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

Recently, in Lyondell Chem. Co. v. Ryan, the Delaware Supreme Court reaffirmed the protections afforded directors in their efforts to obtain the best price in a corporate sale and provided important clarification of directors’ duties in navigating change of control transactions. 

…
Read More Delaware Supreme Court Reaffirms Exculpation Protections in Sale of Corporate Control and Clarifies Revlon Duties

Panama’s insurance regulator, the Superintendencia de Seguros y Reaseguros, reports that, in the first quarter of 2009, total premiums in Panama totaled US$66.5 million, 14.6% higher than recorded in the first quarter of 2008. 

…
Read More Panama: Total Premiums Rise 14.6% in First Quarter 2009, 27.5% for the Full Year 2008

A New York trial court recently denied an insurer’s motion to dismiss the insured’s claim of consequential/extra-contractual damages for pain and suffering and held that the insured may proceed with discovery to explore whether the insurer’s denial of benefits violated the duty of good faith and fair dealing. …
Read More NY Court Extends Availability of Consequential Damages to No-Fault Insurance Cases

The Court of Appeal has held, in dismissing an appeal from summary judgment given in the Commercial Court, that lease agreements for aircraft can fall within the Unfair Contract Terms Act 1977’s (“UCTA”) exemption for ‘international supply contracts’, even if the contract does not specifically provide for the aircraft to be transported to another country. …
Read More UK: UCTA’S EXEMPTION TAKES FLIGHT – Trident Turboprop (Dublin) Ltd v First Flight Couriers Ltd [2009] EWCA Civ 290

The largest reported claim in Chilean history appears to have been conclusively settled recently with Mapfre’s reported agreement to contribute an additional US$43.7 million to resolution of the Collahuasi claim. …
Read More Chile: Collahuasi Claim Reportedly Settles for US$161.5 million

Edwards Angell Palmer & Dodge attorney Machua Millett will participate in the Brickell Avenue Business Interruption and Energy Conference in Miami from Wednesday June 10, 2009 to Friday June 12, 2009.  The conference will include 12 seminars on various aspects of business interruption risk management and claims handling in the energy context, including the role of outside counsel, forensic accountants, expert consultants, loss adjusters and metallurgists. 

…
Read More Brickell Avenue Business Interruption and Energy Conference

United States Senator Bill Nelson (D-FL) introduced a bill last week to provide a guarantee for the Florida Hurricane Catastrophe Fund from the Federal Reserve.  The legislation would also provide federal guarantees for the catastrophe funds in Texas and Louisiana and the earthquake insurance pool in California (the “Cat Funds”). 

…
Read More Senate Bill Seeks Federal Backstop for Four States’ Catastrophe Funds

As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”).  As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events. 

…
Read More Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage

Defendant New York Merchants Protective Co. Inc. (“NYMP”) is engaged in the business of installing and/or maintaining alarm systems.  See Custom Metal Inc. v. New York Merchants Protective Co. Inc., 21343/08 (Nassau County, Sup. Ct., Apr. 6, 2009).  Plaintiff Custom Metal Inc. (“Custom Metal”) was a customer of NYMP and entered into a contract in 2003 by which NYMP was responsible for installing and maintaining a security system at Custom Metal’s principal place of business. 

…
Read More New York State Court Orders Parties to Arbitrate Dispute, even where Plaintiff Alleges that Contract Containing Arbitration Clause Was Induced by Fraud