On 27 May, the FSA published a consultation paper on proposed changes to its Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) (the Consultation Paper), which includes proposals that are relevant to its discussion paper on transparency as a regulatory tool: see our blog here. The Consultation Paper fulfils the FSA’s public commitment to review the DEPP and EG annually. …
Read More UK: Regulatory Enforcement – FSA Issues a Consultation Paper Regarding Proposals to Amend the Decision Procedure and Penalties Manual and the Enforcement Guide

After some delay, the FSA has published a DP which explores the creation of a framework for determining what further information the regulator might publish about firms and industry sectors in order to aid transparency. (See: Discussion paper) This DP reflects the FSA’s strategic priorities for 2008 and 2009 (See: UK: New Business Plan for FSA) 

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Read More UK: The Financial Services Authority (FSA) Launches Discussion Paper (DP) on Increasing Transparency

On 28 May the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published two Papers of final advice to the European Commission for the Solvency II project, entitled “Advice to the European Commission on aspects of the Framework Directive Proposal related to Insurance Groups” and “Advice to the European Commission on the Principle of Proportionality in the Solvency II Framework Directive Proposal”. 

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Read More EU: CEIOPS Publishes Final Advice to the European Commission for the Framework Directive Proposal Related to Proportionality and Insurance Groups Supervision

The English Commercial Court in Gater Assets Limited v. NAK Naftogaz Ukrainiy [2008] EWHC 1108 (Comm)  recently considered the award of interest on an order of the  English  court entering judgment in terms of a New York Convention arbitration award. The arbitrators had not awarded post-award interest but the claimant applied to enforce the court order,  claiming interest on the award at 8%pa from the date of the court order. The defendant disputed the claimant’s entitlement to interest. 

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Read More UK: Interest Payable on a New York Convention Arbitration Award

A secondhand exposure lawsuit in New Jersey state court resulted in a February 2008 jury award of $30.3 million to the family of Mark Buttitta, who died from mesothelioma. 

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Read More Secondhand Asbestos Lawsuit results in $30.3 Million Jury Award

The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time. 

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Read More Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance

Last month, the Florida Senate introduced S.B. 2860, a comprehensive property insurance bill aimed at protecting property owners from arbitrary and unsupported property rate increases.  Florida’s House of Representatives subsequently approved an amended version of the bill, which the Florida Senate adopted earlier this month.  The Governor approved the bill on May 28, and it will take effect on July 1, 2008. 

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Read More Florida Enacts New Property Insurance Legislation

On May 21, 2008, the Louisiana Supreme Court issued a pro-insurer decision in Landry v. Louisiana Citizens Property Insurance Company, enforcing a policy’s explicit loss computation method, under the Louisiana Valued Policy Law (“VPL”).  The court held that an insurer is not obligated to pay the total loss of an insured’s property when damages are caused concurrently by covered and non-covered perils if the policy explicitly contains a loss computation method that differs from that set forth in the VPL. 

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Read More Louisiana Supreme Court Tackles Valued Policy Law

The United States District Court for the Southern District of Illinois recently adopted a restrictive view of the government contractor immunity defense when it remanded an asbestos-related lawsuit to Illinois state court for lack of federal subject-matter jurisdiction. …
Read More Illinois Federal Court Takes Restrictive View of Government Contractor Immunity Defense

At an Extraordinary General Meeting held on 21 May 2008, the membership of Lloyd’s approved a resolution to consent to the proposals by the UK’s Treasury to amend the Lloyd’s Act 1982. The proposals are as described in the Consultation Document issued in March 2008. …
Read More Lloyd’s Members Vote to Approve Treasury Proposals to Amend Lloyd’s Act