State insurance regulators working through the National Association of Insurance Commissioners (NAIC) joined their counterparts from the China Insurance Regulatory Commission (CIRC) to further regulatory cooperation on issues impacting both countries. The U.S.-China Insurance Regulation Seminar was held in Qingdao, China on July 24th and 25th, 2012.  This seminar is the eighth time that such talks have been held between the parties. …
Read More NAIC-CIRC Dialogue Advances

The New York State Court of Appeals has ruled that additional insureds are not entitled to coverage under a general liability policy if that policy is rescinded due to the named insured’s material misrepresentations. …
Read More New York Court Holds That Additional Insureds Are Not Entitled To GL Coverage Where The Policy Is Rescinded Due To The Named Insured’s Material Misrepresentations

Does an excess liability insurer have standing to bring a malpractice claim against counsel appointed by its insured’s primary carrier to defend against a lawsuit?  In Mississippi, the answer is a qualified, “Yes.” …
Read More Mississippi Appeals Court Recognizes Excess Carrier’s Malpractice Claim Against Insured’s Defense Counsel

In a recent decision, the Supreme Court of Rhode Island declared that a claimant lacks the ability to bring an action against an insurer for violation of Rhode Island’s Unfair Claims Settlement Practices Act, R.I. Gen. Laws, tit. 27, ch. 9.1 (1956).  The case is Great American E&S Insurance Company v. End Zone Pub & Grill of Narragansett, Inc., No. 2010-375-Appeal. …
Read More Supreme Court of Rhode Island Finds That Unfair Claims Settlement Practices Act Does Not Create Private Cause of Action Against Insurers

The Second Circuit recently held that, even if a stock recovers its value after dropping following a corrective disclosure, this does not necessarily negate a showing of loss causation at the pleading stage in a claim for securities fraud.  See Acticon AG, et al. v. China North East Petroleum Holdings Ltd., et al., No. 11-4544-cv (2nd Cir., August 1, 2012).  A copy of the decision is available here. …
Read More Second Circuit Holds That Post-Disclosure Recovery of Stock Price Does Not Negate Loss Causation

In Cox v Ergo Verscherung AG [2012] EWCA Civ 854, the Court of Appeal considered whether, in a claim for damages recoverable from a German insurer, damages should be assessed under English or German law. …
Read More UK: Court of Appeal Considers the Applicable Law to the Assessment of Damages

In preparation for its report to Congress, as mandated under the Section 502 the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office (FIO) is seeking comments from the public on the global reinsurance market and its role in supporting insurance in the U.S. …
Read More FIO Seeks Input Re Reinsurance Market

On July 27, 2012, the Texas Department of Insurance (the “TDI”) issued Bulletin B-0020-12 (the “Bulletin”) requiring all companies writing individual long-term care insurance for new customers in Texas after August 1, 2012 to submit rate information to the TDI by August 17, 2012. …
Read More Texas Requires that Insurers Submit Long Term Care Rate Information by August 17

FEDERAL HEALTH INSURANCE EXCHANGES TO BE OPERATIONAL BY PPACA DEADLINE
The Patient Protection and Affordable Care Act (PPACA) mandated that online health insurance exchanges be created and operating in all states by October 1, 2013, so that individuals and small groups can enroll in plans in advance of a January 1, 2014 start date. In states that do not create their own exchanges, the federal government will be required to implement federally operated exchanges. …
Read More Healthcare Update: Federal Health Insurance Exchanges to be Operational by PPACA Deadline; Congressional Recess Nears, Election Looms

Louis Mercedes and Stephen Ixer of Edwards Wildman recently authored an article on how the microinsurance market is making strides in Latin America, which appeared in LatAm Insurance Review. …
Read More Louis Mercedes & Stephen Ixer Analyze the Growth of Microinsurance in Latin America