United States Archives - Page 275 of 314

First Circuit Applies Tellabs For The First Time

Jan 31, 2008 | D&O Liability | United States

In its first application of the Supreme Court’s Tellabs opinion issued last summer, the First Circuit Court of Appeals recently affirmed the dismissal of securities fraud claims against various actors associated with defaulted bonds issued by the now-defunct Bradford College.

Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier

Jan 31, 2008 | Antitrust, Florida Developments, Massachusetts Developments | United States

In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc. Click here to review the press release, petition and final judgment with AIG. The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.

U.S. District Court Issues STOLI Decision

Jan 31, 2008 | Life Insurance & Annuities, New York Developments | United States

Last week, a federal district court in New York issued a ruling in Life Product Clearing LLC v. Angel, 07 Civ. 475 (S.D.N.Y) (2008), that may have implications for stranger owned/ initiated life insurance (“STOLI”) transactions.

Zurich Financial Services Appoints Tony Blair as Climate Change Advisor

Jan 31, 2008 | Climate Change, Industry Developments, Regulatory | United States

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.

Non-Signatory Compelled to Arbitrate Claims Against Reinsurer

Jan 30, 2008 | Arbitration, Insolvency, Restructuring and Run-Off, Reinsurance | United States

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.

Leonard Crouse to Retire June 1, 2008

Jan 29, 2008 | 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

Jan 29, 2008 | Catastrophe Claims, Coverage & Claims, Extra-Contractual Liability, Florida Developments | United States

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.

House Approves Bill Eliminating Certain NFIP Subsidies

Jan 25, 2008 | Catastrophe Claims, Federal Legislative Developments, Regulatory | United States

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”).

Louisiana Completes First Round of Property & Casualty Incentive Program

Jan 25, 2008 | Catastrophe Claims, Regulatory | United States

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.

Federal Court Dismisses Subprime Class Action Claims

Jan 23, 2008 | D&O Liability, Subprime/Credit Crisis Developments | United States

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.

Jurisdiction: United States

First Circuit Applies Tellabs For The First Time

Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier

U.S. District Court Issues STOLI Decision

Zurich Financial Services Appoints Tony Blair as Climate Change Advisor

Non-Signatory Compelled to Arbitrate Claims Against Reinsurer

Leonard Crouse to Retire June 1, 2008

11th Circuit Reinstates Hurricane Class-Action Lawsuit

House Approves Bill Eliminating Certain NFIP Subsidies

Louisiana Completes First Round of Property & Casualty Incentive Program

Federal Court Dismisses Subprime Class Action Claims

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