In a recent interview with Latino Insurance, Manuel Aguilera, president of Mexico’s insurance regulator (Comision Nacional de Seguros y Fianzas), reportedly commented that implementation in Latin America of the concepts underlying Solvency II is an important and achievable goal for each of the countries’ regulators. 

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Read More Solvency II in Latin America? La Latinoamericanizacion de Solvencia II . . .

The trial involving claims that the U.S. Army Corps of Engineers was negligent in its maintenance of the Mississippi River Gulf Outlet (MRGO), which we discussed here, concluded on May 14, 2009.  Judge Stanwood Duval, Jr. of the United States District Court, Eastern District of Louisiana, is expected to issue his ruling this summer in this non-jury trial. 

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Read More UPDATE: Significant Hurricane Katrina-Related Trial Concluded in Louisiana Federal Court

The Eleventh Circuit federal Court of Appeals recently affirmed summary judgment in favor of an automobile insurance company, finding that no reasonable jury could conclude that the insurer had acted in bad faith by offering the policy limits to an accident victim 33 days after the accident. 

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Read More Eleventh Circuit: As a Matter of Law, Auto Insurer’s Settlement 33 Days After Accident Is Not Bad Faith

EAPD is delighted to announce that it will again this year host a half-day insurance seminar which will be repeated in Bermuda, New York and Boston. …
Read More Half- day Insurance and Reinsurance Seminars

On May 20, 2009, President Barack Obama issued a memorandum addressing the limitations of federal preemption of state laws.  The memorandum ordered federal departments and agencies to review regulations preempting state laws to determine whether such preemption is based on an explicit Congressional mandate or an otherwise sufficient legal basis. …
Read More President Obama Orders Federal Agencies To Review Preemption of State Laws

Region: ING Latin America recently reported that its pre-tax profits in the region were up 17% (US$95 million) when comparing 1Q09 to 1Q08.  After excluding currency effects, the growth was even more pronounced at more than 33%. 

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Read More Latin American Update: Developments in the Region, Mexico, Ecuador, Nicaragua and Costa Rica

Anglo Starlite Insurance Co. Ltd. (the “Company”) was placed into provisional liquidation on 8 May 2009 following an investigation by the Hong Kong Insurance Authority (“IA”). Peter Whalley and Jan Blaauw of PricewaterhouseCoopers were appointed as joint and several provisional liquidators. …
Read More HK: Anglo Starlite Insurance Co. Ltd. in Provisional Liquidation

Advisen recently issued a securities filing report for Q1 2009 indicating that the upward trend in securities litigation filings from 2008 is continuing.  According to the report, there were a total of 169 securities cases filed in Q1 2009, up from both the prior quarter (Q4 2008 saw 125 filings) and Q1 2008 (134 filings). 

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Read More Advisen Report Indicates Securities Suits Still On the Rise

The United States International Trade Commission recently released its report Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets.  In preparing its report, drafted at the request of the United States Trade Representative of the Office of the President of the United States, the USITC reviewed non-tariff restrictive measures in 72 countries. …
Read More United States International Trade Commission Releases Report: Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets

Edwards Angell Palmer & Dodge LLP attended the International Insurance Forum sponsored by the National Association of Insurance Commissioners (the “NAIC”) in Washington, D.C. on May 18, 2009 (the “Forum”).  During the Forum, the NAIC announced its plans to review and address solvency issues within insurance holding companies.

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Read More NAIC Seeks to Monitor Non-insurance Entities in Insurance Holding Companies