In Mr Peter Crowson v HSBC Insurance Brokers Ltd (unreported), the Judge, in considering an application to strike out the claimant’s claim, held that an individual who is not in a contractual relationship with an insurance broker may have rights of action in tort and/or contract where the insurance to be arranged is also for his benefit. 

…
Read More UK: Third Parties May Have Rights of Action Against Insurance Brokers

As the White House and Congress focused their attention on the release of President Obama’s FY 2011 Budget and the new jobs agenda, healthcare reform efforts took a back seat last week.  Despite the priority shift, off the record chatter and closed door meetings continued, as speculation grew over if and how Democrats would be able to revive their stalled priority in the coming months. …
Read More Last Week in DC: The Healthcare Reform Debate – February 8, 2010

The difficult market conditions and the consequent increased chance of insolvency of regulated entities prompted the Financial Services Authority (FSA) to carry out firm visits over the last 6 months to a range of investment and insurance broker firms to assess their compliance with the client money rules contained in the Client Asset Sourcebook (CASS) of the FSA Handbook. 

…
Read More UK: Financial Services Authority Issues Client Money and Asset Report

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently announced that it has agreed to further enhance supervisory cooperation with the Swiss insurance supervisor, the Swiss Financial Market Supervisory Authority (FINMA). 

…
Read More EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors and the Swiss Insurance Supervisor Agree to Enhance Supervisory Cooperation

In a class action lawsuit brought by various auto body shops and the Auto Body Association of Connecticut, a Connecticut jury recently rendered a $14.7 million verdict against an insurance company for allegedly violating the Connecticut Unfair Trade Practices Act, Conn. Gen. Stat. §42-110a et seq. (“CUTPA”). 

…
Read More Connecticut Jury Awards $14.7 Million Against Insurer for Violation of Unfair Trade Practices Act in Auto Body Shop Class Action Lawsuit; Continued Vitality of “Cigarette Rule” at Issue

Shashoua and another v. Sharma [2010] EWCA Civ 15 concerned an application to the Court of Appeal by Sharma for permission to appeal a procedural aspect of the High Court’s decision in (1) Roger Shashoua (2) Rodemadan Holdings Ltd (3) Stancroft Trust Ltd v Mukesh Sharma [2009] EWHC 957 (Comm) (previously blogged here). 

…
Read More UK: Anti-Suit Injunctions

New revised Federal Trade Commission (FTC) guidelines for advertisements containing endorsements or testimonials focus attention on “new media” as an advertising venue. The guidelines require transparency and disclosure of any material relationship between the manufacturer and the endorser or poster. 

…
Read More Broad New FTC Guidelines for Endorsements and Testimonials Create Risks for Manufacturers, Advertisers, Bloggers and Others

If you are a registered investment adviser who – directly or indirectly – has authority to obtain possession of client funds or securities (“custody”), the SEC has increased your compliance burden beginning March 12, 2010. 

…
Read More SEC Tightens Custodial and Audit Requirements for Registered Investment Advisers who Control Client Assets

A Connecticut Superior Court recently awarded summary judgment in favor of an insurer on the basis that an insured’s family member who resides in the insured’s household is not entitled to underinsured motorist benefits if they are similarly not entitled to liability coverage under the family member’s policy. …
Read More Connecticut Superior Court Held that Insurer Was Not Required to Provide Underinsured Motorist Coverage for Insured’s Family Member

A Connecticut trial court recently held that the “general business practice” element of an unfair settlement practice claim under the Connecticut Unfair Insurance Practices Act, Conn. Gen. Stat. §38a-816(6) (“CUIPA”) requires that a plaintiff prove multiple unfair practices by an insurer against more than one insured. …
Read More Connecticut Trial Court Holds That “General Business Practice” Element of an Unfair Settlement Practice Claim Requires Multiple Acts of Misconduct Against Multiple Insureds