The Supreme Court has confirmed that a tower of liability insurance is exhausted in the order in which the insured’s liability is ascertained by agreement, judgment or award. …
Read More UK: Supreme Court Confirms that Order of Attachment Follows Ascertainment of Insured’s Liability

On August 1, 2013, the California Supreme Court issued its long awaited decision in Zhang v. California Capital Insurance Company. A copy of the decision is available here. …
Read More The Significance of Zhang v. California Capital Insurance Company

Edwards Wildman Speaker: Robert W. DiUbaldo

12:00 PM – 1:15 PM (Central Time)

Please join us on August 28 from noon to 1:15 pm (Central) for this free webinar. Attorneys from Edwards Wildman Palmer LLP and Surdyk & Baker, engineers from St. John-Mittelhauser & Associates and underwriting and claims professionals from the Catlin Group will discuss the recently enacted Illinois Hydraulic Fracking Regulatory Act and its potential consequences, and will answer your questions. …
Read More COMPLIMENTARY WEBINAR – FRACKING the NEW ALBANY SHALE: Legal and Technical Issues Arising from the Passage of the Illinois Hydraulic Fracturing Regulatory Act (HFRA)

In a flawed opinion handed down in Carolina Casualty Insurance Co. v. Merge Healthcare Solutions, the Seventh Circuit ordered an insurance company to pay $3.15 million for attorney fees awarded to the plaintiffs who sued the company’s insured. Some shareholders sued Amicas, Inc. and its officers, who were insured by Carolina Casualty Insurance Co. under a D&O policy. …
Read More The Seventh Circuit Rules that an Insurance Contract’s Exclusion of Any “Multiplied Damages” Does Not Mean the Multiplier Used to Enhance an Award of Attorney Fees

According to South Korea’s financial watchdog, the Financial Supervisory Service (FSS), consumer complaints filed against financial firms totalled 21,338 in the first quarter of this year, up 14.7% from a year earlier, with insurers being the target of most of the complaints. …
Read More South Korea’s Financial Regulator Encourages Insurers to Protect Consumers

The Chinese government will soon allow insurers to set interest rates on their insurance products. Initially, insurers will be allowed to set their interests rates for traditional insurance products such as health, life and pension products.
Read More Chinese Government Will Soon Allow Insurers to Set Their Own Interest Rates

CIRC has recently circulated a document titled “Consultation paper on the regulation of life insurers using reinsurance to improve solvency positions”, inviting feedback on how the scheme is to be carried out and indicating that it is preparing to allow insurers to use reinsurance as a tool for capital optimisation. …
Read More China Insurance Regulatory Commission (CIRC) to Issue Rules for Using Reinsurance as Capital Optimisation Tool

China is due to face financial pressure to preserve and increase the value of its social insurance funds and ensure the sustainability of its policies to cover its aging population, which is growing steadily. In 2010, 178 million people in China were aged 60 years or older, accounting for 13.26% of the total population. The number will likely double by 2030. …
Read More China’s Pressure to Care for Its Elderly

At the Asia Specialty Risks Summit in Singapore on 25 June 2013, Mr Gregor Köhler, CEO & President of Pallas Versicherung AG, the insurance arm of Bayer Group, highlighted the insufficient risk transfer solutions in industrial insurance and warned that as the world’s major industries head towards a consolidation process, industrial insurers need to increase their existing capacities or risk going out of business. …
Read More Survival of Industrial Insurance