The UK’s Asbestos Working Party (AWP) has published its revised projection of the cost to employers’ liability insurers of the UK’s asbestos liability problem. The AWP has modelled “alternative scenarios” that suggest the cost of future claims will be between about £5 billion and over £20 billion for the period 2009 to 2050.
Read More UK: Revised Estimate Says Asbestos-related Liability will Cost UK Insurers Over £11bn by 2050
HK: Hong Kong Life Insurance Council Elected a New Chairman
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Hong Kong Federation of Insurers (HKFI) announced on 6 January 2010 that Mr Alex W Y Chu, Chief Executive of HSBC Life (International) Limited, has been unanimously elected Chairman of the Life Insurance Council to fill the vacancy arising from the death of Mr K.Y. To. …
Read More HK: Hong Kong Life Insurance Council Elected a New Chairman
January 28, 2010: Data Privacy Day
By Troutman Pepper Locke on
Posted in Privacy/Data Security/Cyber Risk, United States
January 28, 2010, was International Data Privacy Day – an annual event intended to raise awareness of data privacy and to promote data privacy education. National and state governments, corporations such as Intel and Google, and institutions including universities observed the occasion. (In Europe, the event is known as “Data Protection Day”).
UK: Confederation of British Industry and PricewaterhouseCoopers Publish Report on the Future of the Financial Services Industry
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On the 20th anniversary of the Confederation of British Industry and PricewaterhouseCoopers Financial Services Survey, twenty leading figures from across the financial services industry have given their views in a report entitled “20/20 Vision – The Future of Financial Services” (the Report).
UK: Data Breaches to Incur up to £500,000 Penalty
By Troutman Pepper Locke on
In our January 2010 Client Advisory (see the Client Advisory here) we wrote that, pending the outcome of a recent Ministry of Justice consultation, the Information Commissioner’s Office (the ICO) may be given increased statutory powers to impose fines. In a press release on 12 January 2010, the ICO confirmed this power is expected to come into force on 6 April 2010.
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Read More UK: Data Breaches to Incur up to £500,000 Penalty
UK: Shadow Treasury Minister Speaks on Conservative White Paper
By Troutman Pepper Locke on
On 25 January 2010, Mark Hoban MP, Shadow Treasury Minister, spoke at a British Insurance Law Association seminar hosted at Lloyd’s and attended by a number of EAPD lawyers. Mr Hoban spoke on the Conservative Party White Paper, published on 20 July 2009, entitled “From Crisis to Confidence: Plan for Sound Banking” with a particular focus on the White Paper’s relevance to the insurance sector.
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Read More UK: Shadow Treasury Minister Speaks on Conservative White Paper
Indiana District Court Holds No Underinsured Motorist Coverage for at Fault Driver
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
An Indiana District Court recently granted summary judgment in favor of an insurer that was charged with breach of the insurance contract and bad faith for denying underinsured motorist benefits to its insured who was found at fault for causing a collision.
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Read More Indiana District Court Holds No Underinsured Motorist Coverage for at Fault Driver
California Court Refuses to Extend Coverage for Fire Intentionally Set by Child Under Homeowner’s Policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Recently, a California Appeals Court denied coverage under a homeowner’s policy for damages caused by a fire intentionally set by the insureds’ son. In Century Nat’l Ins. Co. v. Garcia, No. B209616, (Cal. App., 2d Dist. Dec. 2, 2009), an appeals court held that the policy’s exclusion for willful acts of “any” insured precluded coverage, even for innocent co-insureds, such as the plaintiffs.
Tenth Circuit Holds Demand Sent to Former Partner of Insured Law Firm Triggered Notice Provision of Claims Made and Reported Policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Tenth Circuit recently held that a law firm was not entitled to coverage from its malpractice insurer because a former partner of the firm had received a demand, unbeknownst to the firm, prior to the policy period.
Florida Court Affirms That Insurer of Physician Is Not Obligated to Indemnify Based Upon Applicability of Business Liability Policy’s Professional Services Exclusion
By Troutman Pepper Locke on
The District Court of Appeal of the State of Florida (the “Appeals Court”) recently affirmed the trial court’s determination that a doctor’s business owner insurer was not obligated to indemnify the doctor for a wrongful death suit that resulted, in part, from the mis-filing of laboratory results by the doctor’s assistant, although it did have a duty to defend.