The Privacy Group at Edwards Angell Palmer & Dodge LLP invites you to a complimentary webinar on the new security and privacy requirements and federal Red Flag duties which are both effective May 1, 2009. …
Read More Free Webinar on New Federal Red Flag, Massachusetts and Other State Data Security Rules

On 29 January 2009, after two years of market consultation, the Association of Insurance and Risk Managers (AIRMIC) published a long-awaited best practice guide for claims handling. Arguing that good service within the claims handling process is crucial for the reputation of the insurer, this guide seeks to be both a tool for insurance buyers and also a reference point for insurers through the claims handling process. …
Read More UK: Best Practice Guide for Claims Handling Launched

Florida Insurance Commissioner Kevin McCarty (McCarty) announced on Thursday January 29, 2009 that he has issued a subpoena seeking detailed information from State Farm Florida Insurance Company (State Farm Florida) regarding the company’s Florida property insurance policyholders.  McCarty’s subpoena follows in the wake of State Farm Florida’s January 27, 2009 announcement that it is pulling out the Florida property insurance market (as reported here). 

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Read More Florida Insurance Commissioner Subpoenas State Farm Florida Policyholder Information

The English Court of Appeal has shown its readiness to cooperate with foreign regulators – in this case, the US Securities and Exchange Commission – by agreeing to freeze allegedly suspect assets. …
Read More UK: Court of Appeal Signals Cooperation with SEC to Combat Investment Fraud

At a hearing held by the National Conference of Insurance Legislators (“NCOIL”) on Saturday, January 24, 2009, a panel of state legislators heard testimony from a number of experts regarding the advantages and disadvantages of regulating the credit default swap (“CDS”) market on a state, rather than federal, basis. 

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Read More NCOIL Debates Credit Default Swaps Regulation

On January 22, 2009, the New York Insurance Department (the “NYID”) approved two transactions involving CIFG Holding, Ltd. (“CIFG”), a financially-impaired bond insurer.  The transactions involved a commutation of approximately $12 billion in troubled credit default swaps and reinsurance of $13 billion of municipal bonds, and are expected to help the company avoid rehabilitation.  Last year, the NYID agreed to forbear placing CIFG in rehabilitation in order to allow these transactions to develop. 

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Read More New York Insurance Department Approves CIFG Transactions

On December 24, 2008, the New York State Insurance Department (“NYSID”) released Proposed Tenth Amendment to Regulation No. 20 (11 NYCRR 125) Credit for Reinsurance from Unauthorized Reinsurers (the “Proposal”). The Proposal, if adopted, would significantly liberalize existing reinsurance regulation by allowing ceding insurers to take statutory credit for reinsurance assumed by unauthorized, unaccredited reinsurers without requiring as much, or in some cases, any collateral if certain conditions are satisfied. …
Read More CLIENT ADVISORY: New York Releases Proposed Amendment to Regulation No. 20 Relaxing Collateral Requirements for Unauthorized Reinsurers and Prohibiting Arbitration

Plaintiff Newton & Associates, L.L.C. (“Newton”) petitioned the U.S. District Court for the Eastern District of Louisiana pursuant to Section 10 of the Federal Arbitration Act (“FAA”) to vacate an arbitration award in favor of defendant Sandra R. Sanchez (“Sanchez”). …
Read More Federal Court Dismisses Petition to Vacate Arbitration Award for Lack of Subject Matter Jurisdiction, but Recognizes Viability of Manifest Disregard of the Law

On January 16, 2009, Ohio Attorney General Richard Cordray and investors agreed to approve a $475 million settlement for a class action suit filed against Merrill Lynch (In re Merrill Lynch & Co., Inc. Securities, Derivative and ERISA Litigation, No.07-CV-9633 (S.D.N.Y.)). …
Read More Merrill Lynch Settles Investor and Employee Suits Regarding Subprime Disclosures

At its inaugural annual meeting on 15 January 2009, the Bermuda Monetary Authority (BMA) published its Business Plan for 2009 (the Plan). This is the second year that the Plan has been made public and demonstrates the continuing drive for transparency in the work of the BMA. 

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Read More Bermuda: Bermuda Monetary Authority reveals its Business Plan for 2009