A Massachusetts Special Commission recently recommended that Massachusetts create a catastrophe fund to reduce the cost of coastal insurance within the Commonwealth. Click here to review the Special Commission’s Report.
United States
Lloyd’s Insures Against Grinch
By Troutman Pepper Locke on
Posted in Bermuda, European Union, Hong Kong, Industry Developments, Lloyd's, United Kingdom, United States
Lloyd’s recently issued a press release that it has begun offering a new type of cover – an event cancellation policy that will indemnify insureds for their losses if Christmas is cancelled, postponed, interrupted, curtailed or relocated due to the Grinch’s actions.
Landmark Victory For Reinsurers of Insolvent Integrity Insurance Company
In a matter of first impression under New Jersey law that potentially impacts both the reinsurance and insurance industry and policyholders of insolvent insurance companies, the New Jersey Supreme Court affirmed the appellate division’s ruling that the Fourth Amended Final Dividend Plan (the “FDP”) proposed by the Liquidator for Integrity Insurance Company (“Integrity”) should not be approved because it unlawfully allowed incurred but not reported (“IBNR”) claims to share in the insolvent insurer’s estate. …
Read More Landmark Victory For Reinsurers of Insolvent Integrity Insurance Company
Pennsylvania Appellate Panel Enforces Arbitration Clause in Reinsurance Agreement
By Troutman Pepper Locke on
A Pennsylvania appellate court recently reversed a trial court’s ruling that denied a cedent’s motion to compel arbitration, finding that the existence of a service of suit clause in the reinsurance agreement did not render the arbitration clause meaningless.
…
Read More Pennsylvania Appellate Panel Enforces Arbitration Clause in Reinsurance Agreement
BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program
Earlier today, President Bush signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which provides a seven-year extension of the Terrorism Risk Insurance Program, originally created in the wake of September 11 by Terrorism Risk Insurance Act of 2002 (“TRIA”) and extended by the Terrorism Risk Insurance Extension Act of 2005 (“TRIEA”).
…
Read More BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program
South Carolina Insurance Department Proposes Bulletin regarding Captive Management Companies
By Troutman Pepper Locke on
Posted in Regulatory, United States
Last week, the South Carolina Insurance Department issued a press release (which you can review by clicking here) announcing a proposed Bulletin that will provide guidelines for captive management companies. …
Read More South Carolina Insurance Department Proposes Bulletin regarding Captive Management Companies
$464 million Attorney Fee Award Approved in Connection with $3.2 Billion Tyco Settlement
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In early November 2007, lead counsel responsible for achieving a $3.2 billion settlement in the Tyco securities class action sought court approval for a $464 million fee award. …
Read More $464 million Attorney Fee Award Approved in Connection with $3.2 Billion Tyco Settlement
Delaware Chancery Court Orders Disclosure of Special Committee Communications with Counsel
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In a seemingly routine discovery order issued in the Maxim stock-option backdating case, the Delaware Court of Chancery recently issued a decision that could have major ramifications for special committee practice.
…
Read More Delaware Chancery Court Orders Disclosure of Special Committee Communications with Counsel
Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown
Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets.
…
Read More Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown
Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous
By Troutman Pepper Locke on
In the context of a Katrina-related claim, in its recent decision in Sher v. Lafayette Insurance Company, et al., a Louisiana state appellate court held that an insurer’s water exclusion was ambiguous and that the insurer could not deny coverage for water damage sustained to an insured’s property on the basis of the exclusion.
…
Read More Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous