Three weeks after the federal government seized control of Freddie Mac and Fannie Mae – the two biggest mortgage companies in the United States – news reports indicate that on September 26, 2008, Fannie Mae and Freddie Mac each received federal grand jury subpoenas from the United States Attorney’s Office for the Southern District of New York.
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Damages Caused To Component Parts By Subcontractors’ Deficient Work Is Not “Property Damage” Caused By An Occurrence”
By Troutman Pepper Locke on
An Indiana federal district court recently granted summary judgment on the ground that an insurer had no duty under a CGL policy to indemnify its insured, a general contractor, in a suit premised on alleged faulty workmanship of the insured’s subcontractors. …
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Insurer to Exclude Nanotube and Nanotechology from Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
On October 2, 2008, Advisen reported that insurance company Continental Western Group (“CWG”) announced that it would exclude nanotube and nanotechnology from its coverage.
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Costa Rica’s INS Prepares for Opening of Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
As it prepares to compete in the country’s newly de-monopolized insurance, Costa Rica’s state insurance giant, the Instituto Nacional de Seguros (INS), has recently announced the creation of four new insurance entities: INS Internacional, INS Servicios, INS Vida and INS Comercializadora. The move is part of an effort by INS to restructure, retain customers and grow its business in the face of new competition. …
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New Jersey Appeals Court Holds Pollution Exclusion Does Not Apply to D&O Claim Related to Asbestos Disclosures
By Troutman Pepper Locke on
The New Jersey Superior Court, Appellate Division recently held that a pollution exclusion contained in a D&O liability policy does not bar coverage for shareholder claims alleging fraudulent statements in SEC disclosures concerning alleged pollution.
Government Officials Announce Three Measures Taken to Shore-Up the United States Financial Market
A joint statement was issued by United States Treasury Secretary Henry Paulson, Federal Reserve Chairman Benjamin Bernanke, and Federal Deposit Insurance Corporation (“FDIC”) Chairman Sheila Bair regarding the role each governing body will play in bolstering public confidence in the United States banking system and the restoration and stabilization of market liquidity needed to support economic growth.
UK: English High Court Rules on Law Applicable to the Effects of an EU Insolvency Proceeding on Pending Lawsuits
In Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) [2008] EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London. It was common ground that unlike the rest of the investment agreement , the arbitration agreement was governed by English law. …
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UK: FSA fines Alliance & Leicester a Record £7 Million Over Failings in Sales of Payment Protection Insurance
By Troutman Pepper Locke on
The FSA has fined British bank Alliance & Leicester plc (A&L) a record £7 million over regulatory failings relating to telephone sales of payment protection insurance (PPI) to customers seeking personal loans.
Invitation To Attend “The Global Credit Crisis And The International Insurance Industry” Symposium on November 7th in New York City
We are pleased to announce that AIDA US, the American Chapter of the International Insurance Law Society, will hold an afternoon seminar immediately following the ARIAS•US Conference on Friday, November 7th, from 1:30-4:15PM. “The Global Credit Crisis and the International Insurance Industry” brings together leaders in the field whose update
EU: Solvency II – European Parliament Economic and Monetary Affairs Committee Votes on Solvency II
By Troutman Pepper Locke on
The Economic and Monetary Affairs Committee of the European Parliament recently approved changes to the text of the Solvency II Directive. The changes included amendments to the group supervision regime so as to ensure that local supervisors of subsidiaries in a group have a greater role in the overall supervision of that group. …
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