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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Fitch Ratings: Participation of Foreign Reinsurers in Brazil Insurance Market Should Help Maintain Consistent Growth in the Short and Medium Term
By Troutman Pepper Locke on
Posted in Latin American Developments
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 . . . .” …
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Court Finds That Insurer Did Not Waive Defense In Its Denial Letter Due to “Catch-all” Statement
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
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
Announcement of Cover Florida Participating Health Insurance Companies Delayed
By Troutman Pepper Locke on
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. …
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