We have reported previously on proposals for reform of the UK’s financial services regulatory structure (click here to see our most recent post, and here for a detailed introduction to the proposals in the December 2010 edition of our Insurance and Reinsurance Review). The UK Treasury has now issued a further consultation paper (dated February 2011) discussing its proposals in greater detail.
Read More UK Treasury Issues Further Consultation on Regulatory Reform
EU: ECJ Gender Ruling to Increase Costs of Insurance
By Troutman Pepper Locke on
Posted in European Union, Industry Developments
In Association belge des Consommateurs Test-Achats ASBL v Conseil des ministres [2001] C-236/09 the European Court of Justice (ECJ) ruled that taking the gender of an insured individual into account as a risk factor in setting premiums for insurance contracts constituted discrimination and was in breach of EU rules on equality. …
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Deepwater Horizon Disaster: How’s BP’s $20 Billion Claim Fund Holding Up?
By Troutman Pepper Locke on
Kenneth Feinberg, the administrator of BP PLC’s $20 billion claim fund, recently stated that it is too soon to say whether liability payments related to the Deepwater Horizon disaster will end up exhausting all of the $20 billion BP set aside for all claims. …
Read More Deepwater Horizon Disaster: How’s BP’s $20 Billion Claim Fund Holding Up?
New Jersey Insurance Commissioner Favors National Standards for Insurance Regulation, Notes Benefits from Fraud Enforcement Changes
By Troutman Pepper Locke on
Thomas Considine, the Commissioner of the New Jersey Department of Insurance and Banking (the “NJDIBC”), recently stated in an interview with an insurance industry trade publication, that without uniform national standards for insurance regulations, the industry will continue to lobby for federal regulation. …
Read More New Jersey Insurance Commissioner Favors National Standards for Insurance Regulation, Notes Benefits from Fraud Enforcement Changes
Massachusetts Insurance Commissioner Provides Insight into the Managed Competition of the Commonwealth’s Automobile Insurance Market
By Troutman Pepper Locke on
Joe Murphy, the Commissioner of Insurance for Massachusetts, was recently interviewed by a local Boston news network affiliate regarding the managed competition for automobile insurance in Massachusetts, which, as discussed in our prior posts here, here and here, was introduced in 2007. According to the Commissioner, Massachusetts policyholders have seen lower rates resulting in nearly half-billion dollars in savings and new discounts such as “accident forgiveness.” …
Read More Massachusetts Insurance Commissioner Provides Insight into the Managed Competition of the Commonwealth’s Automobile Insurance Market
February’s Record Snowfall in Connecticut has Brought an Avalanche of Out-of-State Claims Adjusters
By Troutman Pepper Locke on
As Connecticut homes are experiencing roof leaks, collapses and frozen pipes caused by this winter season’s unusually large snowfall, the Connecticut Insurance Department (the “CID”) has experienced a sharp uptick in applications for 90-day claims adjuster licenses by out-of-state adjusters. While normally only a small amount of such applications are processed each year, the CID has received over 500 since January 1st. …
Read More February’s Record Snowfall in Connecticut has Brought an Avalanche of Out-of-State Claims Adjusters
COMPLIMENTARY WEBINAR: New York Proposes to Merge its Insurance and Banking Departments and Consumer Protection Board into a Single Agency
By Troutman Pepper Locke on
Posted in New York Developments
EAPD is hosting a complimentary 60 minute webinar on Friday, March 4, 2011 on proposed merging New York’s Insurance and Banking Departments and the Consumer Protection Board into a single state agency. …
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New York Court of Appeals: Brokers Have No Common-Law Duty to Disclose Incentives, But Are Required To Do So by New Regulation
By Troutman Pepper Locke on
New York’s highest court recently ruled insurance brokers do not have a common law duty to disclose to their customers the fact that they may have received incentive payments received from insurance companies. The practice of non-disclosure, however, is now prohibited by an Insurance Department regulation, which did not exist at the time of the conduct at issue in the lawsuit. …
Read More New York Court of Appeals: Brokers Have No Common-Law Duty to Disclose Incentives, But Are Required To Do So by New Regulation
Massachusetts Federal Court Finds That Late Notice, Deprivation of the Right to Associate, Precludes Coverage
By Troutman Pepper Locke on
A Massachusetts federal court recently held that a party’s lapse in reporting a multi-million dollar and complex lawsuit deprived an insurer of the right to associate and was prejudicial as a matter of law, precluding coverage. …
Read More Massachusetts Federal Court Finds That Late Notice, Deprivation of the Right to Associate, Precludes Coverage
Ninth Circuit Vacates Arbitration Award Because Arbitrator Failed to Enforce Forum Selection Procedure
By Troutman Pepper Locke on
Polimaster Ltd. and RAE Systems, Inc. were parties to an agreement that required disputes between the parties to be “settled by means of arbitration at the defendant’s si[t]e.” After a dispute arose between the parties, Polimaster commenced arbitration in California (RAE’s principal place of business). RAE answered the arbitration demand, asserting certain affirmative defenses, and also counterclaimed against Polimaster. …
Read More Ninth Circuit Vacates Arbitration Award Because Arbitrator Failed to Enforce Forum Selection Procedure