Fitch Ratings recently released a special report entitled “Brazilian Insurance Industry: Annual Results and Prospects.”  In the report, released September 26, 2008, Fitch reports that the Brazilian insurance market grew by 15% in 2007 and predicts that the market, already the largest in Latin America and the Caribbean, will experience “consistent growth in the short and medium term . . . .” …
Read More Fitch Ratings: Participation of Foreign Reinsurers in Brazil Insurance Market Should Help Maintain Consistent Growth in the Short and Medium Term

A Pennsylvania state court recently held that an insurer had not waived a defense by failing to specifically reference it in a coverage denial letter because the letter contained a “catch-all” provision reserving the insurer’s rights to raise other coverage defenses and issues. …
Read More Court Finds That Insurer Did Not Waive Defense In Its Denial Letter Due to “Catch-all” Statement

Last August, Florida Governor Charlie Crist announced that nine health insurers submitted insurance coverage plans to provide healthcare insurance under the Cover Florida plan.  The names of participating insurers were to be announced in early October, but have now been delayed due to scheduling conflicts during negotiations. …
Read More Announcement of Cover Florida Participating Health Insurance Companies Delayed

Mr. Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA), issued a press statement on 7 October 2008 to alleviate concern and uncertainty in Bermuda arising from the widespread instability within the global financial sector. …
Read More BMA Says Bermuda is Well Placed for the Current Challenging Environment in the Financial Markets

Since 2005, the FSA has been carrying out a thematic review of the sale of PPI, the principal aim of which is for firms to improve their sales standards. The third phase of the FSA’s thematic review on PPI involved a mystery shopping exercise in respect of face to face sales of PPI alongside unsecured personal loans. 

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Read More UK: Financial Services Authority (FSA) Provides an Update on the Third Phase of its Thematic Review of the Sale of Payment Protection Insurance (PPI)

Neel Kashkari has been named the interim head of the new Office of Financial Stability within the United States Department of Treasury.  The Office of Financial Stability was created under the Emergency Economic Stabilization Act of 2008, previously discussed here. …
Read More Treasury Secretary Paulson Selects Interim Head of Financial Rescue Program

The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing.

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Read More Third Circuit Upholds Liability of PricewaterhouseCoopers in Ambassador Insolvency

Last Friday, the House of Representatives passed the Senate’s revised version of the $700 billion bailout bill, H.R. 1424, by a vote of 263-171.  This was a significant turnaround from last Monday’s House vote of 205-228, which rejected the first version of the bailout bill.  H.R. 1424 was signed into law by President Bush the same day. …
Read More UPDATE: House Passes Revised Bailout Bill

In Otto v. Physicians Ins. Co. of Wisconsin Inc., 751 N.W.2d 805 (Wisc. 2008), a sharply divided Wisconsin Supreme Court affirmed a default judgment entered against an insurer for damages allegedly caused by its co-defendant insureds’ negligence, even though no finding had been made as to the insureds’ liability for the damages at issue. …
Read More Wisconsin Supreme Court Awards Nearly $1 Million Default Judgment Against Insurer That Failed to Timely Answer