Cahda, an association representing the Honduran insurance industry, recently announced that net profits for the industry rose 19% in 2008 to 559 million lempiras (approximately US $29.9 million). 

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Read More Honduras: Insurance Industry Net Profits Rise By 19%, Total Premiums By 14.3%

The United States District Court for the District of Connecticut recently rescinded a $15 million life insurance policy following the insured’s death where the insurer discovered material misrepresentations in the insured’s policy application. 

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Read More Due to Material Misrepresentations, Connecticut Federal Court Permits Rescission of $15 Million Life Insurance Policy Following Insured’s Death

The United States District Court for the Northern District of Indiana recently held that the insureds’ misrepresentation claim against its insurance agent was a viable claim under Indiana law and was distinct from claims that the insurer adjusted their claim in bad faith. 

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Read More Indiana Federal Court Recognizes Cause of Action Against Insurance Agent as Distinct From Claims That Insurer Acted in Bad Faith

On January 7, 2009, the Sixth Circuit Federal Court of Appeals held in that, under Kentucky law, an excess liability insurer must show harm or prejudice as a result of late notice of a claim in order to deny coverage on that ground. 

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Read More Sixth Circuit: Under Kentucky Law, Excess Insurers Must Show Reasonable Possibility of Substantial Prejudice to Justify Denial of Coverage Based Upon Late Notice

As discussed here, the International Association of Insurance Supervisors (IAIS) recently released its Issues Paper on Group-Wide Solvency Assessment and Supervision, the purpose of which is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

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Read More Chile: SVS To Hold First Latin American Conference Concerning IAIS Solvency Project

A recent report by consulting firm Consensus Forecasts predicts that Peru and Chile will experience the greatest economic growth among Latin American countries between now and the end of 2010. 

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Read More Peru and Chile Expected to Lead Latin America in Economic Growth through 2010

Legislation is under consideration in Connecticut and New Jersey that may significantly expand a claimant’s ability to directly sue an insurer over unfair claims settlement practices. 

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Read More Legislation Proposed in Connecticut and New Jersey Allows for Direct Action by Claimants for Unfair Claims Settlement Practices

The United States District Court for the District of New Jersey recently dismissed a securities class action complaint as a sanction for conduct by the lead plaintiff and class counsel.  Guy Del Giudice v. S.A.C. Capital Management, LLC, et al., 06-cv-1413 (February 19, 2009). 

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Read More New Jersey Federal Court Dismisses Securities Class Action Complaint as Sanction for Attorney Misconduct

In a recent decision, the Supreme Judicial Court of Massachusetts ruled that an insurer, in contrast to an insured, cannot obtain attorney’s fees incurred in successfully establishing another insurer’s duty to defend.  John T. Callahan & Sons, Inc. v. Worcester Ins. Co., SJC-10180 (March 19, 2009). 

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Read More Supreme Judicial Court Refuses to Extend Gamache Fee-Shifting Rule to Insurer Plaintiffs