On March 31, 2008, Treasury Secretary Henry M. Paulson, Jr. released the Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure (the “Blueprint”) in a speech given at the Treasury Department. The Blueprint is a series of recommendations for regulatory reform for U.S. financial services industries intended to broaden consumer protections, increase efficiencies, and provide market stability through stream-lined regulatory oversight. A high-level view of the Blueprint was originally introduced on June 27, 2007.
Ohio Federal Court Denies D&O Insurer’s Motion to Dismiss Bad Faith Claim
By Troutman Pepper Locke on
An Ohio federal court recently denied an insurer’s motion to dismiss a bad faith claim brought by its insured on the basis that, accepting the insured’s allegations as true for the purposes of a motion to dismiss, the insurer could not show that the insured had failed to state a claim for bad faith. …
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Federal Court Rules that Insured v. Insured Exclusion Applies to Claims By Shareholders in Imprimis Action
By Troutman Pepper Locke on
Earlier this year, the United States District Court for the District of Massachusetts granted an insurer summary judgment, ruling that claims brought by shareholders of First New England Dental Centers (“FNEDC”) against an officer of FNEDC were excluded under the policy’s so-called Insured versus Insured exclusion.
Lloyd’s Guidance for Run-off and RITC Syndicates
By Troutman Pepper Locke on
On 25 March Lloyd’s issued Market Bulletin Y4139 (the Bulletin) providing additional guidance for the preparation of the 2009 individual capital adequacy (ICA) submissions for run-off and specialist RITC syndicates. The guidance should be read in conjunction with Market Bulletin Y4128 (the Guidance), issued on 29 February, which sets out the general guidance for 2009 ICA submissions to Lloyd’s.
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California Contemplating Formation of Bond Insurer
By Troutman Pepper Locke on
Citing the need for additional capacity in the bond insurance market and the desire to move away from the rating system currently used for municipal bonds, California Treasurer Bill Lockyer has proposed using state pension funds to form a state-owned bond insurer.
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Fremont Must Get Attorney General’s Permission Before Foreclosing Loans In Massachusetts
By Troutman Pepper Locke on
A Massachusetts Superior Court recently ruled that embattled lender Fremont Investment & Loan (“Fremont”) must obtain written consent from the Massachusetts Attorney General’s office before foreclosing on loans in the state.
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FSA Consultation: The Client Assets Sourcebook
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA) has published a consultation paper (CP 08/6**) in respect of a review of the provisions of the Client Assets Sourcebook (CASS). Following implementation of the Markets in Financial Instruments Directive (MiFID) on 1 November 2007, CASS was expanded from five to eight chapters and two separate regimes apply depending on whether firms conduct MiFID and/or non-MiFID business. …
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Auction Rate Securities Issues Proliferate
By Troutman Pepper Locke on
In this space approximately six weeks ago (click here), we reported on the failure of over $100 million in auctions concerning auction rate securities and cautioned that, “[r]egardless of the cause, the continued blossoming of the credit crisis should be of significant interest to insurers and reinsurers because failures in other areas of the debt markets could potentially lead to D&O and E&O claims similar to those seen in connection with the subprime mortgage crisis.”
Ohio Reforms Rules for Healthcare Provider Reimbursement Contracts
By Troutman Pepper Locke on
Last week, Ohio Governor Ted Strickland signed into law House Bill 125, dubbed by supporters the Healthcare Simplification Act, which sets restrictions on the contracting rights between physicians and health insurers when negotiating reimbursement arrangements. …
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New Yorkers To Receive Annual Flood Notices
By Troutman Pepper Locke on
Former New York Governor Eliot Spitzer signed legislation this past month that requires annual mailings to New York State homeowners on how to obtain flood insurance coverage with the National Flood Insurance Program (“NFIP”).