On 8 February 2010, Lloyd’s released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market’s position involving more than 50 managing agents, brokers and market associations. 

…
Read More UK: Lloyd’s Publishes its 2010 to 2012 Strategy and Reshuffles Management

The Financial Services Authority (FSA) has recently confirmed, in a policy statement entitled “Publication of Complaints Data: including Feedback to CP09/21“, that insurance companies and other financial institutions must publish information on how they handle complaints. 

…
Read More UK: The Financial Services Authority has Confirmed that Insurance Companies Must Publish Complaints Data

This updates our January 27, 2010 posting.  At the Insider Scope conference in London on February 10, 2010, New York Insurance Department (“NYID”) Superintendent James Wrynn announced that the NYID is targeting September 2010 for the publication of its action plan for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). …

Read More New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)

Joseph G. Murphy, the acting Massachusetts Insurance Commissioner, has been named the new Massachusetts Insurance Commissioner.  Murphy temporarily took over the duties of insurance commissioner after Nonnie Burns stepped down in September 2009. …
Read More New Massachusetts Insurance Commissioner Named

On November 27, 2009, the United States Court of Appeals for the Eighth Circuit held that failure to warn claims directed at generic pharmaceutical manufacturers are not preempted by federal law. 

…
Read More Eight Circuit Rejects FDA Preemption Defense Raised by Generic Drug Manufacturers

As previously reported here, the Scottish Court of Session rejected insurers’ challenges, by way of judicial review, to the Damages (Asbestos-related Conditions) (Scotland) Act 2009 by a judgment handed down by Lord Emslie on 8 January 2010. …
Read More UK: Insurers Appeal Decision by Scottish Court to Reject Challenge Over Compensation for Pleural Plaques

The Ponemon Institute, a privacy and information management research firm, released its fifth annual U.S. Cost of a Data Breach Study (the “Study”).  According to the Study the cost of a data breach increased two dollars from last year to $204 per compromised record.  Although the number of reported data breaches decreased (657 in 2008 and 498 in 2009), the  average total cost of a data breach rose from $6.65 million in 2008 to $6.75 million in 2009. 

…
Read More Study Shows Cost of Data Breaches Increases

On January 27, 2010, the American Medical Association, American Dental Association, American Osteopathic Association, and the American Veterinary Medical Association sent a letter to the FTC Chairman, Jon Leibowitz, requesting that the FTC announce that the Red Flags Rule will not be applied against licensed health care professionals until at least 90 days after the final resolution of the American Bar Association (ABA) lawsuit (as we reported here) and commit that, if the final resolution of the ABA lawsuit is that the Red Flags Rule will not be applied to attorneys, the FTC will not apply the Red Flags Rule to licensed health care professionals either. …
Read More Medical Professionals Continue to Challenge the FTC’s Enforcement of the Red Flags Rule