With piracy attacks on the rise, especially in the Gulf of Aden off the East coast of Somalia, the insurance industry is seeing an increase in requests for specialist kidnap and ransom insurance.  These attacks are also becoming more violent, and resolutions are taking longer to negotiate, all of which increase the costs involved.  Unfortunately, many ship owners have no choice but to move their cargo through these dangerous areas. …
Read More Kidnap & Ransom Coverage Requests Increasing Due to Piracy

Recently, the New York Court of Appeals affirmed a decision from a New York appellate court, holding that an insured’s notice under one policy does not constitute notice under a second policy issued by the same insurance carrier. …
Read More New York’s Highest Court Confirms that Notice Under One Policy Does Not Constitute Notice Under a Second Policy Issued by the Same Carrier

On November 3, 2008, the U.S. Supreme Court heard oral arguments in Wyeth v. Levine.  This case involves the question whether the Food and Drug Administration’s (“FDA”) regulation of prescription drug labeling pursuant to Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq. (“FDCA”) preempts state common law tort claims. 

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Read More Supreme Court Hears Arguments in Wyeth v. Levine Drug Labeling Preemption Case

The Court of Appeal in Nigerian National Petroleum Corporation v IPCO (Nigeria) Ltd has reinforced the need for quick and effective enforcement of awards within the international arbitration system. 

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Read More UK: Court of Appeal Decision Supports Expeditious Enforcement of International Arbitration Awards

In an earlier consultation paper, CP08/8, it was proposed by the FSA that the current tariff measure for insurance providers be altered so that it was no longer based solely on annual net premium, but also took into account the level of technical liabilities/reserves. …
Read More UK: Tariff Changes to Insurers’ Financial Services Compensation Scheme (FSCS) Contributions Announced in FSA Consultation Paper 08/11

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has confirmed that it is reviewing the Solvency II supervisory framework project in light of the recent turmoil in financial markets. …
Read More EU: CEIOPS Begins Review of Solvency II Implementation in Light of Financial Crisis

In September, the Board of Governors of the Federal Reserve System (the “Fed”) released its Policy Statement on Equity Investments in Banks and Bank Holding Companies (the “Policy Statement”). 

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Read More Encouraging Private Equity Investing in the Banking Sector

In Improv West Associates, et al. v. Comedy Club, Inc., 514 F.3d 833 (9th Cir. 2007), the U.S. Court of Appeals for the Ninth Circuit vacated an arbitration award on the basis that the arbitrator’s refusal to abide by well-established California law in rendering its decision was in manifest disregard of the law. 

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Read More U.S. Supreme Court Vacates Court of Appeals’ Decision Applying Manifest Disregard of the Law Standard to Arbitration Award, Remands for Consideration in Light of Hall Street