This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
Read More AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence

In British Waterways v Royal & Sun Alliance Insurance Plc [2012] EWHC 460 (Comm), the High Court held that sums paid by the claimant, British Waterways, in relation to liability for the death of two farmers when a tractor fell into a canal was covered by the policy issued by the defendant, Royal & Sun Alliance Insurance Plc, and that the sums were not excluded as liability “arising out of” the operation of the tractor as a tool. …
Read More UK: High Court Interprets “Arising Out Of” in the Context of an Insurance Policy Exclusion

The High Court has ruled that a manufacturer claiming the “invoice value” of lost goods under an insurance contract governed by the Marine Insurance Act 1906 (the MIA), can claim the goods’ full retail value, notwithstanding that some of the lost goods were unfinished. …
Read More UK: High Court Considers the Insurable Value of Lost Goods Under an Insurance Contract Governed by the MIA

According to media reports, California Insurance Commissioner Dave Jones will introduce legislation shortly that will set minimum permissible amounts for stop-loss policies to self-insured small businesses.  While the minimum amount has not been finalized, it is anticipated that it will be set at $40,000 per employee. …
Read More California Insurance Commissioner Plans Legislation to Set Minimum Permissible Amounts for Stop-Loss Policies

On 2 April 2012, the UK Financial Services Authority (FSA) moved to a “twin peaks” model of supervision internally, shadowing the split of the FSA into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) that will occur once the Financial Services Bill comes into force in 2013. …
Read More UK: FSA Moves to “Twin Peaks” Model

SUPREME COURT APPARENTLY DIVIDED ON INDIVIDUAL MANDATE AND WHETHER TO SCRAP PPACA ENTIRELY
In the U.S. Supreme Court’s hearings last week on the Patient Protection and Affordable Care Act (PPACA), the justices seemed to have mixed views on both the constitutionality of the individual mandate, and the proper course of action should the mandate be found unconstitutional. …
Read More Healthcare Update: Supreme Court Apparently Divided on Individual Mandate and Whether to Scrap PPACA Entirely; House Passes Ryan Budget Plan; AMA Asks CMS for a Break

On 16 March 2012, Mr Justice Morgan handed down his judgment on an application for directions on the Part VII transfer of the UK insurance business of the Combined Insurance Company of America (CICA) to ACE European Group Limited (AEG) and ACE Europe Life Limited (AEL) (click here for a copy of the judgment). …
Read More UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?

The Supreme Court has handed down its decision in the Employers’ Liability Insurance Trigger Litigation (see judgment here). The ruling has provided clear rules governing how EL policies should respond to mesothelioma claims. …
Read More UK: Light on the Trigger – Supreme Court Decision in the EL Trigger Litigation

Edwards Wildman partner Vince Vitkowsky authored an article that is part of Business Insurance’s March 19, 2012 special edition on Cyber Risks.  In the article, which you can read here, he addresses cyber attacks with physical effects, which are coming to be referred to as “Industrial Threats.” …
Read More Industrial Threat Cyber Attacks Challenge Business