Twenty one years after the New York Insurance Exchange Commission (the “Exchange”) closed its doors for trading, New York State officials have begun to consider reviving this unique market.  The Exchange was created in 1979 with the enactment of Regulations 89, 89-A and 89-B. …
Read More New York State Considering Resurrection of the Insurance Exchange

In October, www.insurereinsure.com reported on a regulation being proposed by New York Superintendent of Insurance Eric Dinallo that would eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York (click here to view prior post). 

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Read More Update on New York’s Proposed Change in Collateral Requirements on Foreign and Alien Reinsurers

The Code requires ABIR’s and BIRBA’s members to provide certainty in coverage terms and conditions to both policyholders and ceding insurers. 

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Read More Bermuda: The Association of Bermuda Insurers and Reinsurers (ABIR) and the Bermuda Insurance and Reinsurance Brokers Association (BIRBA) Announce the Adoption of a Contract Certainty Code (the Code)

The FSA has published an update on firms’ progress toward meeting the December 2008 deadline of the Treating Customers Fairly initiative (TCF). The initiative is part of the FSA’s move towards principles based regulation and seeks to encourage firms to change their behaviour toward customers. …
Read More UK: FSA Update on Firms’ Progress Towards Achieving the Outcomes of Treating Customers Fairly

The United States Court of Appeals for the Second Circuit recently dismissed a securities class action against Dynex Capital Inc. (“Dynex”) and its subsidiary, Merit Securities Corp. (“Merit”), because the plaintiff had failed to allege the requisite scienter. …
Read More Second Circuit: Dismissal of Claims Against Individual Defendants for Failure to Plead Scienter Does Not Preclude Claims Against Corporate Defendants

On 3 July 2008 Helen Clark attended the Institute of International Shipping & Trade Law Symposium on the prospective reform of marine and commercial insurance held at Lloyd’s. The Symposium provided an opportunity for further debate of the Law Commission’s proposals (contained in Consultation Paper 1) for the reform of English law on misrepresentation and non-disclosure, breach of warranty and the role of intermediaries pre-contract, with an emphasis upon business rather than consumer insurance. 

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Read More UK Insurance Contract Law Reform: Lloyd’s/Institute of International Shipping & Trade Law Symposium

A California state court of appeals recently held that an insurer properly denied coverage after its insured failed to timely report a “claim” after receiving a demand letter. 

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Read More California State Court of Appeal Holds That Demand Letter Was A “Claim” That The Insured Was Required To Report Under Its Insurance Policy

The New York Court of Appeals denied a motion for rehearing in the Bi-Economy Market, Inc. v. Harleysville Insurance Company of New York case, thereby leaving intact its February 2008 decision allowing insureds  to recover “consequential damages” for improper denial of coverage.  The Court’s denial was made without comment. 

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Read More New York Court of Appeals Denies Motion for Rehearing Regarding Award of Consequential Damages for Bad Faith Breach of Insurance Contract

On June 26, 2008, U.S. Senator Frank Lautenberg (D-NJ) reintroduced a measure intended to ensure that children have access to healthcare.  The measure was inserted into the Fiscal Year 2009 Labor-Health and Human Services-Education Appropriations bill (the “Bill”). …
Read More Lautenberg Reintroduces Measure to Keep New Jersey Children Covered by Health Insurance