With Congress in recess last week, the White House worked behind the scenes to craft a healthcare reform bill that will be used as a basis for moving forward during the bipartisan healthcare summit scheduled for this week.  Meanwhile, more and more Democratic Senators formally voiced their support for reviving the controversial public option and using the budget reconciliation process to pass a final bill. …

Read More Last Week in DC: The Healthcare Reform Debate – February 22, 2010

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York granted McGraw Hill and Moody’s (together, the “Ratings Agencies”) motions to dismiss in both Tsereteli v. Residential Asset Securitization Trust 2006-A8 et al. and In re: IndyMac Securities Litigation — but without issuing detailed written

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Read More Two More Dismissals of Securities Act Lawsuits Against Rating Agencies

Semperian PPP Investment Partners (Semperian) has pleaded guilty to an offence under section 191(3) of the Financial Services and Markets Act 2000. Semperian acquired an authorised firm before it had received the necessary approval of the Financial Services Authority (FSA). …
Read More UK: FSA Prosecutes for Change of Control Offence

At The Insider Scope 2010 seminar in London on 10 February 2010, Joe Plumeri, Chairman and Chief Executive of Willis – and “Number 1 Fan” of the insurance industry – put forward his outlook for the (re)insurance industry. During his speech, Mr Plumeri set out his “Top Ten Risks in 2010”. 

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Read More Chairman and Chief Executive of Willis Sets Out (Re)Insurance Industry’s “Top 10 Risks in 2010”

The New Jersey Appellate Division in William H. Hall Co. v. Harleysville Ins. Co. of NJ (October 13, 2009) reversed and remanded a trial court’s decision in a declaratory judgment action following summary judgment motions made by the parties. 

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Read More New Jersey Trial Court Cannot Apportion Defense Costs Based On Claimed Damages, But Must Apportion Based On The Reasonable Value Of The Legal Services Rendered In Defending The Respective Claims

The Department for Work and Pensions has published a consultation entitled, “Accessing Compensation: Supporting people who need to trace Employers’ Liability Insurance.” The consultation makes two key proposals. First, that an Employers’ Liability Tracing Office (ELTO) be created; and, second, that an Employers’ Liability Insurance Bureau (ELIB) be created. 

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Read More UK: Employers’ Liability Insurance Public Consultation Published

According to the Houston Chronicle, U.S. District Judge David Hittner, who is presiding over R. Allen Stanford’s criminal proceeding, has ordered Lloyd’s of London to pay for the criminal defense attorneys defending Mr. Stanford and two other officers of his company who were recently indicted for allegedly running a $7 billion Ponzi scheme. 

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Read More Judge Orders Insurer to Cover R. Allen Stanford’s Defense Costs

The New York Insurance Department published the final version of its regulation regarding the transparency of insurance producer compensation (“Regulation 194”) in the New York State Register on February 10, 2010.  Regulation 194 is slated to take effect January 1, 2011, but the Independent Insurance Agents and Brokers of New York (the “IIABNY”) has recently announced its decision to proceed with legal action in order to prevent Regulation 194 from taking effect. …
Read More IIABNY to Sue New York over Producer Compensation Disclosure Regulation

Amid solid growth rates in the face of global economic crisis, international interest in the Latin American insurance and reinsurance markets is at an all-time high. Just as most Latin American markets have better weathered the downturn, so they are expected to rebound more quickly. 

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Read More Reminder: Free Webinar on February 23, 2010: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond

The Liquidator of Midland Insurance Company moved to remand to state court a lawsuit asserted against Dunav Re to recover for claims billed to Dunav Re by Midland under certain reinsurance treaties. …
Read More Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court