Last month, the New York Department of Financial Services (“DFS”) published notice in the New York State Register that it would be adopting several amendments to its holding company regulations. The DFS stated that the purpose of the amendments is to bring New York regulation in conformance with the National Association of Insurance Commissioners (“NAIC”) 2010 model Insurance Holding Company System Regulatory Act in order to ensure that New York maintains its NAIC accreditation status. …
Read More New York Amends Holding Company Regulations

The Court of Appeal in Valiant Insurance Co v (1) Sealion Shipping Ltd (2) Toisa Horizon Inc [2012] EWCA Civ 1625 has affirmed the High Court’s first instance decision that the insureds (the Respondents) were entitled to an indemnity under a loss of hire marine insurance policy issued by Valiant, the Appellant. The policy entitled the insureds to $70,000 per day, plus interest, for a maximum of thirty days in excess of twenty-one days. …
Read More UK: Valiant Appeal in Loss of Hire Case Dismissed

As all are aware, on New Year’s Day, the Senate and the House of Representatives approved a bill to avert the so-called fiscal cliff. The “American Taxpayer Relief Act of 2012” includes the latest in a series of one-year patches to prevent major cuts in physician Medicare fees. …
Read More Healthcare Update: Fiscal Cliff Deal Includes Temporary “Doc Fix” for 2013

We have previously reported on the Joint Review of Insurance Contract Law Reform being undertaken by the Law Commission and Scottish Law Commission (the Commissions) (see our previous blog here). The Commissions’ second consultation paper, Post Contract Duties and other Issues, sought responses to, amongst other things, the issues of (i) Damages for Late Payment; and (ii) Insurers’ Remedies for Fraudulent Claims. …
Read More UK: Law Commissions Publish Responses to Second Consultation Paper

During the Geneva Association’s Insurance and Finance Conference held on December 11, 2012, the Association presented the results of its benchmarking study comparing 28 global systemically important banks to 28 of the largest global insurers, applying the criteria established by the international Financial Stability Board (FSB) for designation of global systemically important insurers (G-SIIs). The report was issued in anticipation of the FSB’s designation of G-SIIs, which is expected in early 2013. …
Read More Banks vs. Insurers: Systemic Risk Comparison; A Study Prepared by The Geneva Association

The European Court of Justice (ECJ) has confirmed that airlines should pay compensation to passengers who are subject to long delays, giving them the same rights as those who are denied boarding or whose flights are cancelled. …
Read More EU: ECJ Confirms Compensation Payments for Delayed Passengers

The California Court of Appeal recently affirmed dismissal of a class action suit alleging that an insurer had unlawfully charged service fees to policyholders who paid for their insurance in monthly installments. A copy of the opinion, rendered in the matter styled In re Insurance Installment Fee Cases, No. D057138 (Calif. App., 4th Dist., Div. 1), is available here. …
Read More California Court Finds for Insurer in Service Fee Case

Making headlines around the world this week, UBS has agreed to pay approximately $1.5 billion in fines and disgorgements to regulators in the United States (including the Commodities Futures Trading Commission and the Department of Justice); the United Kingdom’s Financial Services Authority; and Switzerland’s FINMA, to resolve investigations into the bank’s alleged manipulation of the LIBOR interest rate. …
Read More Newest LIBOR Manipulation Settlement by UBS Could Change Landscape for LIBOR Plaintiffs in MDL and Other Suits

In Genesis Housing Association Ltd v Liberty Syndicate Management [2012] EWHC 3105 (TCC) Mr Justice Akenhead held that Genesis was in breach of warranty for failing correctly to identify the builder of a construction project in a proposal form which contained a basis of the contract clause. …
Read More UK: High Court Rules in Relation to Basis of the Contract Clause