As a reminder, please join the U.S. Reinsurance Under 40s Group for its upcoming “It’s Almost Spring” Happy Hour this Thursday at 6:00 p.m. 

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Read More Reminder: The U.S. Reinsurance Under 40s Group at “It’s Almost Spring” Happy Hour–this Thursday

The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled “Consultation Paper on The Bermuda Monetary Authority’s Proposed Insurance Groups Regulatory Framework” (the Paper). The Paper outlines the BMA’s proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. 

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Read More Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence

In a statement issued by Justice Secretary Jack Straw, the Government has set out its decision on pleural plaques. As previously reported here, the House of Lords’ decision in  Johnston v NEI International Combustion [2007] UKHL 39 found that asymptomatic pleural plaque claims were not compensatable under the current laws. 

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Read More UK: Government Announces its Decision on Pleural Plaques

Recently, the Supreme Judicial Court of Massachusetts upheld two lower court decisions dismissing, on separate motions to dismiss and for summary judgment, a number of claims brought by credit unions against a retailer in connection with a breach of debit and credit card data. 

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Read More Massachusetts Supreme Court Affirms Dismissal of Data Breach Claims Brought Against Retailer by Financial Institutions

National Union Fire Insurance Company of Pittsburgh, PA entered into a reinsurance treaty with Odyssey America Reinsurance Corporation, which contained an arbitration clause.  After a dispute arose between the parties and was submitted to arbitration, a panel issued a ruling in Odyssey’s favor. 

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Read More Federal Court Upholds an Arbitration Panel’s Award Requiring a Cedent to Pay its Reinsurer’s Attorneys’ Fees

As efforts to produce a bipartisan deal on sweeping financial regulatory reform legislation inch forward, Senator Bob Corker (R-TN) offered an alternative proposal that aims to end the impasse over one of the legislation’s most controversial issues – consumer financial protection.  Though sources reported this morning that the offer is gaining traction, a final agreement remains elusive. …
Read More Senate Financial Regulatory Reform Update

Costa Rica – Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010.  The product has reportedly been submitted to the Costa Rican insurance regulator, Sugese, for approval. …
Read More Latin American Insurance and Reinsurance Update: Costa Rica, Mexico, Ecuador

The Financial Services Authority (FSA) issued a Dear CEO letter (the Letter) on 23 February 2010 stating that it was concerned that many insurance intermediaries could not demonstrate that they had adequate financial resources. …
Read More UK: Financial Services Authority Reminds Insurance Intermediaries of Financial Resources Requirements

Chile’s largest insurer, Seguros Chile, the local subsidiary of Britain’s Royal Sun Alliance, has estimated that the total property damage from the recent earthquake covered under its policies will total US 45 million (33 million Euros, 30 million British Pounds).  The company further stated that these losses should not materially affect its results in the coming year. …
Read More Chile’s Largest Insurer Estimates Its Insured Property Damage At US$ 45 Million

As the insurance industry mobilizes in response to the fifth largest earthquake on record, our thoughts remain with our friends, business associates and everyone else impacted by the devastation in Chile.  In the wake of the quake and numerous aftershocks, the death toll in Chile has risen to over 700, thousands are missing, 2 million are estimated homeless and property damage is widespread. 

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Read More Insured Losses From Chile Earthquake Could Reach US$ 8 Billion