United States Archives - Page 286 of 314

Florida Workers’ Compensation Rate Decrease Approved

Nov 14, 2007 | Florida Developments, Regulatory | United States

As of January 1, 2008, the workers’ compensation rate in the State of Florida will decrease by 18.4%. On October 22, 2007, Florida Insurance Commissioner McCarty requested the National Council on Compensation Insurance make an amended filing to increase the originally proposed 16.5% reduction, as previously reported about here. Commissioner McCarty believes the rate reduction will save Florida employers over $700 million. To view a copy of the press release, click here.

Connecticut Proposes to Adopt Military Sales Practices Regulation

Nov 14, 2007 | Connecticut Developments, Life Insurance & Annuities, Regulatory | United States

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.

British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

Nov 14, 2007 | Arbitration, D&O Liability, New York Developments | United Kingdom, United States

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.

Supreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards

Nov 14, 2007 | Arbitration, Industry Developments, Reinsurance | United States

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”).

Federal Appeals Court Examines Maine Law Concerning Claims-Made Policies

Nov 13, 2007 | Coverage & Claims | United States

The First Circuit Court of Appeals recently issued an opinion that touched on several aspects of Maine law concerning claims-made insurance policies. Edwards v. Lexington Ins. Co., No. 07-1414 (1st Cir. Nov. 5, 2007).

New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

Nov 12, 2007 | Insolvency, Restructuring and Run-Off, New York Developments, Reinsurance | United States

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.

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

Nov 12, 2007 | D&O Liability, Industry Developments, Subprime/Credit Crisis Developments | United States

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.

Rhode Island Adopts Record Retention Regulation for Insurance Companies

Nov 12, 2007 | Regulatory | United States

Effective November 8, 2007, the Rhode Island Department of Business Regulation implemented Regulation 67, which provides new requirements for the retention and maintenance of records necessary for market conduct examinations.

KAMP RE Cat Bond About to be Triggered

Nov 12, 2007 | Catastrophe Claims, Industry Developments, Reinsurance | United States

Last week, Standard & Poor’s (“S&P”) revealed that a $190 million catastrophe bond issued by special purpose vehicle KAMP RE 2005 Ltd. (“KAMP RE”) on behalf of Swiss Reinsurance America Corp., (“Swiss Re”) is about to be triggered.

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

Nov 12, 2007 | Coverage & Claims, Regulatory | United States

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.

Jurisdiction: United States

Florida Workers’ Compensation Rate Decrease Approved

Connecticut Proposes to Adopt Military Sales Practices Regulation

British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

Supreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards

Federal Appeals Court Examines Maine Law Concerning Claims-Made Policies

New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

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

Rhode Island Adopts Record Retention Regulation for Insurance Companies

KAMP RE Cat Bond About to be Triggered

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

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