Jurisdiction: United States

Florida Legislature Creates Task Force on Citizens Property Insurance Claims Handling

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. 

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House Passes Nonadmitted and Reinsurance Reform Act

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. 

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

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. 

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SEC Proposes Changes to Foreign Company Accounting Rules

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. 

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

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. 

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