Securities suits against Chinese companies listed on U.S. stock exchanges are on the rise. The majority of these suits concern suspect accounting practices – namely, allegations that the financial data reported by these Chinese companies to the SEC is vastly different from the data they report to authorities in China. …
Read More Reverse Mergers in the Spotlight

In December 2009, we reported on the Law Commission’s draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation (click here for our previous blog). The draft Bill applies only to consumer insurance contracts and deals with the issue of what information a consumer must tell an insurer before entering into or varying an insurance contract. …
Read More UK: Government to Proceed with New Bill on Consumer Insurance Law

On May 17, 2011, Florida Governor Rick Scott signed property insurance reform legislation.  We previously reported on the progress of Senate Bill 408 here.  The new law requires windstorm and hurricane claims to be brought within three, instead of five years, and sinkhole claims to be brought within two years. …
Read More Florida Governor Signs Florida Property Insurance Reform Into Law

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