Jurisdiction: United States

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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The Brocade Criminal Trial: Former Employee Testimony Damaging to Reyes

The first criminal trial  arising out of the stock options backdating scandals, involving Brocade Communications Systems, Inc.’s former CEO, Gregory Reyes, began on Monday, June 18, 2007 in the United States District Court for the Northern District of California.  Reyes is accused of intentionally falsifying board meeting minutes and disseminating false financial statements in order to conceal the backdating of stock options. 

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The Florida Hurricane Catastrophe Fund

In 1992, in the wake of Hurricane Andrew, the Florida Legislature enacted F.S. § 215.555, which created the Florida Hurricane Catastrophe Fund (the “Fund”).  The Fund is a trust fund, established to reimburse insurers, who write covered policies under F.S. § 215.555(2)(c), for a portion of their catastrophic hurricane related losses. 

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Florida’s Valued Policy Law – When Determining Whether Building is “Total Loss,” Court May Consider Whether Cost of Repair Exceeds Value

Florida’s First District Court of Appeal recently decided that, when determining whether the structure is a “total loss” under Florida’s former Valued Policy Law (“VPL”), a court could consider whether the cost of repairing the building would exceed its value. 

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SEC Prevails in Fraud Case Against Risk Manager

A New York jury recently found a cell phone distributor’s risk manager liable for his alleged role in a scheme to commit securities fraud.  According to the SEC’s allegations, the scheme involved the cell phone distributor’s purchase of a multi-year finite risk insurance policy, which enabled the company to spread a loss over several years.  

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