In The Seashell of Lisson Grove Ltd & Ors v Aviva Insurance & Ors [2011] EWHC 1761 (Comm), Mr Justice Teare decided three preliminary issues in relation to the construction of clauses in property insurance contracts which purported to ameliorate the effects of breaches of warranty and misrepresentations and non-disclosures. Teare J found for the insured on each issue, as set out below.
Read More UK: High Court Upholds Non-invalidation Clauses in Relation to Breaches of Warranty in Insurance Contracts
UK: High Court Rejects Appeal Concerning Alleged Arbitrators’ Error of Law
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
Micoperi SrL (Micoperi) v. The Shipowners’ Mutual Protection & Indemnity Association (Luxembourg) (the Club) concerned an appeal by Micoperi under section 69 of the Arbitration Act 1996 (AA) that the arbitrators in their Partial Final Award in an arbitration between Micoperi and the Club had made an error of law. …
Read More UK: High Court Rejects Appeal Concerning Alleged Arbitrators’ Error of Law
U.S. Under 40s Event this Wednesday – Lloyd’s Insurance Market to the World presented by Hank Watkins( President of Lloyd’s America)
By Troutman Pepper Locke on
Posted in United States
The next U.S. Under 40s Group Event – Lloyd’s Insurance Market to the World with Hank Watkins, President of Lloyd’s America – will take place on Wednesday. The event, which is sponsored by Towers Watson, will take place at their office in midtown New York, starting at 6:00 pm. …
Read More U.S. Under 40s Event this Wednesday – Lloyd’s Insurance Market to the World presented by Hank Watkins( President of Lloyd’s America)
SEC Issues Final Rules on Form PF Reporting Requirements of Investment Advisors
By Troutman Pepper Locke on
On October 26, 2011, the United States Securities and Exchange Commission (“SEC”) adopted final rules implementing provisions of the Dodd-Frank Act requiring investment advisers that are registered with the SEC that advise one or more private funds and manage at least $150 million in private fund assets to file Form PF with the SEC. …
Read More SEC Issues Final Rules on Form PF Reporting Requirements of Investment Advisors
NCOIL Believes a State Legislator Should Be Appointed to the Federal Advisory Committee on Insurance
By Troutman Pepper Locke on
As we discussed earlier this week (here), the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”). The Committee serves as an advisory council to the Federal Insurance Office (“FIO”) and is discussed in more detail in our blog post (here). …
Read More NCOIL Believes a State Legislator Should Be Appointed to the Federal Advisory Committee on Insurance
Former FDIC Chairwoman States that Credit-Default Swaps Should be Regulated Like Insurance
By Troutman Pepper Locke on
Posted in Regulatory, United States
On November 3, 2011, Sheila Bair, former Chairwoman of the Federal Deposit Insurance Corporation (“FDIC”), in a speech to attendees of the national fall meeting of the National Association of Insurance Commissioners, focused on systemic risk posed by credit-default swaps on the United States financial system. Chairwoman Bair told the audience of insurance regulators and industry representatives that the credit-default market is still “highly concentrated” and “poses very serious systemic risks.” …
Read More Former FDIC Chairwoman States that Credit-Default Swaps Should be Regulated Like Insurance
UK: Court Finds a ‘Follow the Leader’ Clause Applies to Both Quantum and Liability Issues
By Troutman Pepper Locke on
The Commercial Court has held that a “follow the leader” clause was to have a broad application and was not restricted to quantum unless there was clear language indicating such restriction. …
Read More UK: Court Finds a ‘Follow the Leader’ Clause Applies to Both Quantum and Liability Issues
UK: Commercial Court Sails to the Rescue of Cruise Operator, Leaving Insurers Floundering
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In All Leisure Holidays Limited v Europaische Reiseversicherung AG & Ors the Commercial Court held that insurers were liable to indemnify the claimant under a Passenger Protection Insurance Policy (the Policy). …
Read More UK: Commercial Court Sails to the Rescue of Cruise Operator, Leaving Insurers Floundering
New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits
By Troutman Pepper Locke on
On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits. Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits
NAIC Elects New Officers For 2012
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On November 4, 2011, the National Association of Insurance Commissioners (“NAIC”) elected the following officers for the upcoming year:
President: Florida Insurance Commissioner Kevin M. McCarty
President-Elect: Louisiana Insurance Commissioner James J. Donelon
Vice President: North Dakota Insurance Commissioner Adam Hamm
Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica J. Lindeen