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

Having now dispatched personnel to review the damage, and beginning to receive reports from their largest insureds, Chile’s insurers have raised their estimate of insured losses from US$ 2.6 billion to $US 4 billion.  Mikel Uriarte, president of the local association of insurers, also conceded that the figure could continue to rise as insurers obtain better information from around the country. 

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Read More Chilean Insurers Raise Insured Loss Estimates And Relax Claim Notice Requirements

On March 3, 2010, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act of 2009 (H.R. 2554 or “NARAB II”) on a voice vote.  We previously covered H.R. 2254’s introduction last May here.  NARAB II will now head to the Senate for consideration where similar legislation has not yet been voted on. 

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Read More U.S. House of Representatives Passes NARAB II

The High Court ruled, in Clinton David Jacobs v Motor Insurers’ Bureau [2010] EWHC 231 (QB), that under European Union Regulation 864/2007 (Rome II), Spanish law applied in the case of a UK resident seeking compensation for serious injuries sustained in Spain, at the hands of an uninsured driver, then resident in Spain. 

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Read More UK: English High Court Finds That Rome II Applies to a Motor Compensation Dispute

The Financial Ombudsman Service (FOS) has recently published its second set of consumer complaints data relating to individual financial businesses (which includes insurance companies, banks and investment firms) for the six-month period from 1 July to 31 December 2009. 

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Read More UK: Financial Ombudsman Service Publishes Second Set of Complaints Data

Brazil’s government-controlled former reinsurance monopoly holder, IRB-Brasil Re, reports that it saw profits rise 2.6% in 2009 despite lower revenue from premiums. 

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Read More Brazil: IRB-Brasil Re Achieves Higher Profits Despite Lower Premiums and Reduced Investment Income

The Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC), as previously reported here. 

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Read More UK: Financial Service Authority Wins Appeal Case on Co-Operation With Overseas Regulators

As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. 

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Read More UK: Third Party (Rights Against Insurers) Bill