According to recent reports in the New York Times and Financial Times, A.I.G. plans to list its Asian life insurance unit, American International Assurance (“A.I.A.”), on the Hong Kong stock exchange by year’s end.  The IPO, which is expected to raise as much as $20 billion, would be one of the largest public stock offerings in the exchange’s history. 

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Read More A.I.G. to List American International Assurance on the Hong Kong Stock Exchange

In National Navigation Co v Endesa Generacion SA [2009] EWCA Civ 1397 the Court of Appeal overturned the first instance judgment of Mrs Justice Gloster (previously reported on the blog here) and held that the English court was bound by an earlier decision of the Spanish court to the effect that no arbitration clause was incorporated into the relevant contract. 

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Read More UK: Court of Appeal Clarifies the Scope of the West Tankers Decision

Congress recently approved another short-term extension of The National Flood Insurance Program (“NFIP”) through February 28, 2010.  The NFIP extension was included in a defense appropriations measure, and was approved shortly before the program was to expire. 

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Read More UPDATE: Congress Approves Another Short-Term Extension of the NFIP through February 28, 2010

Media reports indicate that Senator Patrick Leahy’s (D-VT) amendment to repeal the antitrust exemption under the McCarran-Ferguson Act for health insurers and medical mal practice insurers, last discussed here, has been removed from the latest version of the Patient Protection and Affordable Care Act (H.R. 3590). 

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Read More Partial Repeal of McCarran-Ferguson Act Dropped from Senate Health Reform Bill

On December 16, 2009, the Maryland Insurance Administration (“MIA”) issued a media advisory announcing that Ralph S. Tyler will step down as Commissioner of the MIA effective January 8, 2010.  Tyler, who has been Maryland’s Insurance Commissioner since 2007, has accepted the position as Chief Counsel with the Federal Food and Drug Administration. 

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Read More Maryland Insurance Commissioner Steps Down

Healthcare reform efforts were marked with uncertainty and skepticism in the Senate last week, as Democratic leaders continued their scramble to reach a consensus on the controversial bill before Christmas.  Those efforts continued behind the scenes into the weekend, and a compromise was finally unveiled on Saturday. 

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Read More Last Week in DC: The Healthcare Reform Debate – December 21, 2009

The new Lugano Convention enters into force in the European Union and Norway on 1 January 2010. It will replace the 1988 Lugano Convention on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters. 

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Read More UK: Civil Jurisdiction and Judgments Regulations 2009 (SI 2009/3131) Will Bring the New Lugano Convention into Force in the UK on 1 January 2010

The Court of Appeal has ruled that it can be within a court’s discretion to reduce a successful defendant’s costs award by two thirds because of lies told during the trial. 

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Read More UK: Court Can Deprive a Successful Defendant of Costs Following Lies at Trial

As previously discussed here, the government of El Salvador has been considering imposing a tax on premiums ceded to reinsurers.  The original proposal was for a 10% tax, but the government has lowered that proposal to 5% (the proposal still includes a 25% tax as to reinsurers located in jurisdictions considered to be tax havens). 

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Read More El Salvador: Insurance Association Proposes Alternative 3% Tax for Reinsurers

In a judgment issued on 15 December in the English High Court (Lehman Brothers International (Europe)(in administration) v CRC Credit Fund Limited & Ors [2009] EWHC 3228), and based on assumed facts presented to him, Mr Justice Briggs described the failure by LBIE to protect client monies from the impact of insolvency as “truly spectacular” and involving “shocking underperformance“. 

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Read More UK: English High Court Judge Blasts the Spectacular Failure to Protect Client Monies by Lehman Brothers International (Europe) (LBIE), its Auditors and Regulators