The Connecticut Appellate Court recently affirmed a lower court’s grant of summary judgment in favor of an insurer based on its determination that the insured breached the insurance policy’s cooperation clause by failing to provide copies of requested tax returns. 

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Read More Connecticut Appellate Court Affirms Summary Judgment In Favor of Insurer Due to Insured’s Failure to Cooperate

Willis recently completed the purchase of the remaining shares in its Argentinean units, Herzfeld Willis SA and Willis SA.  Eugenia Paschoal, CEO of Willis Latin America reportedly commented that “We have taken full ownership of Willis Argentina because we see excellent growth prospects in this country and are committed to becoming the leading broker there. 

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Read More Willis Demonstrates Confidence in Future of Argentina, Latin America

Congratulations to Ted Augustinos, partner of EAPD’s Insurance and Reinsurance Department, who was elected to serve on the Board of Directors of the American Bankers Insurance Association (ABIA).  Elections occurred at the ABIA annual meeting this week in Washington, DC. …
Read More EAPD Insurance Partner Ted Augustinos Elected to American Bankers Insurance Association Board of Directors

The European Commission announced on 23 September 2009 the adoption of legislative proposals to strengthen financial supervision in Europe in the wake of the global financial crisis. 

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Read More EU: European Commission Pushes Ahead with Stronger Financial Supervision in Europe

Plaintiff Callon Petroleum Company (“Callon”) commenced an action against National Indemnity Company (“NICO”) to recover for a judgment Callon obtained against NICO’s cedent, Frontier Insurance Company (“Frontier”). 

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Read More Court Finds That New York Law Governs Reinsurance Agreement, Denies Insured’s Statutory Claim for Punitive Damages and Penalties Against Reinsurer

The Salvadoran Insurance Association (ASES) is warning that a proposed tax increase on reinsurance premiums may cause a mass exodus of reinsurers, leaving the nation under-protected in the event of a natural disaster.  As part of a lengthy fiscal reform proposal expected to be presented to the Legislative Assembly in the coming days, President Mauricio Funes reportedly intends to propose the imposition of a ten percent tax on reinsurance premiums. …
Read More El Salvador: Government’s Threatened Tax Increase May Cause Exodus of Reinsurers

Idea Nuova, Inc. moved in the U.S. District Court for the Southern District of New York to vacate or modify an arbitration award issued in favor of GM Licensing Group, Inc.  The bases for Idea Nuova’s motion included, among other things, that the arbitrator had acted in manifest disregard of the law. …
Read More New York District Court Recognizes Continued Viability of Manifest Disregard of the Law in the Second Circuit

On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment; divorce; or identity theft, to name a few. …
Read More P&C Insurers to Submit Copies of Consumer Notices in connection with Credit Scoring to New Jersey Department of Banking and Insurance

The Ponemon Institute recently published a survey on Payment Card Industry Data Security Standards (“PCI DSS”) compliance.  The Ponemon Institute is an independent research firm that conducts research on privacy, data protection and information security policy. …
Read More PCI Compliance Survey Finds Companies Need Improvement

The Virginia State Corporation Commission Bureau of Insurance (the “Bureau”) recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties.

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Read More Virginia Issues Guidance on Information Security Program Requirement