The Regulatory Modernization (EX) Task Force (the “Task Force”), chaired by Commissioner Kim Holland (Oklahoma) met on Friday, March 26, 2010 during the NAIC Spring National Meeting.

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Read More NAIC Spring National Meeting Update: Regulatory Modernization (EX) Task Force

The NAIC’s International Insurance Relations (G) Committee (the “Committee”), chaired by Commissioner Kevin McCarty (Florida) met on Friday, March 26, 2010, during  the NAIC Spring National Meeting.  The Committee received an update on International Strategy and Action Plans and discussed International Association of Insurance Supervisors (“IAIS”) strategic planning, including the Common Framework or Supervision of Internationally Active Insurance Groups (“Common Framework”). 

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Read More NAIC Update: International Insurance Relations (G) Committee

Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company’s computer system. 

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Read More District of New Jersey Dismisses Securities Fraud Claims Against Company That Suffered Data Breach

Healthcare reform’s long and often bumpy journey through Congress came to a close last week, as President Obama signed into law the 2,000+ page legislation that will overhaul the nation’s healthcare system.  Simultaneously, the Senate worked to clear a package of corrections to the new law via the budget reconciliation process, changing it ever so slightly and sending it back to the House for one final vote. 

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Read More Last Week in DC: The Healthcare Reform Debate – March 29, 2010

As reported here, the first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans, La.  That trial, involving defendant Taishan Gypsum, has now concluded and Proposed Findings of Fact and Conclusions of Law have been submitted for consideration. 

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Read More Chinese Drywall – Second Bellwether Trial Complete

On February 17, 2010 Judge Kaplan issued a written opinion granting in part and denying in part the individual Lehman defendants’ motion to dismiss in In re: Lehman Brothers Mortgage-Backed Securities Litigation. 

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Read More Lehman Defendants’ Motion to Dismiss Granted in Part and Denied in Part in In re: Lehman Brothers Mortgage-Backed Securities Litigation

The Law Commission has published an Issues Paper considering whether an insurer should be liable for loss caused as a result of its unjustified refusal to pay a claim. The paper suggests that the current position regarding an insurer’s post-contractual duty of good faith be changed so that damages would be available where an insurer breaches its duties by refusing to pay out on time. …
Read More UK: Law Commission Publishes Paper on Damages for Late Payment and the Insurer’s Duty of Good Faith

Neal T. Gooch has been appointed Acting Commissioner of the Utah Insurance Department (“UID”).  Mr. Gooch replaces former Commissioner D. Kent Michie, who has retired after holding the position for five years.  Mr. Gooch has served as Deputy Commissioner of the UID since 1997. …
Read More Utah Appoints Acting Insurance Commissioner