Following the recent passing of the Insurance Amendment Act 2008, the Bermuda Monetary Authority (BMA) has announced that it will introduce the Bermuda Solvency Capital Requirement (BSCR), an enhanced solvency regime to apply to Bermuda’s Class 4 reinsurers. The BSCR is intended to establish risk-based capital adequacy standards for high impact reinsurers. …
Read More Bermuda Monetary Authority Announces New Rules on Insurance Solvency for Class 4, Reclassification of Class 3 and New Class of SPVs

Robert Lewis Rosen Associates, Inc. (“RLR”) petitioned the United States District Court for the Southern District of New York to vacate an arbitration award issued in favor of William Webb (“Webb”) on the grounds that the arbitrator acted in manifest disregard of the law. 

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Read More New York Federal Court Finds That Doctrine of Manifest Disregard of the Law is No Longer Good Law

A special assembly dominated by members of President Rafael Correa’s Alianza PAIS party recently approved a proposed new Ecuadorian constitution that would grant the president broad political and economic powers.  The proposed new constitution now faces a national public vote scheduled for September 28, 2008. …
Read More Special Assembly Approves New Proposed Ecuadorian Constitution

As previously reported here, on January 16, 2008, a jury in the Apollo Group securities class action found that Apollo Group misled investors and held the company liable for $277 million in compensatory damages.  However, the district court recently overturned the jury’s verdict. …
Read More Apollo Group Securities Class Action Jury Verdict Overturned

Apparently prompted by investigations of other brokers and overtures from the New York Attorney General and other regulators, three more broker-dealers have announced intentions to buy back auction rate securities (ARS) or otherwise settle ARS claims. 

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Read More Auction Rate Securities: Voluntary Buy-Backs, Settlements and Settlement Reserves

The Venezuelan Supreme Court recently upheld the constitutionality of blocking 272 mostly opposition candidates from running for office on the basis of suspicion of corruption.  The court rejected arguments that the blacklist was unconstitutional because many of the listed candidates had merely been accused, but not convicted, of corruption. 

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Read More Venezuelan Supreme Court Upholds Constitutionality of Candidate Blacklist

Nancy Praeger, President of the National Association of Insurance Commissioners (“NAIC”), sent a letter last month to the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the co-sponsors of H.R. 5792, Increasing Insurance Coverage Option for Consumers Act of 2008 (the “Bill”).

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Read More NAIC Comments On Proposed Reforms Of Liability Risk Retention Act

Syndicate 980 v. Sinco S.A. [2008] EWHC 1842 (Comm), concerned a jurisdiction dispute for claims made in England and in Greece. The Syndicates and Sinco were party to contracts which contained an exclusive jurisdiction clause in favour of the English courts. The Syndicates had commenced proceedings in England which concerned breaches of contract. 

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Read More UK: Commercial Court Considers Aspects of the EC Regulation on Jurisdiction

The recent judgment in Ace Capital Ltd v CMS Energy Corp [2008] EWHC 1843 (Comm) has provided welcome clarification on the effect of a US service of suit clause in a policy that contains an English arbitration provision.

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Read More UK: English High Court Examines the Interaction Between an English Arbitration Clause and a US Service of Suit Clause