In Koransky, Bouwer & Poracky, P.C. v. The Bar Plan Mutual Ins. Co., No. 12-1579 (7th Cir. Apr. 2, 2013), the Seventh Circuit affirmed summary judgment against an Indiana law firm and in favor of its malpractice insurer, as the firm’s notice of claim to the insurer was untimely. …
Read More The Seventh Circuit Bars Malpractice Coverage for an Insured Law Firm Despite the Firm’s Subjective Belief That it Represented its Client Correctly

This case concerned which one of two insurers was liable for the losses caused by damage to economiser blocks which were to be incorporated in two boilers on a new energy-from-waste facility near Slough. The blocks were manufactured in Romania and transported by road or by road and sea. On installation at the facility, testing revealed cracking in the rows of tubing contained in the blocks. …
Read More UK: Causation and Inherent Vice: Court of Appeal Dismisses Appeal in Ace European Group Ltd v Chartis Insurance UK Ltd [2013] EWCA Civ 224

At the Spring Meeting of the National Association of Insurance Commissioners (NAIC), the NAIC Reinsurance Task Force announced that the Federal Insurance Office (FIO) requested that the NAIC conduct a survey on access to reinsurance data. …
Read More NAIC to Conduct Survey on Access to Reinsurance Data on Behalf of FIO

On April 17, 2013, the Florida Senate Committee on Banking and Insurance approved SPB 7152 as committee bill SB 1888 (the “Bill”). The Bill would eliminate Florida’s no-fault personal injury protection (“PIP”) coverage requirements, which were reformed just last year as the result of serious negotiations. …
Read More Florida Senate Committee Approves Bill Repealing No-Fault Law

The Bermuda Monetary Authority (BMA) announced that it has appointed Craig Swan, formerly the BMA’s Director, Insurance Supervision, to the newly created post Managing Director, Supervision. Mr. Swan will lead all of the BMA’s regulatory functions. The Director, Banking, Trust, Corporate Services and Investment and Director, Insurance Supervision will each report to Mr. Swan.
Read More Swan Appointed Managing Director, Supervision by BMA

Monday’s attack affected hundreds of lives and businesses struck by the tragedy. Insurers and reinsurers will undoubtedly face claims and losses in the wake of Monday’s devastation. …
Read More Patriot’s Day Bombing – Insurance Issues?

On April 3, 2013, the Federal Reserve Board (“FRB”) approved a final rule (“Final Rule”) that establishes (1) definitions of the terms “significant nonbank financial company” (or, more commonly referred to as SIFIs or “systemically important financial institutions”) and “significant bank holding company,” and (2) the requirements for determining when a company is “predominantly engaged in financial activities.” …
Read More FRB Issues Final Rule on SIFIs

On 1 April 2013, the Prudential Regulation Authority (PRA) published a Policy Statement on its decision-making process, and disciplinary and enforcement procedures. …
Read More UK: PRA Publishes Policy Statement on Its Approach to Decision-Making and Enforcement

For insurers doing business in Florida, a recent appellate court decision reaffirms the importance of a timely offer of settlement even in extremely challenging conditions to protect against bad-faith liability. …
Read More Florida Appellate Court Decision Increases Pressure On Insurers To Settle Claims In Order To Avoid Potential Bad Faith