

Posted in Coverage & Claims, D&O Liability, Illinois Developments, United States

The Seventh Circuit Federal Court of Appeals recently held that an insurer had no liability for its insured’s settlement of noticed claims where the insured had failed to seek or obtain consent to that settlement.

Delaware Chancery Court To Decide Whether Executives Are Entitled to Advancement of Legal Costs Incurred in Appeals of Criminal Convictions

By Troutman Pepper Locke on June 19, 2008

Posted in D&O Liability, United States

The Delaware Chancery Court was recently asked to rule on an issue of first impression: whether a corporation’s duty to advance its executives’ legal bills includes expenses incurred in appealing criminal convictions. …
Read More Delaware Chancery Court To Decide Whether Executives Are Entitled to Advancement of Legal Costs Incurred in Appeals of Criminal Convictions

NAIC Considers Climate Change Measures

By Troutman Pepper Locke on June 18, 2008

Posted in Climate Change, Regulatory, United States

A white paper examining the potential impact of climate change on the insurance industry has recently been approved by the National Association of Insurance Commissioners’ (“NAIC”) Climate Change and Global Warming Task Force (the “Task Force”). The white paper is intended to begin a process of encouraging, or even requiring, insurers to address climate change risk in order to protect consumer and insurer solvency. …
Read More NAIC Considers Climate Change Measures

U.S. Supreme Court Vacates Judgment: Questions Concerning the Willfulness of Fair Credit Reporting Act Violations May Not Be for the Jury

By Troutman Pepper Locke on June 17, 2008

Posted in Industry Developments, United States

The United States Supreme Court recently vacated a judgment of U.S. Court of Appeals for the Third Circuit that had held that questions regarding the willfulness of violations of the Fair Credit Reporting Act are an issue of fact.

Vermont Governor Signs Captives-Related Bill

By Troutman Pepper Locke on June 17, 2008

Posted in Regulatory, United States

Governor Jim Douglas of Vermont signed S.284 (the “Bill”) into law on May 28, 2008. Among other things, the Bill includes provisions to strengthen existing captive insurance company regulations, facilitates the merger of captives into existing companies and increases consumer protection.

Louisiana Jury Awards $21 million Against Insurer for Katrina Claims

By Troutman Pepper Locke on June 16, 2008

Posted in Catastrophe Claims, Coverage & Claims, United States

In a recent trial, a jury awarded $21 million to a grocery store chain and its owner against their insurer for the insurer’s unreasonable failure to pay for Katrina-related damages sustained to several of their stores. The trial in the case of Marketfare Annunciation, LLC, et al. v. United Fire & Casualty Insurance Com, et al., took place in federal court in Louisiana.

North Carolina Issues News Release Regarding Conseco’s Multi-State Settlement Regarding Long Term Care Insurance Claims

By Troutman Pepper Locke on June 16, 2008

Posted in Healthcare, Regulatory, United States

Last week, North Carolina Insurance Commissioner Jim Long issued a news release urging consumers holding long term care insurance policies issued by two subsidiaries of Conseco Inc. (“Conseco”) to be aware of a multi-state settlement (the “Settlement”) that could result in adjustments made to past claims. Conseco agreed to a $2.3 million fine, along with an additional $30 million for claims-handling improvements and restitution.

EU: New York and German Insurance Regulators Agree on Closer Co-operation

By Troutman Pepper Locke on June 13, 2008

Posted in European Union, New York Developments, Regulatory, United States

The insurance regulators in New York and Germany have recently signed a memorandum of understanding (MoU), which establishes a formal basis for greater co-ordination between the two jurisdictions.

Connecticut Adopts Captive Legislation

By Troutman Pepper Locke on June 13, 2008

Posted in Connecticut Developments, Regulatory, United States

On June 2, 2008, Connecticut Governor Jodi Rell signed S.B. 281 into law making Connecticut the latest state to permit the formation of captive insurance companies. S.B. 281 is very similar to the captive insurer statutes of Vermont, currently the largest U.S. domicile for captive insurance companies.

InsureReinsure.com Turns One, Launches Subscription Feature

By Troutman Pepper Locke on June 11, 2008

Posted in Bermuda, European Union, Hong Kong, Industry Developments, United Kingdom, United States

Today is the one-year anniversary of the launch of InsureReinsure.com and we mark the occasion by adding an additional feature for our readers. Beginning today, on the left-hand side of your screen, you will see a new link allowing you to “subscribe” to InsureReinsure.com to receive emails each workday morning with links to the prior day’s posts.