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. 

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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. 

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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. 

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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’

CEIOPS has published an issues paper on the supervisory review process and undertakings’ reporting requirements under Solvency II. (See: Issues Paper) The issues paper covers some of the main components of Pillar II (concerning the way supervisors conduct their reviews) and Pillar III (supervisory reporting and public disclosure) elements of the Solvency II regime. 

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Read More UK: The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Publishes an Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements Under Solvency II

During their convention, which ended on August 28, 2008, the Democratic National Committee presented a platform that includes the endorsement of a National Catastrophe Fund.  The platform specifically calls for “a National Catastrophic Insurance Fund to offer an affordable insurance mechanism for high-risk catastrophes that no single private insurer can cover by itself for fear of bankruptcy.” …
Read More Democratic National Committee Platform Endorses a National Catastrophe Fund

In a Technical Advice Memorandum (“TAM”) released by the IRS in July, the IRS determined that a large retailer’s purchase of warranty reimbursement policies from a related captive insurance subsidiary that reimburse the retailer for expenses incurred under its manufacturer’s warranty obligations did not constitute an insurable risk for federal tax purposes. …
Read More Purchase of Warranty Reimbursement Polices from an Affiliated Captive does not Create an Insurance Risk for Federal Tax Purposes