According to a recently published report by Fitch Ratings Centroamerica, the Nicaraguan insurance market, which is primarily based on automobile and life insurance, significantly improved its operating performance and accident rates in 2008. 

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Read More Fitch Report: Nicaraguan Insurance Market Grows 17%

Mergers and acquisitions (M&As) and joint ventures (JVs) both represent mechanisms for consolidation within the insurance market and new entry into that market. A number of issues involved in consolidation as well as issues relevant to new entrants in the insurance industry, principally in Hong Kong, are considered in this booklet. …
Read More Doing Business in Hong Kong – Issues in Insurance Mergers Acquisitions and Joint Venture

A trial involving claims that the U.S. Army Corps of Engineers was negligent in its maintenance of the Mississippi River Gulf Outlet began recently in Louisiana federal court.  (for a prior blog post regarding these claims, please click here).  The non-jury trial, in which Judge Stanwood Duval, Jr. will preside, is expected to last approximately four weeks. …
Read More Significant Hurricane Katrina-Related Trial Under Way in Louisiana Federal Court

The Pennsylvania Superior Court recently affirmed a lower court’s summary judgment ruling in favor of an insurer, holding that the limit of liability in a directors and officers liability policy was limited to $10 million in the aggregate, as opposed to per claim, even though certain policy documents did not include the word “aggregate” when referring to the limit of liability. 

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Read More Pennsylvania Superior Court Affirms Decision in Favor of Insurer Regarding Whether D&O Policy’s Limit of Liability Applied in the Aggregate or Per Claim

Last week, both the Florida Senate and House passed legislation, Senate Bill 1894 and House Bill 853 respectively (the “Legislation”), to exempt surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise, which contains Florida’s rate and form filing statutes. …
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Passed By Florida Senate and House

Just as Hurricane Katrina-related coverage litigation is winding down (click here for our posts about Katrina coverage litigation), several Hurricane Ike-related coverage lawsuits were recently filed in Texas as reported in this article in The Southeast Texas Record. 

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Read More The Rise of Hurricane Ike-Related Litigation

The Federal Trade Commission (“FTC”) issued a press release on April 30, 2009, a day before the effective date of the federal Red Flag rules (16 CFR 681, the “Rules”), extending the enforcement date for creditors, for a second time, to August 1, 2009.  For financial institutions, compliance has been required since November 28, 2008.  The Rules require that “financial institutions” and “creditors” with “covered accounts,” as defined under the Rules,  develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft. 

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Read More FTC Delays Enforcement of Red Flag Rules

Under Ley 253 de 1995 (Ley de Seguro de Responsabilidad Obligatorio para Vehiculos de Motor), a system of compulsory minimum automobile coverage was instituted in Puerto Rico.  The coverage, obtained from the Puerto Rican government itself, currently carries a premium of $99 per year. …
Read More Puerto Rico: Insurance Commissioner Considers 20% Reduction in Compulsory Auto Insurance Premiums

As previously discussed here, Brazilian law previously imposed a 10% limit on total annual premiums that a local insurer could cede to an occasional foreign reinsurer.  On April 27, 2009, however, the Superintendencia de Seguros Privados (SUSEP), the Brazilian insurance regulator, relaxed that limitation significantly, but only as to two lines of business. …
Read More Brazil Raises Cession Limit to Occasional Foreign Reinsurers for Surety and Petroleum Lines

On April 28, 2009, Democratic Representative Barney Frank, chairman of the U.S. House of Financial Services Committee, told the Reuters Global Financial Regulation Summit in Washington that a congressional panel will examine whether insurance companies should be regulated under an optional federal charter, which would give insurers a choice between state or federal regulation. …
Read More House Panel Hearings on Optional Federal Charter