In Islamic Republic of Iran Shipping Lines v Steamship Mutual Underwriting Association (Bermuda) Limited [2010] EWHC 2661 (Comm), the English Commercial Court was asked to consider the effect on a contract of insurance of an order made by the UK Government for the purposes of preventing nuclear proliferation. …
Read More English Commercial Court Considers Application of Sanctions Order to Contract of Insurance

The New York State Insurance Department (NYID) recently promulgated a Tenth Amendment to New York Regulations 17, 20 and 20-A (11 NYCRR 125) (the Amendment), effective January 1, 2011, which authorizes the NYID Superintendent (the Superintendent) to reduce the amount of collateral required for domestic insurers to receive full financial statement credit for reinsurance ceded to unauthorized reinsurers satisfying the requirements detailed below. …
Read More New York Amends Credit for Reinsurance Regulation, Relaxing Unauthorized Reinsurer Collateral Requirements

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

Representative Michael Burgess (R-TX) recently reintroduced the Medical Justice Act (H.R. 896) (the “Act”) to the House Judiciary Committee. …
Read More Bill Proposing Caps on Medical Malpractice Awards Reintroduced in Congress

Representative Biggert (R-IL) is set to unveil draft legislation to overhaul the U.S. National Flood Insurance Program (the “NFIP”).  The NFIP provides coverage to over 5 million homes for flood damage.  It is sold through more than 90 companies that collect premiums on behalf of the Federal Emergency Management Agency (“FEMA”) for a fee.  The premiums go to FEMA and are used to pay for claims. …
Read More Overhaul for National Flood Insurance Program on the Horizon

As part of the Financial Services Authority’s (FSA) steps to strengthen the regime relating to client asset protection, in October 2010 it produced Policy Statement 10/16, which set out its policy on Client Money and Asset Returns (CMAR).  The policy requires all UK-authorised firms who hold client money or client assets to provide returns to the FSA on a regular basis (dependent on the size of the firm), showing what client assets are held and how they are held. …
Read More UK: FSA issues Consultation Paper on Implementation of Client Money and Asset Return Policy

Of special interest to compliance professionals.  Vince Vitkowsky will be speaking at the Privacy & Data Protection Conference USA symposium on Data Protection:  Global Compliance Management, to be held on May 24 in Chicago.  His topic is “SARs in the Current Climate”.  The complete agenda and registration materials can be found here. …
Read More EAPD Attorney to Speak at Conference on Data Protection: Global Compliance Management

IBM’s latest super computer, dubbed Watson, recently triumphed over its human competition on the TV game show “Jeopardy!”  Its creators have now announced that the artificial intelligence that powers Watson may have several useful applications in the insurance industry. …
Read More IBM’s Watson, made Famous on “Jeopardy!”, to Make a Move into Insurance

In the case of Melinda Holdings SA v Hellenic Mutual War Risks Association (Bermuda) Ltd [2011] EWHC 181 (Comm) Hellenic provided Melinda with a war risks policy in relation to its vessel the SILVA (the War Risks Policy). That ship was arrested by the Port Suez Court in Egypt in December 2008 and, at the time of judgment, remains there. SILVA had been seized by the Port Suez Court in an effort to recover a fine levied on another vessel in 1996. …
Read More UK: English Court Finds Egyptian Court Knowingly Relied on Forged Documents to Recover Fine

Earlier this year, John Oxendine, former Georgia Insurance Commissioner, issued himself several licenses to sell insurance and adjust claims on his last day in office on Sunday, which was January 9, 2011. …
Read More Georgia Insurance Commissioner Waived Licensing Requirements and Issues Himself Several Licenses on Last Day in Office; State House Reacts by Passing Legislation to Curb Such Practices