Recently, the Massachusetts Supreme Judicial Court considered the standard for determining when a title insurer’s duty to defend is triggered. Finding that the scope of the title insurer’s duty to defend is narrow, the court concluded that a title insurer owes a duty to defend only where the title insurance policy at issue specifically envisions the type of loss alleged. …
Read More Massachusetts High Court Narrows Scope of Title Insurer’s Duty to Defend

As previously reported here, the New York Department of Financial Services (“DFS”) began a string of investigations last month into possible violations by non-U.S. reinsurers of U.S. sanctions against Iran as set forth in the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”) that became effective on July 1, 2013. …
Read More New York Widens its Probe into Possible Iran-Related Transactions by Accredited Reinsurers

On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013. …
Read More Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk

On July 17th, 2013, the Financial Condition (E) Committee (the “Committee”) of the NAIC held a conference call resulting in the adoption of the Captives & SPV White Paper (the “White Paper”) in the form of its June 6th, 2013 draft which was adopted by the Captive and Special Purpose Vehicle Use (E) Subgroup (the “Subgroup”). We had originally reported on the adoption of the White Paper by the Subgroup here. …
Read More NAIC Financial Condition (E) Committee Formally Adopts Captives & SPV White Paper

On July 18th, federal U.S. District Court Judge Alvin Hellerstein ruled against Silverstein Properties Inc. (“Silverstein”) in its quest to recover damages from American Airlines and United Airlines as a result of the terrorist attacks of September 11th, 2001. …
Read More District Court Rules Silverstein Unable to Collect From Airlines for 9/11 Attacks

In March 2005, the federal district court in Puerto Rico entered a $6 million judgment for a personal injury plaintiff. In late September 2005, the relevant insurer paid into court its remaining policy limit of $75,000. …
Read More First Circuit Rules That Auto Carrier Must Pay Post-Judgment Interest, Despite Claimants’ Multiple-Year Failure To Demand It

The Hong Kong Federation of Insurers presented a study report on How to Position Hong Kong as a Maritime Centre for the Asia-Pacific Region to the Hong Kong Maritime Industry Council on 29 April 2013 (Report).
Read More Hong Kong: Government urged to help develop and promote the maritime industry

On 9 April 2013, the CIRC promulgated the Notice on Relevant Issues regarding Article 4 (“Notice”) of the Administrative Measures on Equity Interest in Insurance Companies (“Measures”).
Read More China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%

As reported by Reuters on 17 April 2013, according to accountants and bankers with knowledge of the matter, in December 2012 the People’s Bank of China issued new anti-money laundering rules to banks and insurers.
Read More People’s Bank of China requires insurers to implement new anti-money laundering rules by 2015

In the January 2013 newsletter published by the Office of the Commissioner of Insurance (OCI), the OCI confirmed that it is reviewing the solvency and capital regime for insurance companies with a view to develop an appropriate risk-based capital framework for Hong Kong.
Read More Hong Kong to launch RBC model in 2016 at earliest