Alastair Darling’s 2010 Budget includes provisions designed to help asbestos trusts which were set up by companies prior to 24 March 2010 to meet their asbestos liabilities. Under the proposal, the trustees of such a trust would be exempt from income tax, capital gains tax and inheritance tax retrospectively from 6 April 2006. 

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Read More UK: Alastair Darling’s Budget Proposes Tax Break for Asbestos Trusts

The English High Court, in Clare Horwood & Others v Land of Leather (In Administration) & Zurich Insurance PLC & Others [2010] EWHC 546 (Comm), held that Zurich did not have to pay compensation to customers who suffered burns from “toxic sofas” sold by the now-defunct Land of Leather. 

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Read More UK: High Court Refuses Compensation for “Toxic Sofa” Victims for Breach of Claims Control Clause

The recent High Court judgment in Rondabosh International Ltd v China Ping An Insurance (Hong Kong) Co Ltd [2009] HKEC 2103 demonstrates the effect of an arbitration agreement in an insurance policy. …
Read More HK: The Effect of an Arbitration Agreement in an Insurance Policy

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