On 28 February 2009, the National People’s Congress resolved to amend the China Insurance Law. This was the second revision since the insurance law was first enacted in China on 1 October 1995. The amendment will come into force on 1 October 2009 and will constitute a comprehensive reform of the present insurance law. …
Read More China: Insurance Law Reform in China

The New York Insurance Department issued proposed Regulation No. 192 (11 NYCRR) (the “Proposed Regulation”) establishing minimum reserve and nonforfeiture standards for preneed life insurance policies (i.e. policies that provide a prearrangement agreement for goods and services to be provided upon the death of the insured). …
Read More New York Issues Proposed Regulation to establish Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values for Preneed Life Insurance

EAPD has recently published the second electronic version of its ‘Commercial Litigation Review’ (August 2009), which focuses on the hot topics currently facing businesses in the UK and throughout the world. 

…
Read More Publication: Edwards Angell Palmer & Dodge’s Commercial Litigation Review (August 2009 edition)

Due largely to lower life annuity sales, total premiums in the Chilean insurance market fell 12.3% for the first half of 2009 when compared to the first half of 2008.  Total premiums for the first half of 2009 were US$ 2.89 billion. 

…
Read More Chilean Insurance Market Contracts By 12%

On August 4, 2009, Delaware Insurance Commissioner Karen Weldin Stewart announced that the Department of Insurance (the “Department”) has established the new Bureau of Captive and Financial Insurance Products (the “Bureau”) to dedicate more resources to the regulation of captives and make the regulatory process more efficient. 

…
Read More Delaware Department of Insurance Establishes Captive Bureau

On August 17, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (the “OCABR”) issued a press release announcing important amendments to 201 CMR 17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth (the “Regulations”), and a third extension of its effective date from January 1, 2010 to March 1, 2010. The OCABR also called a public hearing scheduled for September 22, 2009 in connection with the Regulations.

…
Read More BREAKING NEWS: Client Advisory – Amended Massachusetts Security Regulations and Extension of Effective Date

On August 5, 2009, the Director of the Division of Enforcement of the Securities and Exchange Commission, Robert Khuzami, outlined multiple new steps the SEC is taking to increase enforcement of securities laws and regulations in the wake of high-profile cases and losses for investors, such as the Bernard Madoff ponzi scheme. 

…
Read More SEC Division of Enforcement Director Announces Aggressive New Initiatives – An EAPD Client Advisory

In an unpublished two page decision filed August 11, 2009, the United States Court of Appeals for the Fifth Circuit upheld a $21.6 million jury verdict in favor of a New Orleans grocer with approximately $1 million in bad faith damages. …
Read More Fifth Circuit Upholds Jury Verdict Against Insurer in Hurricane Katrina Case

In Shell Egypt West Manzala GmbH & Others v Dana Gas Egypt Limited (formerly Centurion Petroleum Corporation) [2009] EWHC 2097 (Comm) Dana Gas Egypt Limited (Dana) submitted that the court had no jurisdiction to hear Shell’s application for permission to appeal, allowed under section 69(1) of the Arbitration Act (the Act), or any substantive appeal because of the phrase “final, conclusive and binding” in the relevant arbitration clause. 

…
Read More UK: Can the Right to Appeal an Arbitration Award Under the Arbitration Act 1996 be Excluded?

On August 14, 2009, Governor Paterson announced the appointment of James J. Wrynn to serve as Superintendent of the New York State Insurance Department (the “Department”).  He will succeed Eric Dinallo who resigned from the Department on July 3 to accept a visiting professor position at New York University. 

…
Read More Governor Paterson Announces Appointment of New York Superintendent of Insurance