In the recent judgment, AES Ust-Kamenogorsk Hydropower Plant LLP v Ust-Kamenogorsk Hydropower Plant JSC [2011] EWCA Civ 647, the Court of Appeal held that an anti-suit injunction can be granted to restrain foreign proceedings brought in breach of an English arbitration agreement, even in the absence of an actual, proposed or intended arbitration. …
Read More UK: Arbitration Proceedings Not a Prerequisite for Anti-Suit Injunctions

A recent decision in the U.S. Court of Appeals for the Ninth Circuit has left resounding implications for insurers with respect to benefit plans under ERISA.  In Cyr v. Reliance Standard Life Insurance Co., case number 07-56869, an en banc panel of the Court held that insurers can be sued directly under ERISA by plan participants even when not acting as the plan administrator. …
Read More Insurer Sued Directly Under ERISA

On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator. …
Read More New York State Insurance Department Announces Cooperation Agreement with Switzerland

On 20 June 2011, the Bank of England and the Financial Services Authority published a joint paper (click here for a copy) outlining their current thinking on how the Prudential Regulation Authority (PRA), once established, will approach the supervision of (re)insurers. Acknowledging that the nature of (re)insurers’ business models exposes them to a different set of risks than banks, the paper sets out how the PRA will adapt its supervisory methods accordingly. …
Read More UK: Bank of England and FSA Publish Joint Paper Detailing Supervisory Approach to be Taken by PRA

This updates our June 14 blog post.

The National Conference of Insurance Legislators (“NCOIL”) has proposed amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Proposes Amendments to the Beneficiaries’ Bill of Rights Model Act relating to Payment of Life Insurance Benefits

In Zurich Insurance Company PLC v Hayward [2011] EWCA Civ 641 the Court of Appeal held that Zurich was entitled to bring new evidence of fraudulent behaviour by an individual who was injured at work despite the fact that issues as to his good faith had already been raised in a prior action. …
Read More UK: Court of Appeal Rules on Issue Res Judicata in the Context of a Fraudulently Exaggerated Personal Injury Claim

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review –  June 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – June 2011

On June 13, 2011, Illinois Insurance Commissioner Michael T. McRaith became the first Director of the Federal Insurance Office (FIO).  The FIO was created by the Dodd-Frank financial reform legislation, which was instituted last year. …
Read More Illinois Insurance Commissioner McRaith Becomes First Director of FIO

HOUSE AND SENATE DEMOCRATS INTRODUCE MEDICARE BILL

As lawmakers continue negotiations on a federal spending reduction plan that will accompany a vote to raise the debt ceiling this summer, Democrats last week introduced legislation to rein in costs in the Medicare prescription drug program (Medicare Part D). …
Read More Healthcare Update: Democratic Lawmakers Introduce Medicare Bill; CMS Releases Mental Health Center Proposed Rule; HHS Unveils National Prevention Strategy – June 20, 2011

Transocean Ltd. said Friday that insurers of its sunken Deepwater Horizon drilling rig have asked a federal judge to decide if BP Plc and other owners of the Macondo well are entitled to any insurance coverage for the April 20, 2010 disaster. …
Read More Deepwater Horizon: Transocean’s Insurers Seek Federal Court Opinion on Payment to BP