Last week, following a disagreement over the mandatory disclosure of brokers’ commission, the London Market Insurance Brokers’ Committee (LMBC) took the decision to break away from the British Insurance Brokers’ Association (BIBA) to form a rival trade association. 

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Read More UK: LMBC Breaks Away from BIBA Over Commission Disclosure

The Ecuadorian government recently announced that, in light of the ongoing global financial crisis, it will step up its supervision of financial institutions in the country.  Ecuador’s Superintendent of Banks and Insurance, Gloria Sabando commented that, although the crisis is not expected to have an immediate impact upon Ecuador, it signals the need to take measures to avoid a future crisis in the country. 

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Read More Ecuador Will Reinforce Supervision Of Financial Companies In Light Of Global Crisis

Moore Stephens Insurance Industry Group has conducted a survey of UK insurers and intermediaries and has reported, somewhat alarmingly, that 40% of insurers have not incorporated Treating Customers Fairly (TCF) into their business strategy and only 50% of respondents are “extremely confident” that they will meet the FSA’s December 2008 deadline for compliance. …
Read More UK: Are Firms Ready to Treat Customers Fairly?

In a case that potentially raises substantial constitutional issues regarding rate-setting with respect to auto body repair labor rates, the Rhode Island Supreme Court granted petitions for a writ of certiorari filed by the Property Casualty Insurers’ Association of America (“PCI”) and the Department of Business Regulation (“DBR”) on October 9, 2008. …
Read More Certiorari Granted in Auto Body Labor Prevailing Rate Litigation

As the current worldwide economic turmoil has taken its toll on insurance markets, a number of Latin American regulators and commentators have expressed the opinion that the peculiarities of the Latin American insurance markets may make them particularly resilient in the face of a potential global downturn.  According to these sources, despite the current crisis, Latin American insurance markets remain stable and likely to continue to grow. 

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Read More How Will The Credit Crisis Affect Latin American Insurance Markets?

In Mylcrist Builders Limited v. Mrs G Buck [2008] EWHC 2172 (TCC) an important issue arose in respect of an arbitration clause in a construction contract between Mylcrist and Buck. One issue was the correct appointment of an arbitrator. The clause did not provide the mechanism for the appointment of an arbitrator and, accordingly, under s.16(3) Arbitration Act 1996, the parties were to jointly appoint an arbitrator. …
Read More UK: Court Refuses to Enforce Arbitration Award Against Consumer

Don’t forget to RSVP for the U.S. Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York from 6:00 – 9:00 p.m.  The event, which is sponsored by Swiss Re, will feature hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), as they speak about the reinsurance industry.  They will speak about how the industry has changed over the years, where the industry is going, and will give advice about climbing the ladder of (reinsurance) success. 

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Read More Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York

Last month the National Association of Insurance Commissioners (“NAIC”) adopted a proposal to develop a uniform system for collecting the market conduct information of insurance companies.  Market-conduct information includes, for example, how often a company cancels policies, delays claim payments or is in litigation. 

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Read More Adopted Proposal Aims to Collect and Aggregate Insurance Company Market Conduct Information into a Centralized Database

As previously reported here, a PFBB Bancorp (“PFBB”) shareholder filed a derivative action against PFBB’s directors in the Delaware Chancery Court, New Castle County, on September 22, 2008 (a copy of the complaint can be found here). …
Read More Delaware Court Declines to Delay Merger Pending Finalization of the Terms of Government’s $700 Billion Bailout

Brazil’s Superintendencia de Seguros Privados (SUSEP) recently granted IRB Brasil Resseguros S.A. (IRB), the government-controlled entity that formerly held a reinsurance monopoly in Brazil, an extension of time through December 31, 2008 to conform to the new regulations that opened the Brazilian reinsurance market to local and foreign competition. …
Read More Brazil: IRB Brasil Resseguros S.A. Granted Extension of Deadline to Conform to Resolution No. 168