On October 2, 2009, as part of the 48th Annual Corporate Counsel Institute held at Northwestern University School of Law, SEC Commissioner Elisse B. Walter gave a speech entitled “SEC Rulemaking — ‘Advancing The Law’ To Protect Investors.” In her speech, Commissioner Walter touched upon the SEC’s recent work with respect to climate change disclosures, and her belief that climate change is a very serious issue.
Read More SEC and NAIC Take Affirmative Steps To Address Corporate Disclosures Regarding Climate Change
UK: FSA Issues Reminder on its Approval and Interview Process for Significant Influence Functions
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 14 October 2009, the FSA wrote to the CEOs of certain regulated firms to clarify its new approach to the approval and supervision of persons performing significant influence functions (SIFs). …
Read More UK: FSA Issues Reminder on its Approval and Interview Process for Significant Influence Functions
Louisiana Insureds Petition the U.S. Supreme Court to Review a Fifth Circuit Decision Vacating that Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith
On July 21, 2009, Judy and Michael Kodrin filed a petition for a writ of certiorari in the U.S. Supreme Court, asking the Supreme Court to review a Fifth Circuit decision vacating that portion of a Katrina-related judgment that awarded them penalties, damages and attorneys’ fees based on their homeowners insurer’s alleged bad faith. …
Read More Louisiana Insureds Petition the U.S. Supreme Court to Review a Fifth Circuit Decision Vacating that Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith
Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed.
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Read More Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers
Paraguay: Both Houses of Congress Approve Legislation Regulating Rating Agencies
By Troutman Pepper Locke on
Posted in Latin American Developments
The Paraguayan House of Representatives recently approved the text of legislation, already approved by the country’s Senate, that regulates ratings agencies and replaces Law 1056/97 previously in place for ostensibly the same purpose. The text of the new law states that its purpose is to regulate ratings agencies and the ratings they issue to banking and other financial companies, including insurance companies. …
Read More Paraguay: Both Houses of Congress Approve Legislation Regulating Rating Agencies
New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
By Troutman Pepper Locke on
The New York Court of Appeals recently overturned an Appellate Division decision denying excess insurers summary judgment based on prior knowledge exclusions contained in professional liability policies issued to the insured law firm. …
Read More New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
Live Blog – Chinese Drywall Insurance Conference – October 22, 2009 – Miami Beach, Florida
By Troutman Pepper Locke on
EAPD participated in the October 22, 2009 sessions of the Chinese Drywall Insurance Conference taking place in Miami Beach, Florida. The day included a lively discussion between attorneys on all sides of this emerging issue, including attorneys representing homeowners, builders, suppliers, and insurers. Summaries of those discussions are set out below.
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Read More Live Blog – Chinese Drywall Insurance Conference – October 22, 2009 – Miami Beach, Florida
American Bar Association Conference – Aviation Law
By Troutman Pepper Locke on
Brian Green of Edwards Angell Palmer & Dodge is in Washington, D.C., participating in “Behind the Curtain: Insight Into the Aviation Practice from Go-Team to Trial,” presented by the American Bar Association’s Tort Trial & Insurance Practice Section and Aviation & Space Law Committee.
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Read More American Bar Association Conference – Aviation Law
UK & EU: AIDA Europe Conference 23 October 2009
By Troutman Pepper Locke on
Posted in European Union, United Kingdom
EAPD Partner Helen Clark is attending the AIDA Europe Conference in Zurich today, where the focus of discussions is on Insurance & Reinsurance in Europe: the Future Challenges.
House Financial Services Committee Exempts Insurance from Oversight by Proposed Consumer Finance Protection Agency
By Troutman Pepper Locke on
This updates our June 23, 2009 posting. As we previously reported, the Obama Administration proposed a broad overhaul of the federal financial regulatory system earlier this year. As part of the overhaul, the Administration, together with Rep. Barney Frank (D-Mass), proposed H.R. 3126 which would create a Consumer Finance Protection Agency (“CFPA”) to act as an independent executive agency with broad authority to regulate the provision of consumer financial products or services, including certain insurance products.