Edwards Angell Palmer & Dodge, LLP recently obtained a decision from the U.S. District Court for the Eastern District of New York granting the motion of its clients, American United Life Insurance Company, Inc. (“AUL”) and R.E. Moulton, Inc. (“REM”), to dismiss a third-party action against them in favor of arbitration. 

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Read More Court Dismisses Third Party Action in Favor of Arbitration

Jorge Claude, General Manager of the Association of Chilean Insurers, recently states that the organization expects results to improve in 2009 over 2008, based primarily on the expectation that it is unlikely Chile will see another economic collapse such as that seen in 2008. 

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Read More Chilean Insurers Predict Improved Results in 2009 Despite Likely Slower Growth

The Connecticut Supreme Court, deciding an issue of first impression in that state, recently held that coverage for bodily injury to others inflicted during an incident of self-defense by an insured constitutes an “occurrence,” and is not excluded by an intentional injury exclusion in a liability policy. 

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Read More Connecticut Supreme Court: Bodily Injuries Caused By Acts of Self-Defense Are “Accidental,” Not “Expected or Intended,” Within the Meaning of an Intentional Injury Exclusion In a Liability Insurance Policy

Edwards Angell Palmer & Dodge, LLP recently obtained a decision and order from the Supreme Court of the State of New York, New York County, granting its client Select Insurance Company’s motion for summary judgment, dismissing the complaint of the hedge fund insured. 

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Read More Hedge Fund Not Entitled to Reimbursement of Defense Costs Under Mutual Fund and Directors and Officers Errors and Omissions Liability Insurance Policy

Legislation has been introduced into the Texas House of Representatives and Senate that would return the state to a prior approval system for rates for personal automobile and residential property insurance policies. 

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Read More Texas Proposes Prior Approval Legislation for Personal Lines Rates

On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) adopted a reporting requirement mandating that insurance companies disclose financial risks posed by climate change and the actions taken by such insurance companies to respond to such risks. 

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Read More NAIC Adopts Climate Change Risk Disclosure Requirement

A report entitled “2008: Seeking Relief” recently released by Navigant Consulting, Inc. states that 576 federal lawsuits centered around the subprime credit crisis were filed in 2008, nearly double the amount filed in 2007. 

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Read More Navigant Report Finds Nearly Twice as Many Subprime-Related Lawsuits Filed in 2008 as 2007

The Association of British Insurers (ABI) has backed the proposed creation of a European body to act as “supervisor of supervisors” across the EU as part of regulatory reform, and put forward five key principles in order to help ensure that reforms bring benefits for consumers. 

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Read More UK/EU: Association of British Insurers Proposes Regulatory Principles, Backs European Supervisory Body

This annual seminar, entitled ‘A Year of Turmoil’, will be chaired by Adrian Williams, Head of Legal, QBE European Operations, and involve both UK and US Edwards Angell Palmer & Dodge speakers. 

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Read More Edwards Angell Palmer & Dodge Insurance Market Annual Review Seminar takes place on 25 March 2009 in London

The New York Insurance Department issued Circular Letter No. 4 (the “Circular Letter”) on February 19, 2009, which is directed to foreign insurers and reinsurers whose home state regulator or domiciliary regulator has “prescribed or permitted accounting practices that differ from the requirements of the New York Insurance Law.” 

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Read More NY Insurance Department: NY Annual Statement Supplement Filed by Foreign (Re)Insurers to Follow Accounting Practices Set Forth in NY Insurance Law