The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped

Catalyst Investment Group Limited (Catalyst) was found to have shown a “reckless disregard for investors’ interests” having failed to disclose the high risk nature of bonds issued by ARM Asset Backed Securities SA (ARM), according to the FCA’s director of enforcement and financial crime, Tracey McDermott. …
Read More UK: FCA Censures Catalyst and Fines its Compliance Officer for Recklessly Misleading Investors

In Sneller v Das (C442/12) the Court of Justice of the European Union (CJEU) held that a legal expenses insurer cannot stipulate that the costs of using a lawyer chosen by its insured will only be covered if the insurer decides that the case must be handled by external counsel. …
Read More EU: The Court of Justice of the European Union Rules That a Legal Expenses Insurer Must Accept the Insured’s Freedom to Choose His Lawyer

The long-awaited report from the Federal Insurance Office on how to modernize and improve the system of insurance regulation in the U.S. has been released. The Report and related transmittal to Rep. Hensarling can be accessed by clicking here and here, respectively. …
Read More BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED

Effective January 1, 2014, the California Department of Insurance has added six new regulations to Title 10 of the California Code of Regulations. These can be found at Title 10, Chapter 5, Article 22 Sections 2598 through 2598.6. …
Read More California Adds New Hazardous Financial Condition Regulations

The Alexandros T [2013] UKSC 70 concerned the application of Articles 27 and 28 of EC Regulation 44/2001 (the Brussels Regulation). Where proceedings are issued in more than one Member State and involve the same cause of action, Article 27 requires any court other than the first seised to stay proceedings until jurisdiction is established by the first court seised. …
Read More UK: Supreme Court Refuses a Stay of Proceedings, Allowing Insurers to Pursue Damages for Breach of Settlement and Jurisdiction Agreements

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Read More REMINDER – Anti-Corruption and OFAC Compliance for the Insurance Industry – Complimentary Seminar – December 18, 2013

In Rathbone Brothers Plc & Mr Michael Paul Egerton- Vernon v Novae Corporate Underwriting & Ors [2013] EWHC 3457 (Comm), Rathbone Brothers Plc (Rathbone) and Mr Michael Paul Egerton-Vernon (PEV) brought proceedings in the English High Court to recover under the excess layer of a professional indemnity insurance policy held with Novae Corporate Underwriting & Ors (Novae). …
Read More UK: English High Court Considers the Impact of a Consultancy Agreement on the Policy of Insurance and the Right to Subrogation

In a lengthy judgment, Mr Justice Andrew Smith found that damage resulting from the grounding of the vessel “Irene EM” was caused by an insured peril and, as a consequence, was covered by insurance. The judge also held that the vessel was a constructive total loss (CTL). …
Read More UK: English High Court Holds Vessel a Constructive Total Loss

The California Court of Appeal, Third District, in Yanez v. Plummer, 2013 WL 5915639, Cal. Ct. App. 3d Dist., No. C070726 (Nov. 5, 2013) recently held that a former employee deposed in connection with a co-worker’s personal injury suit may pursue malpractice claims against in-house counsel who failed to disclose the conflict of interest created by counsel’s dual representation of the employer-railroad and the employee. …
Read More California Court of Appeal, Third District Holds In-House Attorney May Be Liable for Malpractice for Failing to Warn Employee About Conflict