Last week, the head of the New York State Insurance Department (“NYSID”), Superintendent Eric Dinallo, announced the signing of a memorandum of understanding (“MoU”) with Hector Sants, Chief Executive Officer of the Financial Services Authority (“FSA”) in the UK.  The MoU provides for a formal exchange of information relevant to each organization’s supervisory, regulatory and examination responsibilities. …
Read More The New York State Insurance Department Enters Cooperation Agreement with the Insurance Regulator in the United Kingdom

The 2008 AIRROC/Cavell Commutation & Networking Event in New Jersey USA, which began yesterday and lasts until Wednesday, is being attended by Nick Pearson, Mary Pat Cormier, Selinda Melnik and Nick Stern of Edwards Angell Palmer & Dodge. 

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Read More AIRROC/Cavell Commutation & Networking Event 2008

On 26 June 2008 we reported that the Scottish Parliament had proposed a bill to reinstate compensation for individuals who have pleural plaques, thereby reversing in Scotland the effect of the House of Lord’s decision in Johnston v NEI International Combustion. The Justice Committee of the Scottish Parliament have now issued their report regarding the Bill. …
Read More UK: Further Support for Scottish Pleural Plaques Bill

A federal district court in Illinois recently held that a “related wrongful acts” provision did not affect an insurer’s duty to defend even though the “wrongful acts” in question indisputedly “related” to wrongful acts that occurred prior to the policy’s retroactive date. …
Read More Illinois Federal Court: “Related Wrongful Acts” Provision Applies Only To Limits Of Liability And Does Not Limit Duty To Defend

The Asociacion Boliviana de Asegoradores (ABA), a private association of Bolivian insurers, recently denounced the “illegal” sale of travel and life insurance by non-registered, foreign insurers. …
Read More Bolivian Association of Insurers Denounces “Illegal” Foreign Insurance

Last week, the Australian Government passed legislation in response to the global financial crisis.  Of particular interest to insurers is the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008 (the “FCS Bill”), which is designed to assist policyholders should a general insurer become insolvent.  A general insurer is an insurer licensed to transact insurance business in Australia and includes foreign insurers. 

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Read More Australia Passes Financial Stability Package

On 24 September 2008, the High Court of Hong Kong sanctioned the transfer of the long-term business of Transamerica Occidental Life Insurance Company (“TOLIC”) carried on from Hong Kong to Transamerica Life Insurance Company (“TLIC”) which had established a Hong Kong branch for the purpose. …
Read More Hong Kong: Court Sanctions Transfer of Business of Transamerica Occidental Life Insurance Company

A Massachusetts state court recently found that a professional services exclusion applied to claims against a contractor for improper “siting” of a house. 

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Read More Massachusetts Court Finds That General Contractor’s Alleged Errors Fall Within “Professional Services” Exclusion In CGL Policy

The Chilean government recently announced that it will raise the capital gains tax rate applicable to foreign insurers, foundations and sovereign funds that operate in the country.  In a joint release, the Ministerios de Hacienda y Economia announced that the regulation will be sent to the Controlaria General this week. …
Read More Chile To Raise Capital Gains Tax Applicable To Foreign Insurers, Foundations and Sovereign Funds