On 8 August 2008, the Bermuda Monetary Authority (the BMA) announced significant enhancements to Bermuda’s solvency and disclosure regulations for insurance which were intended to help Bermuda achieve recognition as having equivalent regulatory standards to those in Europe (see our previous post here).
FDIC Sues IndyMac’s Primary Mortgage Insurer, PMI, Over Coverage for $1.9 Billion in Outstanding Mortgages
The Federal Deposit Insurance Company (“FDIC”), as conservator of IndyMac Federal Bank F.S.B. (“IndyMac”), recently filed a complaint seeking a declaration that PMI Mortgage Insurance Corp. (“PMI”) could not rescind coverage for 5,565 residential mortgages. IndyMac Federal Bank F.SB. by the Federal Deposit Ins. Corp. as Conservator v. PMI Mortgage Ins. Co., No. 08-CV-04303 (N.D. Cal. Sept. 12, 2008).
Insurers Begin Offering Liability Insurance for Bloggers
By Troutman Pepper Locke on
Posted in Industry Developments, United States
The exponential rise of blogs over the last eight years has led to the launch of a new type of liability insurance for bloggers. Supporters of this form of coverage note that bloggers are increasingly facing threats of libel and defamation lawsuits, copyright infringement claims, and charges of invasion of privacy.
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Eleventh Circuit Certifies Questions as to Whether Insured Can Maintain Bad Faith Claim Without Ever Having Been Exposed to Liability in Excess of Policy Limits
By Troutman Pepper Locke on
In Perera v. United States Fidelity & Guaranty Co., No. 06-10925, 2008 Westlaw 4514388 (11th Cir. Oct. 9, 2008), the Court of Appeals for the Eleventh Circuit certified two, interrelated questions concerning bad faith to the Florida Supreme Court: (1) whether an insured can bring a bad faith claim if an excess judgment was not entered against him; and, if so, (2) whether the claim can be maintained if the insurer’s actions did not even expose the insured to potential liability in excess of aggregate policy limits.
Recent Events Affecting P&C Insurance Market Could Result in Higher Premiums, Says Industry Association
By Troutman Pepper Locke on
The Property Casualty Insurers Association of America (the “Association”) recently predicted that a confluence recent events hitting the property and casualty insurance market could result in higher premiums.
SEC Reopens Comment Period on Proposed Rules to Regulate Indexed Annuities
By Troutman Pepper Locke on
This blog updates our July 8, 2008 posting.
On October 17, 2008, the Securities and Exchange Commission (“SEC”) published a notice in the federal register reopening the public comment period on new rules regarding indexed annuities that were originally proposed in June 2008 (the “Proposed Rules”). …
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UK: Insurance Premium Tax (IPT) Attributable to Separately Identified Contracts
By Troutman Pepper Locke on
The IPT Tribunal has ruled that an administration fee payable to Homeserve GB Limited (Homeserve), an FSA authorised insurance intermediary, is subject to IPT, notwithstanding that the fee was payable under an administration contract which was separate from the insurance policy. …
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Financial Chaos Leads to the Hardening of Reinsurance Rates? At Least One Major Reinsurer Thinks So
By Troutman Pepper Locke on
A recent report by Munich Re stated that it believes the reinsurance market is hardening, due partly to the recent financial turmoil around the globe. …
Read More Financial Chaos Leads to the Hardening of Reinsurance Rates? At Least One Major Reinsurer Thinks So
Florida Insurance Commissioner Rejects Workers’ Compensation Rate Filing
By Troutman Pepper Locke on
The National Council on Compensation Insurance (NCCI) proposes rates for workers’ compensation insurance in many states. Owing to a significant drop in claims frequency and reductions in the costs of claims, NCCI proposed to reduce the cost of workers’ compensation in Florida by 14.1 percent effective January 1, 2009. The increased reduction would save employers in Florida more than $610 million during 2009.
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SDNY Judge Transfers Coverage Dispute to California Based on Location of Witnesses and Events in the Underlying Action
By Troutman Pepper Locke on
A New York federal court recently held that a coverage action between former television producers and their insurers should be transferred from New York to California because the events involved in the underlying action occurred and a majority of the witnesses and evidence is located in California.