In addition to its core principles and rules, which require insurers to treat their customers fairly, the FSA has powers under the UK’s Unfair Terms in Consumer Contracts Regulations 1999 (Regulations) to challenge firms that use unfair terms in their standard consumer contracts and to require firms to change those terms where necessary. 

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Read More UK: The FSA Publishes Two Reports relating to the Use of Unfair Terms in Consumer Contracts

On June 2, 2008, Connecticut Governor Jodi Rell signed S.B. 281 into law making Connecticut the latest state to permit the formation of captive insurance companies.  S.B. 281 is very similar to the captive insurer statutes of Vermont, currently the largest U.S. domicile for captive insurance companies. 

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Read More Connecticut Adopts Captive Legislation

Today is the one-year anniversary of the launch of InsureReinsure.com and we mark the occasion by adding an additional feature for our readers. Beginning today, on the left-hand side of your screen, you will see a new link allowing you to “subscribe” to InsureReinsure.com to receive emails each workday morning with links to the prior day’s posts. 

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Read More InsureReinsure.com Turns One, Launches Subscription Feature

Markel International Insurance Co Ltd v Surety Guarantee Consultants Ltd & others; (1) QBE Insurance (Europe) Ltd (2) Amalfi Underwriting Ltd v Surety Guarantee Consultants Ltd & others [2008] EWHC 1135 (Comm) concerned a joint trial of two separate but similar cases brought by each of Markel and QBE, together with Amalfi, in which they alleged that the Defendants had defrauded them in connection with the writing of surety bonds between January 2005 and 2006. 

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Read More UK: Markel International, QBE and Amalfi Victorious in Fraud Cases in English High Court

A proposal to centralize the filing and storage of annual market conduct reports has been approved by the National Association of Insurance Commissioners’ (the “NAIC”) Market Regulation and Consumer Affairs (D) Committee, and is headed to the Executive Committee for consideration. …
Read More NAIC Considers Proposal to Centralize Insurance Market Conduct Reporting

On June 2, 2008, the National Association of Insurance Commissioners (the “NAIC”) issued a release announcing adoption of a model bulletin (the “Bulletin”) and Consumer Alert (the “Alert”) to help protect seniors from certain abusive sales practices. 

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Read More NAIC Adopts a Model Bulletin and Consumer Alert Regarding the use of Senior Designations

On June 10, 2008, the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) will hold a hearing on H.R. 5840, the Insurance Information Act of 2008, regarding the creation of a federal Office of Insurance Information (the “OII”). …
Read More House Subcommittee to Consider Legislation for Formation of Federal Office of Insurance Information

A federal class action lawsuit was filed recently against a number of mortgage companies and other lending institutions in the Eastern District of Louisiana.  The Law Offices of Joseph M. Bruno, et al. v. ABN Amro Mortgage Group, Inc., et al., Case No. 08-2762 (E.D.La. May 1, 2008).   (

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Read More Mortgage Lenders Sued in Federal Class Action Lawsuit Questioning Order of Katrina Loss Payments

The SEC has filed a civil action against four Broadcom executives and its General Counsel in connection with alleged options backdating activity at the company between 1998 and 2003. Click here to read the SEC’s complaint, filed in  the U.S. District Court for the Central District of California. 

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Read More SEC Launches Options Backdating Suit Against Broadcom Executives