If you are in-house counsel for a corporation in Connecticut, but are not licensed in Connecticut, please read this!  Failure to comply with Connecticut Practice Book section 15A could result in an enforcement action for unauthorized practice of law. …
Read More Connecticut In-House Counsel Not Licensed in Connecticut Must Register By June 30, 2008!

The Florida Supreme Court has refused to weigh in on the ongoing clash between the Florida Office of Insurance Regulation (OIR) and Allstate.  As reported here, here, and here, Florida Insurance Commissioner Kevin McCarty served subpoenas on Allstate, seeking internal documents concerning its reinsurance program.  When Allstate failed to comply with the subpoenas, the OIR suspended the rights of Allstate companies to issue new policies in Florida. 

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Read More Allstate Suspension Stands – Florida Supreme Court Denies Jurisdiction

In 316, Inc. v. Md. Cas. Co., Case No. 3:07cv528-RS-MD (N.D. Fla. May 21, 2008), an insured, whose commercial building had been damaged by Hurricane Ivan, alleged that its insurer acted in bad faith by refusing to pay for the damages. …
Read More Florida Bad Faith – Federal District Court Finds That Policyholder Failed To Sufficiently Plead Punitive Damages Claim

Representative Barney Frank, D-Mass., introduced a bill on June 19 that would place increased regulatory scrutiny on bond insurers and require one rating standard for both municipal and corporate bonds.  The Municipal Bond Fairness Act, as the legislation is named, would require municipal bond insurers to submit information about their operations, including their financial soundness, risk management and underwriting standards in an effort to prevent the type of exposure currently faced by the monoline bond insurers as a result of the subprime credit crunch of the last 12 months. 

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Read More Municipal Bond Fairness Act Introduced

On June 19, Moody’s Investors Service removed the triple-A financial strength rating  for bond insurers MBIA Insurance Corp. and Ambac Assurance Corp., downgrading both companies in response to their continued exposure to the struggling mortgage market.  MBIA was downgraded from Aaa to A2, while Ambac was downgraded from Aaa to Aa3. …
Read More MBIA and Ambac Downgraded by Moody’s

A report issued recently by Navigant Consulting, Inc. shows a surge in subprime related litigation for the first quarter of 2008, significantly outpacing the number of filings from the second half of last year. 

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Read More Navigant Report Shows Continuing Surge In Subprime Related Litigation

In our continuing coverage of emerging product liability issues related to carbon nanotubes, which was first reported here, we focus on the U.S. government’s call for stricter monitoring of health risks arising from the production and use of this new technology. 

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Read More GAO Report on Federally Funded Research of the Environmental, Health and Safety Risks of Nanoscale Materials

A New York state intermediate appeals court recently upheld the “plain meaning” of a so-called “insured v. insured” exclusion contained in a not-for-profit directors and officers liability policy, but narrowly construed the exclusion. 

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Read More New York Appellate Division Affirms Narrow Interpretation of “Insured v. Insured” Exclusion in Not-for-Profit D&O Policy

The Minnesota Supreme Court recently affirmed the transfer of an insurance coverage action to a group of Minnesota judges specially assigned to hear asbestos cases.  In re Continental Cas. Co. v. 3M Co., Docket No. A07-784 (Minn., May 29, 2008). 

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Read More Minnesota High Court Approves Transfer of Coverage Dispute to Asbestos Judges

On June 25, 2008, the U.S. House of Representatives passed the ADA Amendments Act  (the “Act”) by a margin of 402-17.  The purpose of the Act is to reject court decisions that have narrowed the scope and protection for people with disabilities under the American with Disabilities Act (“ADA”) and restore its original Congressional intent. 

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Read More House Passes ADA Amendment