Foreign reinsurers are beginning to count the cost of the earthquake in Chile last month, with announced loss estimates already surpassing $1.5 billion.  Total losses from the magnitude 8.8 earthquake are expected to be between $4 billion and $7 billion, although some estimates range as high as $10 billion. …
Read More Chile: Foreign Reinsurers Announce Earthquake Loss Estimates as Industry Sectors Survey Damage

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday.  While citing “significant progress” and indicating that many sticking points had been resolved, Chairman Dodd also acknowledged that “a few outstanding issues remain.” 

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Read More Senate Financial Reform Bill to be Unveiled Monday; Bipartisan Negotiations Fall Apart

On March 1, 2010, the Florida Supreme Court heard oral argument in Rafael Vargas v. Enterprise Leasing Company, et al., SC08-2269.  The case challenges the application of a federal law that shields rental car companies from vicarious liability for accidents involving rental cars. 

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Read More Florida Supreme Court Considering Question of Rental Car Company Vicarious Liability

The first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans and is ongoing.  This “bellwether” trial involves seven Virginia plaintiffs whose homes contain drywall manufactured by China-based Taishan Gypsum Co. 

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Read More Chinese Drywall – First Bellwether Trial Ongoing

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers.  As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. 

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Read More Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut

This updates our February 10, 2010 posting.  According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate.  The current federal corporate tax rate is approximately 35%. 

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Read More New York Insurance Exchange Considering Requesting Lower Federal Tax Rate

Democrats moved steadily forward last week on their reinvigorated efforts to enact comprehensive healthcare reform, as the White House specified its procedural preferences and Congressional leaders continued to hammer out policy provisions.  However, given the various complications that stand in their way, it remains to be seen whether Democrats will be able to finalize legislation before the end of the month – their new self-imposed deadline. …
Read More Last Week in DC: The Healthcare Reform Debate – March 8, 2010

The Insurance Federation of New York, Inc. is hosting a breakfast with New York Superintendent James J. Wrynn on Friday March, 19, 2010 at 8:15 a.m. at Edwards Angell Palmer & Dodge LLP ‘s New York office. …
Read More Edwards Angell Palmer & Dodge’s New York Office Hosts New York Superintendent James J. Wrynn

In Markerstudy Insurance Company Ltd and others v Endsleigh Insurance Services Ltd [2010] EWCH 281 (Comm), Mr Justice Steele was asked to determine as a preliminary issue, amongst other things, the true construction of certain exclusion clauses in a number of claims handling agreements (the Agreements) between the four claimants and Endsleigh. 

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Read More UK: High Court Ruling Provides Guidance on Interpretation of Limitation and Exclusion Clauses