As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
Read More National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

As an update to our previous post, the Board of Directors of the Vermont Captive Insurance Association (VCIA) announced its appointment of Diane Leach, the Association’s current Director of Education and Program Planning, as its interim president. …
Read More VCIA Appoints Diane Leach as Interim President

In National Navigation Co v Endesa Generacion SA [2009] EWHC 196 (Comm) a shipowner, National Navigation Co (National) made two applications to the English court in relation to a dispute with a Spanish electricity company, Endesa Generacion SA (Endesa). 

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Read More UK: English Commercial Court explores scope of the West Tankers decision

On 20 March 2009, the Financial Services Authority (FSA) wrote to compliance officers of all the firms which hold client money permissions to remind them of their responsibilities in abiding with Principle 10: “A firm must arrange adequate protection for clients’ assets when it is responsible for them”. 

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Read More UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets

A federal judge has sentenced two former executives of collapsed health care financing company National Century Financial Enterprises (“NCFE”), to decades in prison for their roles in a $2.8 billion fraud scheme. 

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Read More NCFE Executives Sentenced to Decades in Prison for Role in Company’s Collapse and $2.8 Billion Fraud

Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II  regime. 

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Read More EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II

On March 26, 2009, Mississippi Governor Haley Barbour signed into law House Bill 777 (the “New Producer Law”), whereby the Mississippi Insurance Department will adopt the NAIC uniform standards for the licensing of producers.

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Read More Mississippi Adopts NAIC Uniform Producer Licensing Standards

In Westport Ins. Corp. v. Coffman, Case No. C2-05-1152 (S.D. Ohio Jan. 29, 2009), the federal district court for the Southern District of Ohio held that an underlying class action lawsuit filed against an insured attorney and his clients, and the subsequent malpractice claim filed by the clients against the insured attorney, constitute a single claim and are therefore subject to a single per-claim limit of liability. 

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Read More Ohio Federal Court: Class Action Against Attorney and His Clients and Malpractice Claim are “Related” Under Policy’s Multiple Insureds, Claims and Claimants Provision

Shareholders for Affiliated Computer Systems, Inc. (ACS), a Fortune 500 company in the information technology sector, filed suit against ACS and certain of its directors in Delaware state court in early 2007. 

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Read More Demand Not Futile in Shareholder Derivative Litigation Arising Out of Proposed ACS Buyout

In Wagner v. United National Insurance Co. et al. (click here to read the decision), the Supreme Court of Nebraska affirmed a district ruling that a regulatory exclusion in a D&O policy excluded coverage for the underlying action brought by the Director of Insurance of the State of Nebraska in his capacity as the bankruptcy liquidator of the insured, an insolvent insurance company. 

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Read More Regulatory Exclusion Bars Coverage for Lawsuit Brought by the Director of Insurance