United States House Representatives Dennis Moore (D-Kansas) and Deborah Pryce (R-Ohio) have recently introduced H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act of 2008 (the “IICO Act”).
Read More U.S. House Bill Aims to Expand Commercial Property Insurance Options for Members of Risk Retention and Risk Purchasing Groups
Market confidence in Bermuda as a leading centre for international insurance and reinsurance remains strong
By Troutman Pepper Locke on
Posted in Bermuda
The Bermuda Monetary Authority (BMA) reported on 14 April 2008 that the Bermuda insurance market continues to maintain a strong performance, against a backdrop of a soft global market. …
Read More Market confidence in Bermuda as a leading centre for international insurance and reinsurance remains strong
FSA: Insurance in a Wider Financial Context
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Callum MCarthy, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on aspects of the wider financial context of the insurance industry.
FSA: International Developments in Insurance Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Hector Sants, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on the subject of international developments in insurance regulation.
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UK: Regulatory: Public session held on Market Reform Contract (MRC) for Binders and Lineslips
By Troutman Pepper Locke on
As was reported in previous blogs, the Market Reform Group (MRG) has been at the forefront of contract certainty reforms.
Competition law White Paper issued: Potential exposure for the insurance industry
By Troutman Pepper Locke on
On 3 April 2008, the European Commission (The Commission) published its long awaited White Paper (WP) on damages actions for breach of the European Community (EC) antitrust rules. …
Read More Competition law White Paper issued: Potential exposure for the insurance industry
HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation
By Troutman Pepper Locke on
In the UK, insurance business transfer schemes (known as Part 7 transfers) allow an insurer or reinsurer to transfer portfolios of insurance or reinsurance business from another entity by way of a court sanctioned regulatory mechanism.
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Read More HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation
The English High Court construes a condition in a marine insurance policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Mr John Pratt v Aigaion Insurance Company SA [2008] EWHC 489 (Admlty) the Court was asked to consider the meaning of “at all times” in the context of a condition to a marine insurance policy. …
Read More The English High Court construes a condition in a marine insurance policy
Massachusetts To Allow Six-Month Automobile Policies
By Troutman Pepper Locke on
On April 3, 2008, Commissioner Nonnie Burns of the Massachusetts Division of Insurance issued a new bulletin permitting insurance companies to offer the option of purchasing automobile policies with six-month terms. …
Read More Massachusetts To Allow Six-Month Automobile Policies
The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Dunlop Haywards (DHL), Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited and Lockton Companies International Limited [2008] EWHC 520, the Claimants instructed the Defendant broker (Erinaceous Insurance) to renew professional indemnity insurance for the companies in the Claimants’ group and to procure a primary layer of insurance cover of £10 million and an excess layer of £10 million.