United States Archives - Page 311 of 314

Florida Legislature Creates Task Force on Citizens Property Insurance Claims Handling

Jun 26, 2007 | Catastrophe Claims, Florida Developments | United States

The Florida Legislature created the Task Force on Citizens Property Insurance Claims Handling and Resolution during a special session in 2007. Citizens Property Insurance Company, Florida’s state sponsored insurer, experienced significant difficulties in handling the deluge of claims from the 2004 and 2005 hurricane seasons.

Service of Suit Clause Not an Exclusive Forum Selection Clause Under New Jersey Law

Jun 26, 2007 | Coverage & Claims, New Jersey Developments | United States

On June 20, 2007, the Superior Court of New Jersey, Appellate Division reaffirmed that New Jersey Courts do not consider a Service of Suit Clause in an insurance policy to constitute an exclusive forum selection clause in favor of the insured.

Does an SEC Settlement Constitute Uninsurable Disgorgement?

Jun 26, 2007 | Coverage & Claims, D&O Liability, New York Developments | United States

An intermediate New York State appellate court held late last year that there was a question of fact whether a component of an SEC settlement that was specifically labeled “disgorgement” actually constituted the kind of disgorgement that courts deem uninsurable as a matter of public policy.

House Passes Nonadmitted and Reinsurance Reform Act

Jun 26, 2007 | Excess and Surplus Lines, Federal Legislative Developments, Regulatory, Tax Related Developments | United States

On June 25 and for the second time in nine months, the House unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance.

Insurance Company Provides New Video Game Development Coverage

Jun 26, 2007 | Industry Developments | United States

Fireman’s Fund Insurance Company recently released a new insurance coverage product for the video game development industry. The policies will insure video game producers in a similar manner as policies that insure television and film producers.

Defective Products Claims Against ExxonMobil Deemed Multiple “Occurrences” Under New York Law

Jun 25, 2007 | Coverage & Claims, New York Developments, Product Liability | United Kingdom, United States

On June 5, 2007, a New York State Court located in Manhattan ruled that various products liability claims relating to ExxonMobil Corporation’s defective resin and lubricant products were multiple “occurrences” under liability insurance policies issued to ExxonMobil by Lloyd’s of London.

SEC Proposes Changes to Foreign Company Accounting Rules

Jun 22, 2007 | Regulatory | United States

On June 20th, the U.S. Securities and Exchange Commission (the “SEC”) approved a proposal that, if ratified, could allow foreign companies doing business in the United States to choose between filing data using international financial reporting standards (“IFRS”) or the U.S. generally accepted accounting procedures (“GAAP”). This change would bring the U.S. closer to other major financial centers that currently welcome IFRS.

The Supreme Court Defines the PSLRA’s “Strong Inference” Standard

Jun 22, 2007 | Coverage & Claims, D&O Liability | United States

On June 21, 2007, the Supreme Court issued a significant decision for securities litigators and D&O insurers that eliminated a circuit split over the interpretation of a key pleading requirement of the Private Securities Litigation Reform Act (the “PSLRA”).

House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program

Jun 22, 2007 | Federal Legislative Developments, Regulatory, Terrorism Risk and Insurance | United States

On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program. The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years.

Third Circuit Rules that Consolidation is Issue for Arbitrators

Jun 21, 2007 | Arbitration, Asbestos, New Jersey Developments, Reinsurance | United States

On June 12, 2007, the Third Circuit affirmed a New Jersey district court’s ruling that arbitrators, and not the court, should determine whether a reinsurance dispute involving numerous asbestos claims should be arbitrated in a single, consolidated proceeding.

Jurisdiction: United States

Florida Legislature Creates Task Force on Citizens Property Insurance Claims Handling

Service of Suit Clause Not an Exclusive Forum Selection Clause Under New Jersey Law

Does an SEC Settlement Constitute Uninsurable Disgorgement?

Insurance Company Provides New Video Game Development Coverage

Defective Products Claims Against ExxonMobil Deemed Multiple “Occurrences” Under New York Law

SEC Proposes Changes to Foreign Company Accounting Rules

The Supreme Court Defines the PSLRA’s “Strong Inference” Standard

House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program

Third Circuit Rules that Consolidation is Issue for Arbitrators

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