A Washington district court recently held that an insurer’s conduct and communications during a mediation were discoverable in a subsequent bad faith lawsuit brought against the insurer by another insurer in its status as the insured’s subrogee.
The U.S. Department of the Treasury Term Sheet for Privately Held Financial Institutions Applying for the Capital Purchase Program
By Troutman Pepper Locke on
Posted in Industry Developments, United States
As part of the Treasury’s effort to inject capital into the credit markets, the Treasury initiated the Capital Purchase Program (“CPP”) in October. Access to the CPP was expanded on November 17, 2008 to include certain privately-held companies. …
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Extension of Robust New Massachusetts Security Rules – What is Needed Now to Comply by May 1
As reported in a previous post, the new Massachusetts security regulations affect almost every employer in the Commonwealth and many other companies with other relationships with Massachusetts residents. They will require significant security and other policy changes, including encryption of laptops and wireless communications containing personal information.
Client Advisory – UK Employers’ Liability Policy “Trigger” Litigation
By Troutman Pepper Locke on
The Decision
On 21 November, Mr. Justice Burton handed down his long-awaited decision in the six test cases comprising the Employers’ Liability Policy ‘Trigger’ Litigation.
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D&O Policy Exclusion Barring Coverage for Securities Suits is not Limited to Only the Insured’s Securities
By Troutman Pepper Locke on
The Eighth Circuit Court of Appeals recently upheld an exclusion in a D&O policy barring coverage for suits against officers and directors arising out of the underwriting and sales of securities. Leonard v. Executive Risk Indemnity, Inc., No. 07-1327 (8th Cir. Oct. 27, 2008).
N.Y. Reconsiders Regulating Credit Default Swaps as Insurance
In congressional testimony before the House Agriculture Committee on Thursday, November 20, 2008, New York Superintendent of Insurance Eric Dinallo announced that New York is postponing its plans to regulate certain credit default swap contracts (“CDS Contracts”) as insurance. …
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New York Court Finds Insured Entitled to Seek “Consequential Extra-Contractual Damages” on Breach of Contract Claim Against Carrier
A New York federal district court recently held that an insured’s claim for consequential extra-contractual damages is properly part of its breach of contract claim against its carrier.
UK: Competition Commission (CC) Publishes its Proposals to Increase Competition in the Payment Protection Insurance (PPI) Market (the Provisional Decision)
The Office of Fair Trading, on 7 February 2007, referred the supply of PPI to non business customers in the UK to the CC. The subsequent CC investigation found that the vast majority of policies are sold at the same time that consumers take out loans or other credit and that consumers rarely shop around or switch PPI providers.
UK: Financial Services Authority (FSA) Review of Insurance Comparison Websites
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA continues to monitor insurance comparison websites to ensure that information is conveyed to the public in a clear, fair and not misleading way. In doing so, the FSA has revisited the 17 websites that were originally assessed in May 2008 to gauge where and how progress has been made since the initial review.
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The English High Court Considers the Challenge of Arbitration Awards Under s.67 Arbitration Act 1996
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In Michael Wilson & Partners Limited (A company incorporated in the British Virgin Islands) v John Forster Emmott [2008] EWHC 2684 (Comm), the court was asked to consider whether a decision of an arbitral tribunal consisting of an answer to two procedural questions was an award as to its substantive jurisdiction, and as such open to challenge under s.67 Arbitration Act 1996 (the Act).