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

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

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

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

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

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. 

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Read More House Financial Services Committee Exempts Insurance from Oversight by Proposed Consumer Finance Protection Agency

The Sixth Circuit recently denied an insurer’s petition for a writ of mandamus to vacate a discovery order compelling the production of information which the insurer argued was protected from discovery by the work-product and/or attorney-client privileges. 

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Read More Sixth Circuit Finds Court Order Requiring Insurer to Produce Privileged Documents Not Clearly Erroneous

In the World Economic Forum’s recently-released “Financial Development Report 2009,” Peru was ranked number one in the world for macroeconomic prudence.  The report states that the factors in determining countries’ rankings on this index were real GDP Growth, deposit interest rate, inflation volatility and inflation level. …
Read More Peru Ranks First in the World in Macroeconomic Prudence, Leads Latin American Countries on Overall Financial Development Index at Number 29

Eduardo Recinos, Insurance Director for Fitch Centroamerica, reportedly commented recently that the true volume of insurance sales in Costa Rica is obscured by illegal sale of foreign insurance, and that he does not expect either the opening of the Costa Rican insurance market to private competition or the creation of an insurance regulator to eradicate the problem. …
Read More Fitch Centroamerica: The Opening of the Costa Rican Insurance Market Will Not Resolve the Problem of Illegal Sale of Foreign Insurance