In its January 12, 2009 edition, Insurance Day identified Brazil, Argentina, Mexico and Venezuela as offering attractive “potential opportunities . . . for insurers looking to expand.”  Brazil has received much media and industry attention over the past year in connection with the opening of its reinsurance market to foreign competition, and has been much discussed in this space (see here). 

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Read More Insurance Day Tags Brazil, Argentina, Mexico and Venezuela as “Markets to Watch in 2009”

Latin American countries are liberalizing their regulatory schemes to conform to the nations’ free trade agreements with Europe and the United States and to satisfy internal demands for better pricing and products.  With economic conditions continuing to deteriorate in many of the world’s largest economies, international companies are taking a closer look at Latin America as a potential alternative market for investment and operations. …
Read More Reminder: Free Webinar on January 21, 2009: (Re)emerging Mercados: Significant Recent Developments in the Latin American Insurance and Reinsurance Markets

Last month, Dianne Cornwall, Director of the Nevada Department of Business & Industry, announced that Scott Kipper would be appointed the new commissioner of the Nevada Division of Insurance.  Effective December 29, 2008, he replaced acting commissioner Betty Baker who has held the position since Alice Molasky-Arman’s retirement on September 7, 2008. …
Read More Scott Kipper Appointed New Nevada Insurance Commissioner

EAPD’s Donna Greenspan of the firm’s West Palm Beach office recently authored an article titled “Florida Court Finds Coverage for Faulty Subcontractor Work Under CGL Policy,” published in National Underwriter Property & Casualty. …
Read More Florida Court Finds Coverage for Faulty Subcontractor Work Under CGL Policy

A Florida district court recently granted summary judgment in favor of an insurer, allowing it to rescind a general liability policy because the insured knowingly made misrepresentations on the insurance application. …
Read More Florida District Court Finds Insurer Entitled To Rescind Policy Due To Insured’s Misrepresentations on Application and Grants Summary Judgment Despite Claim That Insurer Knew of Misrepresentations and Failed to Exercise Due Diligence

The State of Connecticut Department of Insurance (the “Department”) has recently stated that de minimis gifts not exceeding $15 in aggregate value per year are permissible under Connecticut’s anti-rebating statute, Conn. Gen. Stat. § 38a-825. 

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Read More The State of Connecticut Insurance Department Issues Guidance on Connecticut’s Anti-Rebating Statute

Insurance Company of North America and INA Reinsurance Company (“INA”) reinsured Public Service Mutual Insurance Company (“PSMIC”) pursuant to a series of excess of loss reinsurance contracts, effective from 1971 to 1986 (the “Reinsurance Contracts”).  In 2005, PSMIC settled a claim against its insured, Deleet Merchandising Corporation, at a site in Newark, New Jersey (the “Deleet claim”) and allocated the loss pro-rata over fifteen insurance policies PSMIC had issued to Deleet between 1971 and 1986.  PSMIC then billed its reinsurers, including INA, for the Deleet claim based upon this allocation. 

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Read More New York Federal Court Finds that Arbitrator’s Resignation Due to Illness Means that Arbitration Must Start Over From the Beginning

The Fifth Circuit Court of Appeals recently ruled that a Louisiana insured, who suffered Hurricane Katrina-related damages, can recover damages for mental anguish when its insurer acts in bad faith. 

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Read More Fifth Circuit Court of Appeals: Insured Can Recover Damages for Mental Anguish under Louisiana Bad Faith Statute Where Insurer Acted in Bad Faith by Delaying Payments

The Massachusetts Supreme Judicial Court recently held that an intellectual property exclusion barring coverage for claims “arising out of” the misappropriation of trade secrets extended to the misappropriation of trade secrets by a third party. 

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Read More Massachusetts High Court Rules That Exclusion With “Arising Out Of” Language Extends To Conduct By Third Parties