On 1 July 2012, a European Union (EU) ban on payment by EU-based insurers of any claims related to the shipment of oil or oil products across Iran’s borders comes into force. The ban will prevent buyers of Iranian oil from purchasing protection and indemnity (P&I) insurance in the London market. …
Read More EU: Ban on Insurance of Tankers Carrying Iranian Oil

In European Group Limited and Others v Chartis [2012] EWHC 1245 (QB), Mr Justice Popplewell held that damage to the insured’s property during transportation was proximately caused by an external fortuitous accident or casualty, and therefore there was no room for “inherent vice” to be an additional proximate cause. …
Read More UK: English High Court Interprets “50/50” and “Inherent Vice” Clauses

In the latest development in the “Toxic Sofa” litigation (see our blogs of 30 March 2010 and 29 April 2010), the High Court has ruled in (1) Argos Ltd (2) Homebase Ltd and Others v Leather Trade House Ltd (Formerly BLC Leather Technology Centre Ltd) [2012] EWHC 1348 (QB) that Argos and Homebase are able to recover by way of an indemnity from Leather Trade House the sums they had paid out to victims of a harmful anti-fungal chemical used in their leather sofas. …
Read More UK: Negligent Advisers to indemnify Argos and Homebase in “Toxic Sofa” Litigation

On June 4, 2012, Connecticut Governor Dannel P. Malloy signed into law Public Act 103 and Public Act 139, both of which follow model laws recently put forth by the National Association of Insurance Commissioners (“NAIC”). …
Read More Connecticut Enacts NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers

The California State Senate has unanimously passed SB 1216 and SB 1448, both of which follow model laws recently put forth by the National Association of Insurance Commissioners (“NAIC”). …
Read More California Senate Advances NAIC Model Laws Regarding Enterprise Risk and Collateral Reduction for Alien Reinsurers

June 13, 2012
Edwards Wildman Palmer LLP
750 Lexington Avenue
New York, New York  10022

Edwards Wildman Speakers:  Thomas F. Bush, Mark Everiss, E. Paul Kanefsky, Vincent J. Vitkowsky, Laurie A. Kamaiko, Brian J. Green, Neil R. (“Nick”) Pearson, Brent R. Austin, Patrick J. Gennardo
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Read More EDWARDS WILDMAN NEW YORK SEMINAR: 11th Annual Half-Day Insurance and Reinsurance Seminar – Wednesday, June 13, 2012

NEW HHS REPORTING RULE WILL HELP DEFINE “ESSENTIAL HEALTH BENEFITS”
On June 1, the U.S. Department of Health and Human Services (HHS) released a proposed rule that would require the three largest small-group health insurance issuers in each state to report detailed benefit information to HHS, as well as prescription drug coverage information and any limits on the benefits offered. …
Read More Healthcare Update: New HHS Reporting Rule Will Help Define “Essential Health Benefits”; CMS Ends Marketing Outreach for High-Risk Pools

On May 31, 2012, in an anticipated opinion, the Florida Supreme Court resolved five certified questions from the United States Court Appeals for the Eleventh Circuit in a case styled Chalfonte Condominium Apartment Association, Inc. v. QBE Insurance Corporation, Case. No. SC09-441.  The case involves Hurricane Wilma damage sustained to Boca Raton, Florida condominium property owned by the insured. …
Read More Florida Supreme Court Answers Certified Questions from Eleventh Circuit In Anticipated Hurricane Related Bad Faith Opinion