The Solvency II framework directive has finally been agreed and the proposals are expected to be formally passed in the next six weeks by both the European Parliament and the European and Financial Affairs Council (a subset of the Council of Ministers). 

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Read More EU: Solvency II Directive Agreed – Group Supervision Proposals Dropped

The European Commission has stated in a report, adopted on 24 March 2009, that two of the four forms of cooperation benefiting from the Insurance Block Exemption Regulation (the “BER”) may continue to be protected under a partially renewed BER when the current one expires on 31 March 2010. 

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Read More EU: European Commission Issues Provisional Views on the Renewal of the Insurance Block Exemption Regulation (358/2003/EEC)

Shareholders of Perrigo Company recently filed suit in the United States District Court for the Southern District of New York against Perrigo, a pharmaceutical manufacturer and distributor and seven of its directors and officers, alleging violations of Section 10(b) and Rule 10b-5 of the 1934 Securities Exchange Act.  See Warner v. Perrigo Co., No. 09-CV-2255 (March 11, 2009). 

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Read More Shareholders File Suit in New York Federal Court Against Auction Rate Securities Buyer

The Delaware Chancery Court recently dismissed, without leave to amend, a derivative action brought by shareholders of Affiliated Computer Services, Inc. (“ACS”) arising out of a failed deal between Cerberus Capital Management LP (“Cerberus”) and ACS to take ACS private. 

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Read More Delaware Chancery Court Dismisses Shareholder Lawsuit Arising Out of Company’s Failed Bid to Go Private

In a lawsuit filed against the U.S. Army Corps of Engineers involving allegations that the Army Corps was negligent in its maintenance of the Mississippi Gulf River Outlet (“MRGO”), a federal district court in Louisiana recently denied plaintiffs’ partial summary judgment motion and defendants’ renewed motion to dismiss. 

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Read More Hurricane Katrina-Related Case Against the Army Corps of Engineers is Likely to Proceed to Trial

In response to the large number of accidents in Mexico in which drivers are found to lack automobile insurance coverage, a group of private organizations and governmental groups are prepared to present to the legislature a proposal for mandatory auto insurance coverage. 

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Read More Mexico Considers Mandatory Auto Insurance Law

UBS AG and its affiliates (“UBS”) commenced arbitration against Lakah Funding Limited, the primary obligor and issuer of certain Eurobonds, and against four guarantors of the bonds. 

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Read More Court Enjoins Arbitrators from Determining Jurisdiction Over Non-Parties to Arbitration Agreement

As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting. 

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Read More NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework

Lloyd’s has issued a market bulletin giving details of the arrangements relating to mid-year coming-into-line (click here to see a copy). The bulletin is addressed both to members’ agents and to direct corporate members. 

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Read More Lloyd’s Publishes Mid-Year Coming-Into-Line Arrangements