This updates our May 2, 2011 blog post.

On May 11, 2011, Vermont Governor Peter Shumlin signed into law H.438 (the “Bill”) allowing for the incorporation of protected cells.  Multiple protected cells are combined to form a single sponsored captive insurance company. …
Read More Vermont Enacts Legislation in Hopes of Expanding Its Captive Insurance Market

In order to encourage product innovation and meet the growing demand for investment linked products in the insurance market, the CIRC launched a trial programme of allowing PRC licensed insurers to sell variable annuity products in Beijing, Shanghai, Guangzhou, Shenzhen and Xiamen (Trial Programme). …
Read More China: China Insurance Regulatory Commission (CIRC) Issued Regulations for the Trial Program of Variable Annuity Products

We have previously reported here and here on the long-running dispute between West Tankers and the insurers, Allianz and Generali. The latest development is the English Commercial Court decision, West Tankers Inc v. (1) Allianz SpA and (2) Generali Assicurazione Generali SpA [2011] EWHC 829 (Comm). For full details of the facts leading up to this decision, please go to our previous blogs. …
Read More UK: Commercial Court Upholds Order Enforcing a Declaratory Award

This updates our May 3, 2011 blog post.  Several state regulators have joined together to form a special task force (“Task Force”) under the auspices of the NAIC to coordinate investigation of the claims procedures of certain life insurance companies.  In particular, states are examining the manner in which such companies investigate and determine whether a particular insured is deceased, and locate beneficiaries. …
Read More NAIC Task Force Established to Coordinate Investigation of Life Insurance Companies’ Claims Procedures

In the recent case of Tony Hook v British Airways plc (2011) EWHC 379 (QB), the High Court was asked to consider whether UK and EU aviation legislation created a private law cause of action sounding in damages in relation to alleged disability discrimination by an airline. …
Read More UK: High Court Upholds Exclusivity of Montreal Convention 1999 in Respect of Disabled Passengers

On May 25, 2011, EAPD Insurance Attorneys Gregory S. Hoffnagle and Robert W. DiUbaldo will be presenting a 60-minute webinar. …
Read More Complimentary Webinar: Hydrofracking Risks and Opportunities: What Insurers and Reinsurers Need to Know

The ash cloud from Iceland’s Eyjafjallajokull volcano that shut down much of Europe’s air space in April 2010 has been held to be an example of “extraordinary circumstances” under Art 5(3) of EC Regulation 261/2004 (the Regulation), exempting airlines from paying compensation for the cancellation of flights. …
Read More UK/EU: Ash Cloud Constitutes “Extraordinary Circumstances” for Airlines Under EC Regulation 261

In the recent English Commercial Court decision of Ispat Industries Ltd v Western Bulk Ltd [2011] EWHC 93 (Comm), the court held that an appeal based on section 68 of the Arbitration Act 1996 (the Act) would only be successful under the most serious of circumstances and where there was or stood to be a risk of substantial injustice to one of the parties. …
Read More UK: English Commercial Court Addresses Issue of Serious Irregularity in Arbitration Appeals

Just because a series of merger documents assert something to be true does not necessarily make it so, particularly when it comes to insurance coverage.  That was the lesson an excess-layer D&O carrier learned when it attempted to assert insured-versus-insured and fraud exclusions to defeat a claim to policy proceeds by the purchaser of a corporation in Wojtunik v. Kealy, No. 03-cv-02161 (D.Ariz. Mar. 31, 2011).  A copy of the court’s decision is available here. …
Read More Arizona Federal Court Permits Garnishment From Defunct Company’s D&O Insurers