This updates our January 7, 2010 posting.  According to media reports, following meetings with insurance executives from over 50 companies, the New York Insurance Department has selected Special Counsel Maria Filipakis to supervise the reopening of the New York Insurance Exchange (the “Exchange”). …
Read More New York Insurance Exchange Working Groups Formed

In an interview with Bloomberg, Chaucer’s chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment. 

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Read More Chaucer Latest Lloyd’s Entity to Consider New Domicile

The Financial Services Authority (FSA) has recently published the results of an independent review of firms’ compliance with its financial promotions requirements (the Review). The Review examined a sample of press, magazine and internet promotions. 

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Read More UK: The Financial Services Authority Publishes Independent Review of Financial Promotions Compliance

The Connecticut Insurance Department issued a proposed regulation (the “Proposed Regulation”) relating to use of senior-specific certifications and professional designations in the sale of life insurance and annuities.  The Proposed Regulation aims protect seniors from abusive sales practices and fraud and is based on the NAIC Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (the “Model”). 

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Read More Connecticut Proposes New Regulation to Protect Seniors

Last Tuesday’s stunning Republican victory in Massachusetts left the future of healthcare reform legislation uncertain, at best.  After the game-changing Senate special election, Democrats spent the week assessing the damage and working to figure out a path forward on their top legislative priority. 

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Read More Last Week in DC: The Healthcare Reform Debate – January 25, 2010

The Association of British Insurers (ABI) has published a paper on executive remuneration, to help remuneration committees understand how shareholders expect companies to apply the ABI’s influential guidelines on executive remuneration in the current economic climate. 

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Read More UK: ABI Position Paper on Executive Remuneration

An amendment was signed into law on January 17, 2010 which requires insurance producers to notify the Commissioner of the New Jersey Department of Banking and Insurance of disciplinary actions taken against them by the Financial Industry Regulatory Authority (FINRA) or other similar non-governmental regulatory authorities that have statutory authority to create and enforce industry standards of conduct. 

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Read More New Jersey Enacts Amendment – Producers Must Notify Insurance Commissioner of FINRA and Other Disciplinary Actions

The Connecticut Appellate Court recently affirmed a trial court’s summary judgment holding that an insurance company had no duty to defend or indemnify its insured in a negligence action brought by a women who was stabbed twenty-four times by the insured.  The court’s decision was based on the fact that the phrase “physical abuse” contained in a homeowner’s policy exclusion was not ambiguous and did not contain an implicit intentionality requirement, and thus the exclusion applied. …
Read More Connecticut Appellate Court Affirms Summary Judgment Holding that Insurer Had No Duty to Defend or Indemnify its Insured in Negligence Claim Brought by Stabbing Victim

The Connecticut Appellate Court recently held that the “substantial factor test” for causation remains unchanged and that traditional causation rules apply to workers’ compensation cases. 

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Read More Connecticut Appellate Court Holds Substantial Factor Test Remains Unchanged in Workers’ Compensation Cases

In North American Specialty Insurance Co. v. John Paul Pucek, et al., Docket No. 5:09-CV-49 (JMH) (E.D.KY Nov. 4, 2009), the owners of a thoroughbred horse purchased an equine mortality insurance policy.  During the policy period, the horse sustained an injury that ultimately resulted in the horse being euthanized. 

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Read More Kentucky Law is Found Ambiguous by Federal District Court as to Whether Agents Can be Sued for Bad Faith and Thus Joinder of Agent Allowed Even Though Destroys Diversity