Five motor dealers have been fined more than £175,000 by the FSA for breaches relating to the sale of PPI alongside motor finance (See: FSA fines five motor dealers for PPI failings). A total of 2175 customers were subsequently put at risk as a result of these breaches. 

…
Read More UK: The Financial Service Authority (FSA) has Fined Five Motor Dealers for Breaches Relating to the Sale of Payment Protection Insurance (PPI)

Hawaii Insurance Commissioner L.P. Schmidt issued a memorandum to reinsurance intermediaries on September 3, 2008, regarding the licensing requirements for all reinsurance intermediaries.  All reinsurance intermediaries, including nonresident reinsurance intermediary-brokers and nonresident intermediary-managers, must be licensed under Hawaii Insurance Law. …
Read More Hawaii Issues Memorandum to Reinsurance Intermediaries

As we reported here, Alabama Governor Bob Riley announced that Walter A. Bell will be resigning as Alabama’s Insurance Commissioner at the end of August.  On September 2, 2008, Governor Riley issued a press release to announce the appointment of Jim L. Ridling as the new Insurance Commissioner. …
Read More Jim L. Ridling Appointed New Alabama Insurance Commissioner

On June 10, 2008, Connecticut Governor M. Jodi Rell signed into law “An Act Concerning the Confidentiality of Social Security Numbers,” Public Act No. 08-167 (the “Act”).  The Act, which becomes effective October 1, 2008, requires any person who collects Social Security numbers in the course of business to create a privacy protection policy. 

…
Read More Connecticut Passes Law on the Confidentiality of Social Security Numbers

New York Sate Attorney General Andrew Cuomo recently subpoenaed eight Bank of America Corp. executives as part of the state’s investigation into the sale and marketing of auction rate securities. 

…
Read More New York Attorney General Subpoenas Several Bank of America Executives in Auction-Rate Securities Probe

As previously reported here, shareholder derivative litigation is currently pending against certain Brocade directors and officers in California state court and in the United States District Court for the Northern District of California.  Brocade has now agreed to hire plaintiffs’ counsel as co-counsel to represent Brocade’s special litigation committee in the derivative litigation. …
Read More Brocade Hires Plaintiffs’ Firm as Co-Counsel to Represent Special Litigation Committee

In a deal that is reportedly the first of its kind, media reports state that city officials in St. Paul, Minnesota, site of the Republican National Convention, demanded that the GOP’s host committee purchase a $10 million police professional liability policy covering damages and unlimited legal costs for law enforcement accused of police misconduct, including “brutality” and civil rights violation. 

…
Read More Republican Party Required to Purchase Coverage for St. Paul Law Enforcement for Claims Arising in Connection With RNC

In Allianz Insurance Co Egypt v Aigaion Insurance Co SA [2008] EWHC 1127 (Comm), the English High Court was asked to examine the effect of the term “Deffered [sic] Premium Clause” in the reinsurance slip and to ascertain whether its inclusion was so uncertain as to be of no contractual effect and to make the whole contract ineffective. …
Read More UK: Construction of Deferred Premium Clause in Reinsurance Slip

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’