The Scottish Government has published a consultation paper on its proposal to introduce legislation before the summer recess in order to overturn the House of Lords’ 17 October 2007 decision (Rothwell v Chemical Insulating Company Ltd [2007] UKHL 39) that asymptomatic pleural plaques are not compensable (click here …
Read More The Scottish Government has Published a Consultation on the Impact of Reversing the House of Lord’s Pleural Plaques Judgment

Lloyd’s may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd’s is considering the purchase of an appropriate ready made tool rather than building a bespoke platform. 

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Read More Proposal to Trial Messaging Hub Experiment at Lloyd’s

The House of Representatives’ Subcommittee on Oversight and Investigations held a field hearing in West Palm Beach, Florida regarding the “crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.” …
Read More Oversight and Investigations Subcommittee Holds Florida Field Hearing on Homeowners Insurance in Disaster Prone Areas

Merrill Lynch recently agreed to “make whole” the city of Springfield, Massachusetts by paying nearly $14 million in connection with subprime losses the city suffered in cash accounts held with the brokerage firm. 

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Read More Broker Agrees To Reimburse Massachusetts City for $14 Million in Subprime Losses

Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer.  Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. …
Read More Brazilian Bank Seeks Authorization for Reinsurance License

Lloyd’s announced on 13 February that it will be making a formal application to be admitted as a reinsurer in Brazil with plans to set up its first representative office in Rio de Janeiro, subject to regulatory approval. 

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Read More Lloyd’s to Apply for Admission as a Reinsurer in Brazil

The credit crisis ushered in by the collapse of the market for subprime-mortgage-backed securities continues to spread through the debt markets. …
Read More Latest Aspect of the Credit Crisis: Auction Rate Securities Auction Failures

The proposed rates of 15 auto insurers have been reviewed and approved by the Massachusetts Division of Insurance since the implementation at the beginning of this year of a “managed competition” system for setting auto insurance rates. …
Read More Update: Massachusetts Managed Competition System for Auto Insurance Rates

The Association of Insurers and Risk Managers (AIRMIC) has indicated that the EC has softened its position on the London subscription market following the recent Commission Inquiry into business insurance. 

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Read More AIRMIC Welcomes Softened EC Stance on Subscription Market