The Hong Kong Insurance Authority (HKIA) recently issued a Guideline on Anti-Money Laundering and Counter-Terrorist Financing (GN3) and a Guideline on Exercising Power to Impose Pecuniary Penalty (GN3A). …
Read More HK: Insurance Authority Issued Guideline on Anti-Money Laundering and Counter-Terrorist Financing

A.M. Best’s Special Report on China’s non-life and life insurance industry dated October 8, 2012 (Report) concluded that China’s “insurance market is in a state of transition: after a period of rapid expansion, the market must now adjust for sustainable and healthy growth”. …
Read More China: China’s Evolving Insurance Industry

D&O issuers and policyholders concerned about their exposure to Exchange Act claims for overly optimistic wind-energy deals may be breathing easier in the wake of a Massachusetts federal district court’s holding that a pension fund could not state a viable cause of action against American Superconductor. …
Read More Massachusetts Federal Court Shows Little Patience for Poorly-Pled Exchange Act Claims

Edwards Wildman Speakers:  Joshua P. Broudy, Alexander G. Henlin

When fire or another casualty damages a commercial building, businesses may suffer financial hardship beyond lost income and costs to repair the property. In most situations, a prudent business owner is likely to incur expenses that fall outside the scope of those normally seen in the business’s day-to-day operations. …
Read More AN INVITATION to an Edwards Wildman WEBINAR: US Treatment of Extra Expense Claims

The second annual C5 conference was co-chaired by Ben Beeson of Lockton and Laurie Kamaiko of Edwards Wildman. The initial focus addressed the controversial questions of whether the cyber insurance market was failing to offer a meaningful solution to current day cyber risk, the struggle to remain relevant in the current business market, and whether the UK market would evolve the same as the US market, in light of the impending focus on data breaches with the upcoming European Commission’s Draft Regulation on Data Protection that is likely to impose notice requirements. …
Read More Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

CONGRESSMEN PUSH HHS TO RESPOND TO STATES’ PPACA QUESTIONS
In an October 4 letter to Kathleen Sebelius, the Secretary of the Department of Health and Human Services (HHS), the leaders of the House Energy and Commerce Committee renewed their request that HHS respond promptly to all outstanding questions from states regarding implementation of the Patient Protection and Affordable Care Act (PPACA). Reps. …
Read More Healthcare Update: Congressmen Push HHS to Respond to States’ PPACA Questions; HHS Awards New Exchange Grants While Congressmen Call for Increased HHS Oversight; New York Governor Vetoes Bill to Amend Anti-Kickback Law

Fair Isaac Corp. (Fair Isaac) and the Property Casualty Insurers Association of America released the results of a new survey of property & casualty insurers on October 4, 2012 reporting that 54% of those surveyed expect to see an increase in the cost of fraud in 2012 on personal insurance lines. …
Read More New Survey Reports that Insurers Expect an Increase in Fraud-Related Costs

In Zeckler v Assigned Risk Pool Manager Capita Commercial Services Ltd [2012], the High Court held, on appeal, that the Solicitors Indemnity Insurance Rules 2009 r.10.3 (the Rule) could not be relied upon to hold personally liable a partner in a limited liability partnership for the partnership’s unpaid professional indemnity insurance premiums. …
Read More UK: High Court Rules Limited Liability Partner not Liable for Firm’s Indemnity Insurance Premium

Recently, on August 6, 2012, Massachusetts Governor Deval Patrick signed into law Senate Bill 2400. The Bill, which states that it is “An Act improving the quality of healthcare and reducing costs through increased transparency, efficiency and innovation,” goes into effect on November 4, 2012. …
Read More Healthcare Update: Massachusetts Bans Mandatory Overtime for Nurses

October 18, 2012

Edwards Wildman Speakers:  Richard J. McCarthy, Eric B. Hermanson

It has now been two months since the California Supreme Court handed down its long-awaited ruling in California v. Continental Ins. Co. (the Stringfellow case): rejecting pro rata allocation, and affirming “all sums with stacking” as the preferred method of allocation in long-tail environmental claims under general liability policies. …
Read More COMPLIMENTARY EDWARDS WILDMAN WEBINAR: Life After Stringfellow: All Sums With Stacking Under California Law