On 15 April 2010, the European Commission (Commission) published for consultation draft technical specifications for the QIS5 exercise.
UK: High Court rules on existence of insurance policy
By Troutman Pepper Locke on
In Ian Hall v (1) Newall Heating Limited; (2) AGF Insurance Limited (March 2010) unreported, the court held that Mr Hall, who is suffering from mesothelioma caused by exposure to asbestos, could not identify AGF Insurance (AGF) as being liable, pursuant to the provisions of the Third Party (Rights against Insurers) Act 1930, to satisfy a default judgment obtained against Newall Heating (Newall).
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Chinese Drywall – Chinese president says that he will look into drywall responsibility
By Troutman Pepper Locke on
United States Senator Bill Nelson (D-Fla.) reports that, this week, Chinese president Hu Jintao told him this week that he would investigate problems with Chinese manufactured drywall.
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EAPD Partner Appointed to NY Insurance Exchange Working Group
By Troutman Pepper Locke on
Posted in New York Developments, United States
Nick Pearson, a partner in EAPD’s Insurance and Reinsurance Department, has been appointed by New York Insurance Superintendent James Wrynn to serve on the New York Insurance Exchange Working Group.
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Eyjafjallajökull Volcano’s Flight Disruption Leads to Uncovered Losses and New Types of Coverage for Airlines
As the Eyjafjallajökull volcano continues to erupt and the dust cloud over much of Europe continues to hang in the air, approximately 16,000 flights each day are being canceled without any certainty as to when normal flight schedules can resume.
New York Seeks Comments on Draft Amendment Restricting Release Terms
By Troutman Pepper Locke on
The New York Insurance Department has proposed a fourteenth amendment to Regulation 64, Unfair Claims Settlement Practices and Claims Cost Control Measures (the “Proposed Amendment”).
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EAPD’s Surplus Lines Manual Annual Update Now Available Online
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines
EAPD is pleased to announce that its Excess and Surplus Lines Manual has been updated to reflect current legislative developments in the United States.
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The ReMedi Spring Conference: Insurance and Reinsurance Mediation in the 21st Century
By Troutman Pepper Locke on
Posted in United States
The ReMedi Spring Conference: Insurance and Reinsurance Mediation in the 21st Century will take place on Wednesday, May 12, 2010 from 1:00 p.m. – 5:15 p.m. at Edwards Angell Palmer & Dodge, LLP, 750 Lexington Avenue, New York, NY.
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Hedge Funds Back Down in Argentina Claim After Asset Freeze Fails
By Troutman Pepper Locke on
Posted in Latin American Developments
Hedge funds seeking to recover more than $554 million in judgments against Argentina have reportedly withdrawn court appeals to stop assets being taken out of accounts at Citibank, diminishing their chances of ultimate success. …
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New York Seeks Comments on Draft Regulation Prohibiting Use of Discretionary Clauses in Life and Health Insurance Policies
The New York Insurance Department has issued a proposed regulation that would prohibit life and health insurers from issuing policies that contain discretionary clauses (the “Proposed Regulation”). …
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