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

In Turville Heath Inc v Chartis Insurance UK Limited [2012] EWHC 3019 (TCC), Mr Justice Edwards-Stuart in the High Court refused the defendant’s application for a stay of proceedings under s. 9 of the Arbitration Act 1996 (Arbitration Act) but granted a stay using the court’s inherent jurisdiction under s. 49 of the Senior Courts Act 1981 (SCA). …
Read More UK: Court Proceedings Stayed in Turville v Chartis

In (1) Christine Brown-Quinn (2) Webster Dixon LLP & Ors v (1) Equity Syndicate Management Ltd (2) Motorplus Ltd [2012] EWCA Civ 1633, the Court of Appeal held that conditions in a legal expenses insurance contract were in breach of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 reg.6 (the Regulations). …
Read More UK: Court of Appeal Finds Conditions in a Legal Expenses Insurance Contract to be in Breach of Regulations

The Competition Commission (CC) has released an issues statement and timetable for its market investigation into the supply and acquisition of private motor insurance (PMI) in the United Kingdom. The CC investigation will seek to establish whether any features of the PMI market have the effect of preventing, restricting or distorting competition within that market. …
Read More UK: Competition Commission Publishes Timetable for Private Motor Insurance Investigation

The Cayman Islands legislature has amended the Insurance Law, 2010 to, among other things, permit licensing of two new classes of reinsurers. The new class C insurer license permits reinsurance through the issuance of catastrophe bonds and other similar instruments, such as insurance linked securities. …
Read More Cayman Islands Creates Two New Classes of Reinsurers

“SAVE AND STRENGTHEN MEDICARE ACT” INTRODUCED
On December 11, the outgoing chairman of the House Ways and Means Health Subcommittee introduced a bill (the “Save and Strengthen Medicare Act,” H.R. 6645) that proposes major changes to the Medicare program. Rep. Wally Herger (R-CA), who is retiring from Congress at the end of this year, said that the bill “embrace[s] the best ideas that have been put on the table to date, from any political or ideological quarter.” …
Read More Healthcare Update: “Save and Strengthen Medicare Act” Introduced; CMS Issues Nine Conditional Approvals for Exchanges; HHS Rejects “Partial” Medicaid Expansions

At the recently concluded NAIC Fall National Meeting, the Reinsurance Task Force of the Financial Condition (E) Committee, released for public comment the highly anticipated draft of the NAIC Process for Developing and Maintaining the List of Qualified Jurisdictions (“Process”). The stated purpose of the Process is to establish a method for evaluating the reinsurance supervisory systems of non-U.S. jurisdictions. …
Read More NAIC Proposes Reinsurance Credit “Qualified Jurisdictions” Standard and Process

The United States District Court for the Middle District of Florida recently issued an Order denying coverage to an insured for an underlying class action suit alleging violations of the Telephone Consumer Protection Act of 1991, as amended by the Junk Fax Prevention Act of 2005.   See Interline Brands, Inc. v. Chartis Specialty Insurance Company, No. 3:11-cv-731-J-25JRK (M.D. Fla. November 21, 2012). …
Read More Florida District Court Grants Dismissal of TCPA Coverage Lawsuit on Basis of Statutory Exclusion