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

The Wisconsin Court of Appeals recently ruled that “negligent misrepresentation” claims against the Archdiocese of Milwaukee arising from alleged molestation by priests are not covered under the Archdiocese’s CGL policy. …
Read More Wisconsin Court: “Negligent Misrepresentation” Claims By Molestation Victims Against Archdiocese Are Not Covered Under CGL Policy

The Superior Court of New Jersey, Appellate Division, recently affirmed a trial court’s decision to deny coverage to an attorney and his law firm who had been sued in an underlying malpractice action. …
Read More New Jersey Appellate Court Affirms Denial of Coverage for Attorneys’ Failure to Disclose Potential Malpractice Claim

On 15 December 2010 the Financial Services Authority (FSA) issued a final notice informing Scottish Equitable plc of the £2.8 million financial penalty levied on it for breaches of FSA Principle 3 that occurred between 2002 and 2010. …
Read More UK: The Financial Services Authority Fines Scottish Equitable plc £2.8 Million