On Friday 21 November the High Court is expected to publish its keenly awaited decision in the asbestos employers’ liability “trigger” test cases, which will decide which employers’ liability policies should respond to asbestos claims. 

…
Read More UK: Asbestos Trigger Judgment Expected as Public Warned of the “Hidden Killer”

The High Court decision in Alberta v Katanga dealt with two separate questions that are of interest. The first regards allocation of jurisdiction where the defendant is domiciled in an EU member state. It concerns the meaning of a company’s “central administration” under the EC Regulation that determines which European Union member state’s court has jurisdiction to hear a dispute, Council Regulation (EC) No. 44/2001 (Regulation). 

…
Read More UK: Alberta v Katanga – Jurisdiction and Service Out of Jurisdiction

According to reports, Goldman Sachs recently agreed to pay $100.5 million to policyholders of the now defunct General American Life Insurance to settle a pending lawsuit brought by General American in which it alleged that Goldman Sachs provided bad advice to the company.  Other defendants named in the suit previously settled with General American. …

Read More Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance

On the same day that it released a report indicating that insurance premiums should experience double-digit growth through 2010, Brazilian insurance regulator SUSEP announced the suspension of 10 of the nation’s 30 reinsurance brokers. …
Read More Brazil Regulatory Update: SUSEP Expects Double-Digit Premium Growth Through 2010, Suspends 10 Reinsurance Brokers

A Florida appeals court recently ruled that while a state statute provides for the award of “reasonably foreseeable” damages resulting from insurer bad faith, a jury is not free to award such damages without any supporting evidence. …
Read More Florida State Appeals Court Reverses Jury Award of Bad Faith Damages

Comos previamente discutido aquí, el Presidente de Costa Rica, Dr. Oscar Arias Sánchez, firmó este año una ley terminando el monopolio del gobierno de más de 80 años sobre la industria aseguradora del país.  Hasta hoy, ninguna empresa privada ha solicitado autorización para entrar al mercado, pero las autoridades de Costa Rica han comenzado de investigar acusaciones de ventas del seguro extranjero (click aquí) y algunas compañías han indicado públicamente su interés en el mercado, incluyendo Grupo Mundial de Panamá, que ha indicado que se está preparando para entrar al mercado de Costa Rica en 2009. …
Read More Nueva Ley y Regulaciones de Seguro de Costa Rica

As we previously discussed here, Costa Rican president Oscar Arias Sanchez this year signed into law a bill ending the more than 80-year government monopoly over the country’s insurance industry.  Although no private companies have yet applied for licensing, the Costa Rican authorities have begun cracking down on sales of foreign insurance (please click here) and several companies have publicly indicated an interest in the market, including Grupo Mundial of Panama, which has indicated that it is preparing to enter the Costa Rican market in 2009. …
Read More New Costa Rican Insurance Law and Regulations

Advisen recently issued three reports, on the D&O market, E&O market and the financial services industry, containing predictions on the impact of the subprime/credit crisis on insurers worldwide.

With respect to D&O claims, Advisen predicts $5.9 billion in losses for claims during 2007, 2008, and 2009.  This amount

…
Read More Industry Analyst Predicts Impact on D&O and E&O Insurers to Total $9.6 Billion

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO has now been approved by both Houses of Parliament and is expected to come into force on Wednesday 19 November 2008. 

…
Read More Parliament Approves Lloyd’s Reform Order; Lloyd’s Consults on Changes to its Rules