United States Archives - Page 291 of 314

New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

Oct 19, 2007 | New York Developments, Regulatory, Reinsurance | United States

On Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.

NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS

Oct 19, 2007 | Regulatory, Reinsurance | United States

Earlier this week, the NAIC announced its proposal, as discussed in our June 7, September 12 and October 9 postings, to modernize U.S. reinsurance regulation to its international counterparts during a panel discussion at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS).

Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

Oct 19, 2007 | Federal Legislative Developments, Regulatory, Terrorism Risk and Insurance | United States

Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote.

Commentators Disagree Over D&O/E&O Exposure from Subprime Litigation

Oct 19, 2007 | D&O Liability, Subprime/Credit Crisis Developments | United States

A recent report by Lehman Brothers Equity Research (“Lehman”) concluded that the estimated impact to D&O/E&O insurers from subprime issues will likely be no more than $1 billion. Lehman Brothers arrived at this estimate using past financial institution professional liability problems as a benchmark.

Florida Issues Subpoena to Insurer in Investigation into Whether Federal and State Antitrust Laws are Being Broken

Oct 17, 2007 | Antitrust, Florida Developments | United States

On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations. The subpoena calls for the testimony to take place on January 15-16, 2008.

SEC Approves NASD Rule 2821 on Deferred Variable Annuities

Oct 17, 2007 | Regulatory | United States

On September 7, 2007, the Securities and Exchange Commission announced approval of new NASD Rule 2821 (click here to view the text of New Rule 2821), designed to protect customers against abusive sales practices in the context of deferred variable annuity transactions.

Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change

Oct 16, 2007 | Climate Change, Florida Developments | United States

Florida’s Chief Financial Officer, Alex Sink, recently co-authored an op-editorial for the Washington Post, noting the insurance industry’s recognition of the perils related to climate change.

$117.5 Million Settlement in Stock Options Backdating Case

Oct 16, 2007 | D&O Liability | United States

According to various media reports (click here and here to read two such reports), a settlement in principle has been reached in a stock options backdating involving Mercury Interactive Corporation, a business software company acquired by Hewlett-Packard last year. According to the reports, the settlement is for $117.5 million, which would make this the largest settlement in an options-backdating case to date.

Texas Courts Rule That Coverage For Construction Defect Claims May Be Available Under A CGL Policy

Oct 16, 2007 | Coverage & Claims | United States

The Fifth Circuit Court of Appeals recently ruled that Mid-Continent Casualty Company owes a duty to defend its insured, Lamar Homes Inc., against construction defect claims under its commercial general liability policy.

California Court of Appeal Holds That Deliberate Acts of Self-Defense Can Be “Accidents” That Give Rise to the Potential For Liability Coverage

Oct 16, 2007 | Coverage & Claims | United States

A California Court of Appeal recently held that “deliberate acts of self-defense” can be “accidents” for purposes of determining an insurer’s duty to defend under a liability insurance policy.

Jurisdiction: United States

New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS

Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

Commentators Disagree Over D&O/E&O Exposure from Subprime Litigation

Florida Issues Subpoena to Insurer in Investigation into Whether Federal and State Antitrust Laws are Being Broken

SEC Approves NASD Rule 2821 on Deferred Variable Annuities

Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change

$117.5 Million Settlement in Stock Options Backdating Case

Texas Courts Rule That Coverage For Construction Defect Claims May Be Available Under A CGL Policy

California Court of Appeal Holds That Deliberate Acts of Self-Defense Can Be “Accidents” That Give Rise to the Potential For Liability Coverage

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