The Fifth Circuit recently reversed a January 2007 federal district court decision, Broussard v. State Farm, in which Mississippi policyholders, whose home was destroyed by Hurricane Katrina, had been awarded their policy limits and $ 1 million in punitive damages against State Farm.
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Lloyd’s enters Brazil
By Troutman Pepper Locke on
In February we reported that Lloyd’s was to apply for admission as a reinsurer in Brazil (see the post here: https://www.insurereinsure.com/BlogHome.aspx?entry=479).
English Commercial Court gives guidance on the meaning of “machinery” in a public and product liability policy
By Troutman Pepper Locke on
The case of John Reilly v National Insurance & Guarantee Corporation Limited [2008] EWHC 722 (Comm) considered whether the failure of a fire extinguishing system was covered under the insured’s public and product liability policy.
U.S. House Bill Aims to Expand Commercial Property Insurance Options for Members of Risk Retention and Risk Purchasing Groups
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