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Last week, an Indiana charity that “makes wishes come true” for children with life threatening illnesses filed arbitration claims over subprime related losses it allegedly suffered in a bond fund managed by Morgan Keegan & Co. The Indiana Children’s Wish Fund claims that it lost $48,000, or 22% of its $220,000 investment, in the Regions Morgan Keegan Select Intermediate Bond Fund. …
Read More Indiana Charity Files Arbitration Claims Against Bond Fund Advisor Over Subprime Losses

On October 5, 2007, Nonnie S. Burnes, Commissioner of Insurance for the Massachusetts Division of Insurance, filed Regulation 211 CMR 79 (Private Passenger Motor Vehicle Insurance Rates) with the Attorney General’s Office.  The new regulation is intended to encourage competition and innovation in the automobile insurance market, while maintaining consumer protections. …
Read More Massachusetts Automobile Insurance Rates Enter a New Age

In a matter of first impression, the New Hampshire Supreme Court recently held that a pro rata allocation method, as opposed to a joint and several approach, should be applied in an environmental coverage action for purposes of allocating long-term pollution damage among multiple triggered insurance policies. 

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Read More New Hampshire Supreme Court Adopts Pro Rata Allocation Methodology in Environmental Coverage Case

On November 28, 2007, Nebraska Governor Dave Heineman announced his appointment of Ann Frohman as the Director of the Nebraska Department of Insurance (the “Department”).  Frohman served as the Department’s Deputy Commissioner since January 2004. …
Read More Ann Frohman Appointed as Director of Nebraska Department of Insurance

This post serves as an update to our postings on June 7, September 12, October 9, and October 19.

During the winter meeting of National Association of Insurance Commissioners (“NAIC”) (November 30 through December 4, 2007), the Reinsurance Task Force (“Task Force”) of the Financial Condition (E) Committee unanimously adopted a framework memorandum outlining a three-part approach to modernizing current U.S. reinsurance regulation. 

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Read More NAIC Adopts Memorandum outlining Framework for Reinsurance Regulatory Modernization

As we recently reported, Dickie Scruggs, along with his son and other colleagues, were recently indicted on charges in a judicial bribery case.  Despite some media reports of Scruggs’ initial reluctance to withdraw from the representation of hundreds of policyholder clients in pending Katrina-related coverage lawsuits, Scruggs and his law firm have withdrawn their representation in these suits. …

Read More Scruggs Withdraws from 500 Katrina Coverage Cases

The U.S. District Court for the Northern District of California recently granted an insurer’s motion to intervene in an indemnity dispute between another insurer and an asbestos product supplier. …
Read More California Federal Court: Second Insurer With Interest In Outcome Of Coverage Litigation Has Right To Intervene

New York Superintendent of Insurance Eric R. Dinallo has asked the State’s Workers’ Compensation Board to create new regulations for workers’ compensation medical treatment using recently issued evidence-based guidelines.  The goal is to establish a system in New York, like in some other states, whereby individuals with the same condition receive the same form of treatment. 

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Read More New York To Create New Workers’ Compensation Medical Treatment Regulations