Recently, the United States Treasury Department (the “Treasury”) has announced that certain life insurers that have acquired banks and thrifts are eligible to receive assistance from the Capital Purchase Program, a sub-program of the Troubled Asset Relief Program. 

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Read More United States Treasury Department to Offer Financial Assistance to Life Insurers

After almost eight years of litigation, years of mediation, and failed partial settlements, the coordinated cases captioned as In re Initial Public Offering Securities Litigation (21-MC-92) appear to be on track for a global settlement. 

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Read More $586 Million Global Settlement Reached in the IPO Securities Litigation

On April 9, 2009, U.S. Senator Patrick Leahy (D-Vt.) recommended Molly Lambert, current President of the Vermont Captive Insurance Association (VCIA), to President Barack Obama for the post of U.S. Department of Agriculture (USDA) State Director for Rural Development for Vermont and New Hampshire. 

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Read More Molly Lambert, VCIA President, Recommended by Senator Leahy (D-VT) for Regional USDA Post

The United States Court of Appeals for the Fifth Circuit recently vacated a portion of a November 2007 ruling against State Farm Fire and Casualty Company, in which plaintiffs Judy and Michael Kodrin were awarded damages arising out of State Farm’s alleged bad faith failure to timely pay their claim for Hurricane-Katrina related wind damage. 

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Read More Fifth Circuit Vacates Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith

The U.S. Climate Change Science Program (CCSP), which integrates federal research on climate change and its global effect, is sponsored by thirteen federal agencies.  The CCSP just published a booklet entitled “The Essential Principles of Climate Science.” 

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Read More U.S. Climate Change Science Program Issues Primer on Climate Change

The Financial Services Authority has previously voiced concerns with the lack of transparency regarding brokers’ commission and invited the insurance industry to prepare guidance on commission disclosure and the management of the potential conflicts of interest. 

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Read More UK: FSA Approves Industry Guidance on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market

In Temple Legal Protection Ltd v QBE Insurance (Europe) Ltd [2009] EWCA Civ 453, Temple Legal Protection (Temple) appealed against a first instance decision dismissing its appeal against an arbitration award, which stated that Temple had no entitlement to conduct the run-off of business of QBE Insurance (Europe) (QBE) after termination of its binder by QBE. 

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Read More UK: Court of Appeal Rules on Underwriting Agent’s Entitlement to Conduct Run-Off

A credit card agreement between Cheryl DiLorenzo and, by assignment, FIA Card Services, N.A. (“FIA”) contained a provision that permitted either party to submit any dispute between them to arbitration before J.A.M.S./Endispute (“JAMS”). 

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Read More New York State Court Vacates Arbitral Award Where Party Failed to Follow Procedures Set Forth in Arbitration Clause