The FSA has published Policy Statement 09/7 (the PS) in connection with its review of the limits under the Financial Services Compensation Scheme (FSCS). The PS addresses changes to FSCS limits in connection with insurance, insurance mediation, investments and home finance mediation and home finance lending and administration which will come into effect on 1 January 2010. …
Read More FSA to Simplify FSCS Compensation Rules

Region: The International Development Bank, World Bank Group, Andean Development Corporation, Caribbean Development Bank and the Central American Bank for Economic Integration recently announced their pledge to lend US$90 billion to Latin America and the Caribbean in the next two years. …
Read More Latin America Update: World Bank and Others Pledge US$90 Billion in Loans to Latin America and Caribbean over Next Two Years; Total Premiums Grow in Peru and Venezuela; Brazilian Regulator Approves Two More Occasional Foreign Reinsurers

An insurer represented by Edwards Angell Palmer & Dodge attorneys Dennis Brown, Julia Ulrich and John Hughes was recently granted summary judgment by the Connecticut Superior Court based on an insurance policy’s provision defining “uninsured motor vehicle” as not including any vehicle owned by a self-insurer. 

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Read More Connecticut Superior Court Grants Summary Judgment for Insurer on Uninsured Motor Vehicle Claim

On Wednesday, April 29, 2009, the U.S. Reinsurance Under 40s Group will host its first ever event in Philadelphia!  The event will take place between 5:30 p.m. and 7:30 p.m. at the Union League of Philadelphia, which is located at 140 S. Broad Street (between 15th and Samson streets). …
Read More U.S. Reinsurance Under 40s Group to Host Reception in Philadelphia

On Wednesday, May 6, 2009, the U.S. Reinsurance Under 40s Group will host the the Lloyd’s Under 30’s Non-Marine Group at its annual Spring event in New York City.  The Lloyd’s Under 30’s Non-Marine Group was established more than 30 years ago, and is an organization that is open to all those under the age of 30 years who are engaged in the Lloyd’s Non-Marine market. 

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Read More U.S. Reinsurance Under 40s Group to Host Lloyd’s Non-Marine Under 30s Group on May 6th for Spring Event in New York City

For the first time, the ABI has on 21 April published guidance governing the trade credit insurance industry. The guidance, which is not legally binding, is published in the form of a Statement of Principles outlining how trade credit insurers operate and what policyholders can expect. …
Read More UK: The Association of British Insurers (the ABI) Publishes a Statement of Principles on Trade Credit Insurance

City lawyer, Patrick Raggett, is suing the Jesuit run school he attended for £5 million in damages alleging sexual abuse in the 1970s by the now deceased Father Spencer, a priest at the school before it closed in 1978. If successful, the claim will be by far the largest court award for damages in England for sexual abuse (the current record being £600,000). …
Read More UK: City Lawyer Sues Jesuit School for £5 million Alleging Sexual Abuse

On April 20, 2009, the Texas State Senate issued a press release announcing approval of Senate Bill 1007 (“SB 1007” or the “Bill”) authorizing continued operation of the Texas Department of Insurance (“TDI”) and slightly reforming certain TDI operations. …
Read More Texas Senate Approves Bill Authorizing Continued Operation of the Texas Department of Insurance

Piracy in the Gulf of Aden and off the coast of Somalia has for some time now been the subject of considerable publicity, most recently in the United States with the rescue of an American sailor by the U.S. Navy.  Beyond public interest, however, the increase in piracy activity has had a very real impact on the insurance industry and those international shipping companies that may have previously considered insurance coverage for losses associated with piracy to be nonessential. …
Read More The Impact of Piracy on Marine and Kidnap and Ransom Insurance

An Illinois federal court recently held that an insured’s bad faith claim fell within the scope of an arbitration provision contained in a D&O Policy and therefore granted the insurer’s motion to compel arbitration. …
Read More Federal Court Rules that Bad Faith Claim Falls Within Scope of Arbitration Clause in D&O Policy