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

In Direct Line Insurance (DLI) v. Kenneth Ronald Fox [2009] EWHC 386 (QB), DLI sought to recover sums paid under a buildings insurance policy to an insured, Mr Fox, in respect of fire damage to Mr Fox’s home. Mr Fox had made a claim for recovery under the policy, which DLI accepted, entering into a written agreement providing Mr Fox with a settlement amount and also providing for a VAT payment upon the provision of certain documentation from Mr Fox following the damage being repaired. 

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Read More UK: Fraudulent Claims

We have already reported on the publication of the Turner Report here. As part of this report, the FSA Chairman, Lord Turner, considered the role that credit rating agencies played in the current financial crisis and whether they should be regulated in the future. 

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Read More UK: Turner Report – Credit Rating Agencies and the Use of Ratings

A New York state appellate court recently reversed a landmark 2007 trial court decision and held that asbestos-related bodily injury claims fall within the products/completed operations hazard coverage of the comprehensive general liability policies at issue and are therefore subject to that coverage’s aggregate limits. 

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Read More New York State Appellate Court: Asbestos Claims Fall Within Products/Operations Hazard Coverage and Are Subject to Aggregate Limits

As President Obama begins to grapple with sweeping changes to our national healthcare system, he should first turn his attention to the obvious flaws in an existing program.  Medicare Part D, the prescription drug benefit for the elderly, came into existence in 2006 amidst much confusion in the marketplace. 

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Read More Healthcare Reform: Fix Medicare Part D First

Lloyd’s has announced the appointment of Tom Bolt as its new Underwriting Performance Director, replacing Rolf Tolle who steps down as Franchise Performance Director at the end of the year. Although the title changes, we understand the role is largely the same. 

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Read More UK: Lloyd’s Announces Appointment of New Underwriting Performance Director

As previously discussed here, the Costa Rican (re)insurance market has undergone a slow but profound transformation in the last six months as the former government monopoly has been removed. 

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Read More Costa Rica: Banco Popular Obtains Authorization to Market Full Line of Insurance Products