In December, the National Council of Private Insurance (CNSP) published Resolutions Nos. 224/10 and 225/10, each amending Resolution 168/07.  Resolution 224, which becomes effective January 31, 2011, provides that insurance risks in Brazil cannot be ceded to companies abroad that belong to the same financial group. …
Read More Brazil – Recent Insurance Regulations

The recent federal approval of the first wind farm (“Cape Wind”) to be built in United States’ waters marks a new era for renewable energy projects, said Peter Mavraganis, recently appointed leader of Marsh’s U.S. Renewable Energy Practice. …
Read More Offshore Wind Energy Brings New Opportunities and Risks to Insurance Industry

The U.S. Court of Appeals for the Second Circuit recently affirmed a district court decision that remanded to state court a lawsuit asserted by the Liquidator of Midland Insurance Company against its reinsurer, Dunav Re, finding that the Service of Suit clause in the reinsurance treaties at issue unambiguously waived Dunav Re’s right to remove the dispute to federal court. …
Read More Second Circuit Finds That Service of Suit Provision in Treaties Unambiguously Waived Reinsurer’s Right of Removal

The Bermuda government, under the new leadership of Paula Cox, intends to adopt legislation in 2011 that will extend assurances granted to exempted companies under the Exempted Undertakings (Tax Protection) Act 1966 (“The Act”).  The plan was mentioned by Bermuda’s Governor in his November Throne Speech, which set out the government’s agenda for 2011. …
Read More Bermuda: Government Announces Plans for Tax Assurance Extension

On December 23 the Bermuda Monetary Authority (“BMA”) released its regulatory update for the third quarter of 2010. For the insurance sector, the most significant development is the BMA’s announcement that it is extending the transition period for full compliance with the Insurance Code of Conduct. …
Read More Bermuda Monetary Authority Extends Deadline for Compliance with the Insurance Code of Conduct

The Federal Trade Commission (the “FTC”) recently issued a publication entitled Businesses Must Provide Victims and Law Enforcement with Transaction Records Relating to Identity Theft (the “Publication”).  As outlined in the Publication, the Fair Credit Reporting Act provides victims of identity theft with the right to ask businesses for a copy of transaction records relating to the theft of their identity (“Transaction Records”). …
Read More FTC Issues Guidance regarding Requirement that Businesses Provide Victims and Law Enforcement with Transaction Records relating to Identity Theft

The Federal Trade Commission (the “FTC”) recently issued a publication entitled Copier Data Security: A Guide for Businesses (the “Publication”) to alert businesses of the potential data security threat posed by digital copiers.  As outlined in the Publication, digital copiers contain hard drives that store data about documents that are printed, copied, scanned, faxed or emailed. …
Read More FTC Issues Guide for Businesses on Securing Data stored by Digital Copiers

The District of Columbia Department of Insurance, Securities and Banking recently issued Bulletin 10-1B-04 (the “Bulletin”) providing insurers with guidance regarding the implementation of the Religious Freedom and Civil Marriage Equality Amendment Act of 2009 (the “Act”), which allows same sex couples to marry in the District of Columbia. …
Read More District of Columbia DOI Issues Bulletin on Nondiscrimination in Spousal Coverage

In a case we have been following on www.insurereinsure.com, Louisiana Safety Association of Timbermen – Self Insured Fund v. Certain Underwriters at Lloyd’s, London, the U.S. Supreme Court declined to grant certiorari to hear a dispute between an insurance pool and its reinsurer concerning whether the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) preempts a Louisiana statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts. …
Read More U.S. Supreme Court Refuses to Hear Dispute Concerning Preemptive Effect of New York Convention on State Law Barring Arbitration

The United States District Court for the District of Connecticut recently granted a property insurer’s motion for summary judgment on a claim that the insurer acted in bad faith when it denied coverage to its insured for damage to the basement walls in the insured’s home. …
Read More Connecticut District Court Grants Summary Judgment to Insurer on Bad Faith Claim