As reported in our previous blog posts here and here, Congress has for some time been considering an Optional Federal Charter that would allow insurance companies to choose between state and federal regulation. As an outgrowth of this concept and in light of the recent the federal bailout of insurance giant America International Group, Congress is now considering expanding the power of the Federal Deposit Insurance Corp. (“FDIC”) to cover insurance companies.
Read More FDIC Chairman Indicates that FDIC’s Powers Could Extend to Insurers
Dominican Republic Insurance Broker Looks To Expand Into Mainland United States
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
The Dominican Republic’s second-largest insurance broker, First Insurance Group, intends to expand its operations into the mainland United States under its new name, Fulcro Insurance. According to the company’s founder and president, Ramon Perez, Fulcro intends to establish a presence in the state of Georgia by the end of the year through either acquisition or establishment of a new entity.
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Read More Dominican Republic Insurance Broker Looks To Expand Into Mainland United States
Urgent Information on Security Policies for Companies with Employee, Customer or Other Relationships with Massachusetts Residents
By Troutman Pepper Locke on
Edwards Angell Palmer & Dodge LLP has recently drafted two Client Advisories related to Massachusetts data security requirements. Click here and here to view the Advisories. They describe new requirements imposed by Massachusetts to be effective May 1, 2009 mandating procedures to be put into effect to protect personal information
UK: Asbestos Trigger Judgment Expected as Public Warned of the “Hidden Killer”
By Troutman Pepper Locke on
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.
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Read More UK: Asbestos Trigger Judgment Expected as Public Warned of the “Hidden Killer”
European Commission Proposes Regulation of Credit Rating Agencies
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The European Commission has adopted a proposal for the regulation of credit rating agencies. The Commission has identified a number of criticisms of credit rating agencies.
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UK: Alberta v Katanga – Jurisdiction and Service Out of Jurisdiction
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
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).
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Read More UK: Alberta v Katanga – Jurisdiction and Service Out of Jurisdiction
Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance
By Troutman Pepper Locke on
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
Brazil Regulatory Update: SUSEP Expects Double-Digit Premium Growth Through 2010, Suspends 10 Reinsurance Brokers
By Troutman Pepper Locke on
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
Florida State Appeals Court Reverses Jury Award of Bad Faith Damages
By Troutman Pepper Locke on
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
Nueva Ley y Regulaciones de Seguro de Costa Rica
By Troutman Pepper Locke on
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