The Arizona Department of Insurance (the “Department”) recently announced the resignation of its Captive Administrator, Rod Morris.
Read More Rod Morris, Arizona Captive Administrator, Resigns
SCHIP Development – House Fails To Obtain Necessary Majority To Override President Bush’s Veto of Latest Bill
By Troutman Pepper Locke on
On two separate occasions during the past few months, President Bush has vetoed proposed extensions to the State Children’s Health Insurance Program (“SCHIP”) and it remains to be seen whether the current legislation, due to expire in 2009, will be extended while President Bush remains in office.
Abuse Claims to Increase in Light of “Lotto Rapist” UK House of Lords Decision
By Troutman Pepper Locke on
In the US, defendants and their insurers have paid out significant sums for sexual abuse claims. A landmark decision of the House of Lords in A v Hoare [2008] UKHL 6 may mean that insurers covering UK employers for similar abuse claims will begin to share the US’s experience.
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Read More Abuse Claims to Increase in Light of “Lotto Rapist” UK House of Lords Decision
UK: Regulatory: Market Reform Group (MRG) Announcement Regarding Progress on Business Process Reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The London market has made significant progress in meeting its goal of reforming business processes during 2007.
First Circuit Applies Tellabs For The First Time
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In its first application of the Supreme Court’s Tellabs opinion issued last summer, the First Circuit Court of Appeals recently affirmed the dismissal of securities fraud claims against various actors associated with defaulted bonds issued by the now-defunct Bradford College. …
Read More First Circuit Applies Tellabs For The First Time
Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier
In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc. Click here to review the press release, petition and final judgment with AIG. The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.
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Read More Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier
U.S. District Court Issues STOLI Decision
By Troutman Pepper Locke on
Last week, a federal district court in New York issued a ruling in Life Product Clearing LLC v. Angel, 07 Civ. 475 (S.D.N.Y) (2008), that may have implications for stranger owned/ initiated life insurance (“STOLI”) transactions.
Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
By Troutman Pepper Locke on
Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment. …
Read More Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
UK: Regulatory: Price Comparison Websites – An Unfair Comparison?
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Recent research from the British Insurance Brokers’ Association (BIBA) suggests that consumers are confused about the details of the insurance policies listed on price comparison websites and about the regulatory status of the websites. …
Read More UK: Regulatory: Price Comparison Websites – An Unfair Comparison?
Hong Kong: Regulatory: China Insurance Regulatory Commission Issues a New Regulation, “Circular Concerning Risk Issues in Reinsurance Business”
By Troutman Pepper Locke on
On 28th November 2007 the China Insurance Regulatory Commission (CIRC) issued a new regulation, “Circular Concerning Risk Issues in Reinsurance Business” (the “Circular”). The Circular tightens up controls on foreign reinsurers to minimise risks in reinsurance transactions by setting out specific financial rating and capital requirements and further evidences the CIRC’s commitment towards the steady and regulated development of the Chinese reinsurance market.