Chief Financial Officer Alex Sink recently announced that she has created a “Financial Action Team” comprised of an assortment of financial and housing stakeholders to identify federal assistance available to Floridians. 

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Read More Florida CFO Alex Sink Creates Task Force to Examine Foreclosures

According to media sources, Rana Tahboub, Assistant Director General of the Insurance Commission of Jordan (“IC”), recently stated that the IC is planning on introducing legislation to the Council of Ministers to create a captive insurance market in Jordan, the fourth such market in the region. …
Read More Jordan to Introduce Captive Insurance Guidelines by Year End

On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney.  McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative

In its August 2008 opinion, the Court of Appeals for the Eighth Circuit upheld a lower court decision granting the defendant insurers’ motion to dismiss on the grounds that plaintiffs’ price discrimination claims would “impair” the Missouri laws that regulate the “business of insurance” within the meaning of the McCarran-Ferguson Act. 

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Read More Eighth Circuit Dismisses Purported Class Action Against Insurers Alleging Price Discrimination

With Tropical Storm Fay on the map and threatening to become a hurricane before landfall on August 19th, property insurers stopped writing new policies in Florida. 

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Read More Tropical Storm Fay Temporarily Halts Writing of New Property Insurance Policies

J, K, P v. Archbishop of Birmingham (QBD 25/7/2008) is one of the first cases decided subsequent to the House of Lords decision in A v. Hoare. The case concerned a procedural matter of whether the issue of limitation in respect of bringing sexual abuse claims should be decided as a preliminary issue or at the substantive trial. …
Read More UK: Judge Refuses to Hear Limitation Defence in Sexual Abuse Claim as a Preliminary Issue

In Elacqua v. Physicians’ Reciprocal Insurers, 52 A.D.3d 886 (N.Y. App. Div. 2008) (“Elacqua II”), the Supreme Court, Appellate Division held that the insurer engaged in deceptive practices by failing to inform the insureds of their right to select independent counsel to defend them at the insurer’s expense. 

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Read More New York Appellate Court Holds that Insurer Engaged in Deceptive Practices by Failing to Inform Insureds of their Right to Select Independent Defense Counsel at Insurer’s Expense

Recently, the Iowa Insurance Commissioner, Susan E. Voss, issued Bulletin 08-13, which establishes new guidelines for permissible advertising and gifts that will not constitute a prohibited rebate under Iowa Code 507B.  Earlier rebating guidelines were more restrictive, and disallowed the offering of any goods or services that were not specifically incorporated as part of the policy contract and made a part of the pricing of the policy. …
Read More Iowa Establishes New Rebating Guidelines

In a press release dated August 27, 2008, New York Attorney General Andrew Cuomo announced what is claimed to be the first-ever agreement requiring a company, Xcel Energy (NYSE: XEL) (“Xcel”), to detail financial liabilities related to climate change.  The Office of the Attorney General reports that the agreement comes at a time when many power companies are investing in new coal-burning power generation that will contribute to global warming emissions. 

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Read More New York Attorney General Reaches Agreement With Energy Company To Require Disclosure Of Financial Risks Of Climate Change To Investors