On February 17, 2009, the US District Court for the Southern District of New York dismissed, without prejudice, a shareholder derivative action pending against Merrill Lynch’s directors and officers alleging breach of fiduciary and waste of corporate assets in connection with Merrill Lynch’s exposure to subprime debt. …
Read More Merrill Lynch Subprime-Related Shareholder Derivative Action Dismissed

The State Court of Appeal of Louisiana, Fourth Circuit has held that an insured could pursue her lawsuit for Katrina-related damages against her insurer,  Louisiana Citizens Property Insurance Corporation, even though the lawsuit was filed over a year after the August 2007 filing deadline had expired. …
Read More Recent Louisiana State Court Ruling Allows for New Hurricane Katrina-Related Suits Despite the Passing of the August 2007 Filing Deadline

The Comparison Consortium recently announced that it is to join forces with the Association of British Insurers (ABI) to develop a new code of practice for online insurance aggregators. The Comparison Consortium was established earlier this year to regulate and represent the online price comparison industry. …
Read More Comparison Consortium to Self Regulate Online Price Comparison Industry Despite Efforts of the FSA

The UK Treasury has proposed opening a new information gateway between the Financial Services Authority (FSA) and the Claims Management Regulator (CMR) so the two regulatory bodies can share information of mutual interest. The Treasury expects that the gateway would increase the efficiency and effectiveness of regulatory activities but would not cause significant savings or impose additional costs. …
Read More UK: Treasury Proposes Information Gateway Between FSA and Claims Management Regulator

Craig Stewart (Boston) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge LLP are currently attending the 17th annual ABA/TIPS Insurance Coverage Litigation Committee Meeting being held in Los Angeles. …
Read More ABA/TIPS Insurance Coverage Litigation Committee Meeting

On Wednesday, February 25, 2009, the House of Representatives passed legislation extending the National Flood Insurance Program (“NFIP”), which was set to expire in March.  As we reported here, Congress previously extended the NFIP at the end of September 2008. …
Read More Update: House of Representatives Approves NFIP Extension

The Missouri Senate recently confirmed Governor Jay Nixon’s selection of John H. Huff to become the next Director of the Missouri Department of Insurance, Financial Institutions and Professional Registration.  Huff has sixteen years of insurance experience.  For the past few years, he served as a managing director and strategic claims officer and supervised the strategic and emerging claims portfolio at Swiss Re. …
Read More John Huff Appointed New Missouri Insurance Director

Paul Taylor, the head of run-off supervision for insurance firms at the FSA, recently reiterated to the run-off sector that the FSA will object to solvent schemes of arrangement unless policyholders would be at least “no worse off” than in an ordinary solvent run-off. Although the FSA’s approval is not formally required for a scheme of arrangement to be implemented, it does have the power to object to a proposed scheme. …
Read More UK: FSA Says Solvent Schemes Must Leave Policyholders “No Worse Off”

Companion legislation has been introduced in the Florida House of Representatives and Senate to exempt surplus lines insurers from the provisions of Chapter 627, except when specifically stated otherwise, which contains Florida’s rate and form filing statutes. 

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Read More Florida Introduces Legislation to Exempt Surplus Lines Insurers from Form Filing Requirements