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Thomas R. Sullivan, Insurance Commissioner of Connecticut, recently published notice of intent to adopt a regulation concerning military sales practices to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory practices in the sale of individual life insurance and annuity products. …
Read More Connecticut Proposes to Adopt Military Sales Practices Regulation

Recently, Corporate Officers & Directors of Assurance Ltd. (“CODA”), a U.K. insurer that issued a directors and officers policy to Tyco International Ltd., petitioned a New York state court to confirm an arbitration award directing Tyco’s former CEO, L. Dennis Kozlowski, to pay CODA about $2 million. 

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Read More British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

On Wednesday, November 7, 2007, the United States Supreme Court heard oral arguments in Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, in which the court is examining whether parties can contract for arbitration agreements that allow for judicial review of an arbitrator’s decision beyond that which is already provided for in the Federal Arbitration Act (“FAA”). …
Read More Supreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards

Recently, a New York state court gave the New York Liquidation Bureau (“NYLB”) permission to notify more than 300,000 creditors of Union Indemnity Insurance Company (“Union Indemnity”) that it plans to make the first distribution from the insolvent property casualty insurer’s estate. …
Read More New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

A shareholder class action suit was filed against Merrill Lynch & Co. on October 30, 2007 following an announcement by Merrill Lynch that it would have to write-down $8.4 billion in connection with mortgage-related investments. The charge for that write-down is being taken in the third-quarter of 2007. 

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Read More Shareholders File Class Action and Derivative Suits Against Merrill Lynch Over $8.4 Billion Subprime Write-Down

On Tuesday, Washington voters approved a measure to allow plaintiffs to receive treble damages from claims alleging bad faith claims handling by an insurer.   This is a marked increase from the current law that limits recoveries resulting from bad faith of an insurer to the actual damages incurred. 

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Read More Washington Voters Approve Measure to Allow Treble Damages in Insurer Bad Faith Actions

In Zurich American Ins. Co. v. The Superior Court of Los Angeles County, et al., No. B194793 (Cal. App., 2nd Dist., Oct. 11, 2007), an appellate panel reversed a lower court’s order and held that the attorney-client privilege extends to communications between an insurer’s employees regarding legal advice and strategy, even if such communications do not contain advice directly from counsel, when disclosure is reasonably necessary for the transmission of that information or to further the purpose of the legal consultation. …
Read More California Appellate Court Rejects Narrow Definition of Attorney-Client Privilege With Respect to Documents Contained in Insurer’s Claims Files