This updates our January, 15, 2009 posting. On February 4, 2009, President Obama signed into law the Children’s Health Insurance Program Reauthorization Act of 2009 (H.R. 2) (the “Act”). The Act extends the State Children’s Heath Insurance Program (“SCHIP”) through the 2013 fiscal year and expands SCHIP to cover an estimated 4 million additional children.
Read More UPDATE: SCHIP Extension Signed Into Law
Report: Latin America is Ace’s Fastest-Growing Region in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments
BN Americas reports that Latin America was the fastest-growing region in terms of net premiums for Zurich-based insurance and reinsurance group Ace, outpacing Asia and other regions, where performance was mixed. Although exact numbers have not been released, Ace CEO Evan Greenberg reportedly stated that Ace’s property and casualty and accident and health premiums each grew by double digits in Latin America in 2008.
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Read More Report: Latin America is Ace’s Fastest-Growing Region in 2008
Recent Boom in Cybercrime “Could Accelerate” Say Data Security Experts
According to a recent report in USA Today (available here), criminal attempts to use the internet to steal personal data – including credit card numbers, account user names, passwords, and Social Security numbers – have increased since the financial crisis began last fall, and could continue to accelerate if laid-off IT personnel turn to cybercrime to replace lost income. …
Read More Recent Boom in Cybercrime “Could Accelerate” Say Data Security Experts
Southern District Orders Cedent To Produce Documents Relevant To Reinsurer’s Prompt Notice Defense
By Troutman Pepper Locke on
In a recent decision of the United States District Court for the Southern District of New York, AIU Ins. Co. v. TIG Ins. Co., 07 Civ. 7052 (SHS) (HBP) (S.D.N.Y. Nov. 25, 2008), the court ordered AIU Insurance Company (AIU”) to produce documents relevant to whether prompt notice of certain claims arising under the reinsurance contracts at issue was provided to TIG Insurance Company (“TIG”).
UK: When can a claimant receive security for its costs?
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In the case of Nicholas G Jones v (1) Environcom Limited and (2) Environcom England Limited [2009] EWHC 16 the Commercial Court was asked to determine, as a preliminary issue, whether a claimant insurer could be granted an application for security of its costs.
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Read More UK: When can a claimant receive security for its costs?
New York Court Rules That Intentional Acts Exclusion Does Not Bar Coverage Under Homeowner’s Policy For Insured’s Liability Arising From “Bear Hug”
By Troutman Pepper Locke on
In Clayburn v. Nationwide Mut. Fire Ins. Co., 10 A.D.3d 778 (N.Y. App. Div. 3d Dept Jan. 15, 2009), a New York appellate court affirmed summary judgment in favor of the insured finding that the intentional acts exclusions in its homeowner’s policy did not bar coverage for personal injuries resulting from the insured’s bear hug of another person. In that case, the insured engaged the underlying claimant in a bear hug after the claimant had pushed the insured’s brother to the ground. …
Read More New York Court Rules That Intentional Acts Exclusion Does Not Bar Coverage Under Homeowner’s Policy For Insured’s Liability Arising From “Bear Hug”
Bratz Doll Maker Sues CGL Insurer Demanding Coverage for Defense of Lawsuit By Mattel Based on Trade Disparagement Claim
By Troutman Pepper Locke on
The maker of the Bratz line of dolls and toys recently filed suit against its commercial general liability insurer in the Central District of California alleging wrongful refusal to defend it in a lawsuit by Mattel.
Court Dismisses Hurricane Reserve-Related Securities Class Action
By Troutman Pepper Locke on
On July 17, 2006, Washington State Plumbing and Pipefitting Pension Trust, on behalf of shareholders of Bermuda-based insurer Quanta Capital Holdings, Ltd. (“Quanta”), filed an amended securities class action complaint against Quanta and several of Quanta’ directors alleging that the registration and prospectus for Quanta’s common stock offering contained materially false and misleading statements in violation of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and Sections 10(b) (including SEC Rule 10b-5 promulgated thereunder) and 20(a) of the 1934 Securities Exchange Act.
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Read More Court Dismisses Hurricane Reserve-Related Securities Class Action
Free Webinar on New Federal Red Flag, Massachusetts and Other State Data Security Rules
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
UK: Best Practice Guide for Claims Handling Launched
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
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