In Markel Capital Limited v (1) Gothaer Allgemeine Versicherung AG (2) Continentale Sachversicherung AG and Bloemers & Partners Limited [2008] EWHC 2517 (Comm), the Court was asked to consider a summary judgment application by Markel in respect of its claim for a declaration of non-liability on the ground that a condition precedent to its liability had not been satisfied. The Court also heard an application by the Defendant reinsureds against the broker, Bloemers & Partners, who broked the reinsurance contract to Markel on their behalf. 

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Read More UK: English High Court Examines Whether a Claims Co-Operation Clause had been Agreed as a Term of a Reinsurance Contract

On October 21, 2008, Argentina’s president, Cristina Fernandez de Kirchner, announced a plan to nationalize the country’s 30 billion dollars in private pension funds, ostensibly in a effort to protect retirees’ savings during the current global economic turmoil.  The announcement, however, rather than stabilizing Argentina’s economy, has thus far resulted in greater uncertainty and tremendous economic and social turmoil. 

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Read More Argentina: Ramifications of the Nationalization of Private Pension Funds

Massachusetts already has one of the most aggressive data security regulations in the country, and robust new guidelines were just issued to implement this regulation, effective January 1, 2009. 

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Read More New Massachusetts Guidelines for Mandatory Computer Security Policies

La Nacion of Costa Rica reports that the new Superintendencia General de Seguros (Sugese) is investigating 15 persons concerning allegations of illegal sales of foreign insurance policies.  Complaints were filed with Sugese against the 15 persons by the Instituto Nacional de Seguros (INS), which until recently held a government-imposed monopoly on insurance sales and remains the only entity currently authorized to sell insurance in Costa Rica. 

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Read More New Costa Rican Insurance Superintendency Investigating “Illegal” Sale of Foreign Insurance

As previously discussed here, here, here, and here, in enacting the Emergency Economic Stabilization Act (“EESA”), Congress authorized the United States Treasury to establish the Troubled Asset Relief Program (“TARP”).  As part of the Treasury’s effort to inject capital into the credit markets, the Treasury initiated the Capital Purchase Program (“CPP”) as part of the TARP. …
Read More Insurance Company Participation in the Troubled Asset Relief Program

Since January 2008, Merck and Co., Inc. (“Merck”) and its joint venture partner, Schering-Plough, Corp. (“Schering-Plough”) have been under investigation for their marketing of the cholesterol lowering drug Vytorin.  Last week, Merck announced in its third quarter Form 10-Q that it received notice of further investigations and additional lawsuits, including an investigation by the U.S. Department of Justice (“DOJ”). 

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Read More Merck Discloses Additional Vytorin Investigations and Lawsuits

On 5 November, Lloyd’s issued Market Bulletin Y4202, entitled Principles of Enforcement Action (the Bulletin). The Bulletin, prepared by the Market Supervision and Review Committee (the body responsible for investigating matters of potential misconduct) sets out non-exhaustive list of the types of conduct that may result in enforcement action being taken. 

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Read More UK: Lloyd’s Issues Guidance on When it Will Take Enforcement Action

The United States Court of Appeals for the Tenth Circuit recently held that an employee who allegedly beat a fellow employee with a shovel was not entitled to coverage under the employer’s insurance policy because the incident was not a covered “occurrence,” despite assertion in the answer that the employee had acted in self-defense. 

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Read More Federal Appeals Court: Co-Employee Attack Not A Covered Occurrence Despite Answer Alleging Self-Defense

On November 5, 2008, a jury in the Suffolk County Superior Court in Massachusetts reportedly awarded a $9.4 million verdict to the family of a woman who had received experimental cancer treatment at the Dana-Farber Cancer Institute.  After interest, the award to the family of the decedent reportedly totaled approximately $13.5 million. …
Read More Report: Massachusetts Jury Awards $13.5 Million for Wrongful Death Allegedly Arising from Experimental Cancer Treatment

The 18th annual Convencion Internacional de Seguros recently took place in Colombia, with the potential ramifications of the international credit crisis taking center stage together with the pre-planned agenda regarding catastrophic and political, social and financial risks. 

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Read More 18th International Insurance Convention in Colombia Focuses on Global Credit Crisis