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

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.  

…
Read More HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation

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

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

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. 

…
Read More The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker

Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series.  Click here.  We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series.  Click here. 

…
Read More Risk Management? Red Sox Will Have To Sweep The World Series This Year For Fans To Get Free Furniture

On April 4, 2008, Maryland Attorney General Douglas F. Gansler announced that his office reached an agreement regarding certain consumer protections with four of the nation’s largest wireless telephone carriers, as well as a provider of cellular phone insurance protection policies.  Under the agreement, key terms in the cellular phone protection plans will be more clearly disclosed to consumers. 

…
Read More Maryland Attorney General Obtains Clearer Disclosure for Cellular Phone Protection Plans

Michael Travaglini, who oversees the Massachusetts Pension Reserves Investment Management Board, recently voiced his disagreement with California Treasurer Bill Lockyer’s plan to form a state-owned bond insurer, saying that pension funds should not be in the business of insuring securities.  “I am very glad that in Massachusetts we are prohibited by our enabling statutes [from creating a bond insurer],” Travaglini said.  He continued, “I’m in the investment business, not the lending business in any way, shape or form. 

…
Read More Massachusetts State Pension Fund Will Not (and Cannot) Form Bond Insurer