The second day of the 2013 PLUS D&O Symposium featured panel discussions on typical concerns of corporate directors, D&O exposures outside the United States, D&O claims handling, and thoughts about what will drive the industry in 2013. There was also an insightful luncheon keynote address on coping with the volatile economy. …
Read More Reflections on the 2013 PLUS D&O Symposium – Day Two

The first day of the 2013 PLUS D&O Symposium featured panel discussions on regulatory and securities litigation trends, D&O claims in the context of private companies and non-profits, coverage “wish lists,” and current issues in underwriting for financial institutions. There was also a luncheon keynote address on the general convergence of reinsurance and specialty insurance. …
Read More Reflections on the 2013 PLUS D&O Symposium – Day One

In Digital Satellite Warranty Cover Limited v Financial Services Authority [2013] UKSC 7, the Supreme Court unanimously held that extended warranty contracts covering satellite television equipment were contracts of insurance. It was therefore found that Digital Satellite Warranty Cover Limited (the Appellant) was carrying out regulated activities that required FSA authorisation. …
Read More UK: Supreme Court Finds That Extended Warranty Contracts are Contracts of Insurance

In Phoenix Life Assurance Limited v The Financial Services Authority [2013] EWHC 60 (Comm), the High Court upheld the interpretation of the claimant, Phoenix Life Assurance Limited (Phoenix), in respect of a single premium with-profits policy (the Policy). …
Read More UK: The High Court Rules on Interpretation of Single Premium With-Profits Policy

Hong Kong has one of the most developed and competitive insurance markets in Asia. Commentators observe that Hong Kong is over-serviced by insurance companies and market shares are unusually diffuse: in 2011, for example, the top insurer had a market share of only 8.3%, while the top five had a market share of just 30.9%. …
Read More Hong Kong: Challenging Years Ahead for the Insurance Industry

Legislation was recently introduced in the House of Representatives to extend the federal Terrorism Risk Insurance Program through 2019. The lead sponsors of the bill, the TRIA Reauthorization Act of 2013 (H.R. 508), are Rep. Michael Grimm (R-NY) and Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee. …
Read More TRIA Extension Bill Proposed in Congress

According to industry reports, an official at the US Department of Justice (“DOJ”) has indicated that it looks favorably upon companies that implement programs to ensure compliance with the Foreign Corrupt Practices Act (“FCPA”), an act designed to prevent corporate corruption and bribery with respect to business outside the US. …
Read More DOJ Official Indicates That Companies May Avoid FCPA Prosecutions if They Implement Compliance Programs

In recent years, California has sought to establish disincentives for insurance companies to invest in certain sectors of the Iranian industry. However, in early 2012, following challenges to its authority to require divestment, the California Insurance Department (the “Department”) entered into a settlement and agreed not to bar insurers from investments in companies doing business with Iran. …
Read More California Continues to Publicize Insurers Involved in Iranian Investments

In State of Wash. Dep’t of Transp. v. James River Ins. Co., No. 87644-4 (Wash. Jan. 17, 2013), the Washington Supreme Court recently determined that a state statute prohibits binding arbitration clauses in insurance policies. The decision arose out of an insurance coverage dispute between James River Insurance and one of its insureds, the Washington State Department of Transportation (the “Department”). …
Read More Binding Arbitration Clauses in Insurance Policies Found Unenforceable in Washington

In Zaki & Ors v Credit Suisse (UK) Ltd [2013] EWCA Civ 14, the Court of Appeal upheld the decision of the High Court in finding that Credit Suisse (UK) Ltd (the Respondent) was not liable for financial losses suffered as a result of alleged breaches of its statutory duty. …
Read More UK: Court of Appeal Holds Bank Not Liable for Losses Arising From Alleged Breaches of its Statutory Duty