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

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