A five-judge majority of the New York Court of Appeals has declared that a person may procure an insurance policy on his or her own life and immediately transfer that policy to one without an insurable interest, regardless of the purchaser’s intent. …
Read More New York Court of Appeals Approves of Stranger-Owned Life Insurance Contracts, For Now

In Guangzhou Dockyards Co Ltd v ENE Aegialii [2010] EWHC 2826 (Comm), Mr Justice Blair dismissed an application which had sought to appeal against an arbitration award on an issue of fact. …
Read More UK: English High Court Rules on Permissibility of an Appeal Against an Arbitral Award on a Point of Foreign Law

The U.S. Court of Appeals for the Third Circuit recently affirmed a District Court’s vacatur of an arbitration award because the arbitration panel exceeded its authority in ordering relief not sought by either of the parties and removing from the parties’ reinsurance agreement a material provision. …
Read More Third Circuit Affirms District Court’s Vacatur of Arbitration Award, Finding That the Panel Exceeded its Powers by Awarding Relief Not Sought by Either Party

In the recent case of Greene Wood Mclean LLP v Templeton Insurance Ltd (2010) EWHC 2679 (Comm), the Commercial Court considered whether Templeton was liable to GWM, a firm of solicitors, under an after-the-event (ATE) insurance policy. …
Read More UK: ATE Insurer Liable to Solicitors Under ‘No Win, No Fee’ Guarantee

President Obama’s ordered investigation of the BP disaster seems to lend support to BP’s own conclusions about the disaster and challenges congressional claims – as well as those made by others – that BP, Transocean and Halliburton made decisions that sacrificed safety to cut costs. …
Read More Federal BP Spill Panel: No Evidence that Money Trumped Safety in Deepwater Horizon Disaster

Last week, the Washington Department of Labor and Industries (the “Department”) announced that it will increase workers’ compensation insurance premiums on average by 12 percent, or 6.5 cents per hour worked. …
Read More Emergency Rule Proposes Workers’ Compensation Rate Hikes of 12% in Washington State

On November 5, 2010, the New York Insurance Department (the “Department”) issued Circular Letter No. 18 (2010) (the “Circular Letter”) setting forth clarification on the implementation of and compliance of insurance producers and authorized insurers with 11 NYCRR 30 (Regulation 194). …
Read More Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule

A study released November 3, 2010 by the RAND Institute for Civil Justice and Risk Management Solutions (the “Study”) found that the Catastrophe Obligation Guarantee Act (S.886/ H.R.4014) (the “Proposed Legislation”) would only modestly increase insurance coverage for losses resulting from an earthquake in California. …
Read More Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective

The China Insurance Regulatory Commission (CIRC) recently issued Interim Measures on Investment of Insurance Funds in Private Equity (PE Measures) and the Interim Measures on Investment of Insurance Funds in Real Estate (RE Measures). These became effective on 5 September 2010. …
Read More China: Insurance Companies are Given Permission to Diversify Their Investments into Private Equity and Real Estate Sectors