A federal district court in Pennsylvania recently held that two insurers are not obligated to contribute to the defense and indemnification of an insured sued for selling contaminated milk. …
Read More Federal Court Finds No Duty to Defend Against Claims of Fraudulent Reselling of Contaminated Milk

Last month, the Ohio Court of Appeals ruled that  injury caused by an insured’s mishandling of a homemade explosive device is not covered under a homeowners policy because the injury was “reasonably to be expected.” …
Read More Ohio Court Holds that Injuries Related to Potato Gun Not Covered by Homeowners Policy

In Amway Asia Pacific Ltd. v. Those Certain Underwriters at Lloyd’s London, No. 1:07-CV-1277 (W.D. Mich. Oct. 27, 2008), a federal district court in Michigan granted the primary insurer’s motion to dismiss a declaratory judgment action on the ground that the plaintiff failed to serve copies of the summons and complaint on the proper agent for service of process. …
Read More Improper Service Leads to Dismissal of D&O Coverage Action

In a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 20 U. S. property‑casualty reinsurers wrote $19.0 billion of net premiums during the nine-months ended September 30, 2008, an increase of $1.1 billion from the same period in 2007. 

…
Read More RAA Releases Nine-Months 2008 Underwriting Results

In Whole Enchilada Inc. v. Travelers Property Casualty Co., No. 07-1533, 2008 WL 4442061 (W.D. Pa. Sept. 29, 2008), Pennsylvania U.S. District Judge Nora Barry Fischer ruled that Whole Enchilada’s two commercial general liability policies issued by Travelers Property Casualty Co. does not cover a class action lawsuit brought against it for printing too much credit card information on customers’ receipts in violation of federal law. …
Read More Court Rules that Policy Does Not Cover Advertising or Personal Injury Arising from Restaurant’s Failure to Comply with Credit Card Privacy Laws

On November 21, the New York Insurance Department (the “NYID”) issued Circular Letter No. 27 (the “Circular Letter”), “Recognition in New York of Marriages Between Same-Sex Partners Legally Performed in Other Jurisdictions.”  The Circular Letter requires insurers to treat all couples in New York, including same-sex couples who were legally married outside of New York, equally. 

…
Read More New York Insurance Department: Insurers Must Treat All Married Same-Sex Couples Equally

Last month, the United States Securities and Exchange Commission (“SEC”) issued a release (“Release”) setting forth a roadmap (“Roadmap”) for the potential use by U.S. issuers of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, rather than statements prepared in accordance with U.S. GAAP accounting standards. 

…
Read More SEC Proposes Roadmap for the use of International Financial Reporting Standards

The FSA has banned two insurance agents after it was found that they had issued hundreds of policies purportedly underwritten by companies which were not authorised to carry out insurance business in the UK. 

…
Read More UK: FSA Bans Agents for Illegal Trading with Unauthorised Overseas Companies

A company has been incorporated to manage China’s insurance protection fund (IPF) (previously controlled by the China Insurance Regulatory Commission (CIRC)) as part of its response to the global financial problems. The IPF protects policyholders when insurers go bankrupt and also companies that take over insolvent insurers. …
Read More HK: Company Set Up to Control China’s Insurance Protection Fund

The Antitrust Division of the Department of Justice has concluded that competition in the insurance market is likely to be enhanced, rather than harmed, by a proposed consortium of commercial insurers who will pool their resources to offer large commercial insurance policies worth a minimum of $250 million. 

…
Read More Consortium of Insurers to Pool Their Resources To Offer Coverage in Excess of $250 Million Receives Antitrust Approval