A Florida federal court recently found that, despite a mold exclusion and anti-concurrent-cause provision in the relevant commercial general liability policy, an insured was entitled to defense and indemnity for claims relating to mold infestation. 

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Read More Florida Federal Court Finds Duty to Defend and Indemnify Mold-Related Claims Despite Policy’s Mold Exclusion and Anti-Concurrent-Cause Provision

The New Hampshire Supreme Court will hear oral argument on April 30, 2008, in In the matter of the Liquidation of The Home Ins. Co., No. 2007-0794, N.H.), to consider whether the Superior Court erred in ruling that the a setoff claimed by Century Indemnity Company (“CIC”) lacked the mutuality necessary to trigger setoff under the New Hampshire Insurers Rehabilitation and Liquidation Act (the “Liquidation Act”). 

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Read More New Hampshire Supreme Court Considers Offset Issue in the Home Insurance Company Liquidation

EAPD’s New York office hosted an Insurance Federation of New York (IFNY) Breakfast on Friday, April 25, 2008 featuring New York State Assemblyman Joseph Morelle, the new Chair of the Assembly Insurance Committee. 

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Read More Chair of New York’s Assembly Insurance Committee Speaks at IFNY Event

This post serves as an update to our postings on June 7, September 12, October 9, October 19 and December 11, 2007.  The NAIC Reinsurance (E) Task Force (“Task Force”) met during the Spring NAIC meeting last month to discuss a memorandum from the NAIC Staff dated March 19, 2008. 

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Read More NAIC to Complete Reinsurance Regulatory Framework by the end of 2008

A discussion paper on the UK’s proposals to reduce the administrative burden on insurance groups operating in the EU was launched on the 22 April 2008 by the Treasury and the FSA. (See: Discussion Paper) As has previously been discussed in a recent blog, the FSA has recognised the need for further development of the existing arrangements for regulatory cooperation and endorses the idea of cooperation among regulators and the creation of supervisor colleges. 

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Read More UK: Regulatory: Treasury and Financial Services Authority (FSA) Launch Consultation on EU Insurance Sector

The South African National Treasury has released a discussion paper setting out proposals for a new regulatory framework for companies offering insurance products to low-income earners. The proposals relate to the provision of micro-insurance which is any insurance product targeted at, or accessible to, low-income households. …
Read More The Future of Micro-Insurance Regulation in South Africa

A federal district court in Virginia recently ruled that under Virginia law, an insured may not recover punitive damages in connection with a bad faith claim against its insurer.  TIG Insurance Co. v. Alfa Laval, Inc., Civil Action No. 3:07CV683 (E.D.Va., March 5, 2008).  The court explained that under Virginia law, a bad faith action against an insurer is a contract action, not an independent, willful tort for which punitive damages might be appropriate. …
Read More Virginia Federal Court Rules that Punitive Damages Are Unavailable in Insurance Bad Faith Case

In the latest development arising from recent concerns regarding auction rate securities, the New York Attorney General has reportedly launched a wide-ranging criminal investigation by serving subpoenas on 18 firms, including UBS AG, Citigroup, Inc., Merrill Lynch & Co., J.P. Morgan Chase & Co. and Goldman Sachs Group, Inc. …
Read More Auction Rate Securities Update: New York Attorney General Issues Subpoenas To 18 Firms

The Connecticut General Assembly’s transportation committee has recently approved Senate Bill 288 (the “Bill”), which prohibits auto insurers from recommending, requesting or requiring policyholders use certain auto repair facilities.  The Bill also prohibits insurers from providing economic advantages to policyholders on the basis that they use certain facilities. …
Read More Connecticut Act Concerning an Insured’s Right to Choose Auto Repairer