Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment.
Read More Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
United States
Non-Signatory Compelled to Arbitrate Claims Against Reinsurer
The United States District Court for the Eastern District of Pennsylvania recently ruled that a non-signatory insured was obligated to arbitrate her claims against a reinsurer pursuant to the reinsurance contract’s arbitration provision, finding that the insured was a third-party beneficiary of that contract.
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Leonard Crouse to Retire June 1, 2008
By Troutman Pepper Locke on
Posted in Regulatory, United States
On January 17, 2008, Leonard Crouse announced his plan to retire from his post as Deputy Commissioner of the Captive Insurance Division (“Division”) effective June 1st of this year. The Division is part of the Vermont Department of Banking, Insurance, Securities and Health Care Administration (“BISHCA”). Vermont is the largest captive insurance domicile in the United States.
11th Circuit Reinstates Hurricane Class-Action Lawsuit
In Mills v. Foremost Insurance Co., No. 06-16458 (Jan. 4, 2008), the 11th Circuit recently overturned the dismissal of Florida hurricane victims’ class-action lawsuit relating to mobile home damages. The plaintiffs claimed that their insurer underpaid for the damage to their mobile homes. …
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House Approves Bill Eliminating Certain NFIP Subsidies
The United States House of Representatives passed H.R. 3959 (the “Bill”) on January 23, 2008, in an attempt to improve the actuarial soundness of the National Flood Insurance Program (“NFIP”). …
Read More House Approves Bill Eliminating Certain NFIP Subsidies
Louisiana Completes First Round of Property & Casualty Incentive Program
By Troutman Pepper Locke on
As previously reported here, Louisiana launched the Insure Louisiana Incentive Program in an effort to attract more property and casualty and increase the private market capacity. The program provides grants ranging from $2 million to $10 million in matching funds to qualified property insurance companies.
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Read More Louisiana Completes First Round of Property & Casualty Incentive Program
Federal Court Dismisses Subprime Class Action Claims
By Troutman Pepper Locke on
Late last year, the United States District Court for the Central District of California dismissed a securities class action claim against IndyMac Financial, Inc. and several of its officers and directors because the plaintiffs failed to plead scienter.
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Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
A joint study conducted by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently concluded that there were 166 securities class action lawsuits filed in federal courts nationwide last year. This is a 43% increase from 2006. …
Read More Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
Further Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties
By Troutman Pepper Locke on
As we reported on here, in Stoneridge Investment Partners, LLC v.Scientific-Atlanta, Inc., the U.S. Supreme Court recently declined to permit investor suits against third parties who engaged in deceptive acts that contributed to another party’s securities fraud, where the third parties had no duty to disclose their acts to the public, and where their deceptive acts were in fact not communicated to the public. …
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Connecticut Bulletin Exempts Certain Commercial Lines from Filing Requirements
By Troutman Pepper Locke on
On January 7, 2007, Connecticut Commissioner of Insurance, Thomas R. Sullivan, issued Bulletin PC-03 (the “Bulletin”), announcing a one-year pilot program under which certain lines of commercial insurance will be exempt from state rate and form filing requirements. …
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