Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued a circular imposing stricter vetting requirements upon Brazilian companies before they may purchase insurance from foreign insurers. …
Read More Brazil: SUSEP Issues Circular No. 126 Strengthening Vetting Requirements Before Purchase of Foreign Insurance

A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter. …
Read More New York State Court: Insurer Waives Denial Grounds Not Specifically Asserted in its Notice of Disclaimer

A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy. 

…
Read More Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy

The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the “Program”) for insured losses at $100 billion. 

…
Read More Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program

The XXII Congreso de Aseguradoras de Centroamerica y El Caribe took place this week in Managua, Nicaragua, with participation by nearly 300 representatives from insurers, reinsurers, regulators and industry associations.  The event was hosted by the Asociacion Nicaraguense de Aseguradoras Privadas (ANAPRI), an autonomous association representing the individual insurance companies of Nicaragua. …
Read More 22nd Congress of Central American and Caribbean Insurers Comes to Close in Nicaragua

Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete.  H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
Read More Representative Neal Introduces Reinsurance Tax Legislation

BP Corporation North America Inc. Savings Plan Investment Oversight Committee and BP Corporation North America Inc. Investment Committee (the “BP Plan Committees”), named fiduciaries of various BP employee pension and savings plans, recently brought suit against Northern Trust Investments, N.A. and The Northern Trust Company (“Northern Trust”).  The suit alleges that Northern Trust conducted excessive and inappropriately risky securities lending leading to substantial losses in the Plans’ accounts. …
Read More BP Employee Plan Committees File Lawsuit Over Securities Lending

On October 23, 2008, Pfizer announced that it had reached a $60 million settlement with regulators from 33 states and the District of Columbia regarding allegations that it promoted painkillers Celebrex and Bextra for “off-label” uses not approved by the United States Food & Drug Administration. …
Read More Pfizer Reaches a $60 Million Settlement with State Regulators over Alleged Off-Label Marketing

In July 2007 the Law Commission published a Consultation Paper that made provisional proposals and asked questions in relation to both business and consumer insurance on the specific issues of misrepresentation, non-disclosure and breach of warranty.  The Law Commission has now published a summary of the responses it received to the Consultation Paper in so far as they relate to the reform of business insurance law. …
Read More UK: Law Commission Publishes Summary of Responses Regarding Reform of Business Insurance Law