In Mills v. Foremost Insurance Co., No. 06-16458 (Jan. 4, 2008), the 11th Circuit recently overturned the dismissal of Florida hurricane victims’ class-action lawsuit relating to mobile home damages.  The plaintiffs claimed that their insurer underpaid for the damage to their mobile homes. …
Read More 11th Circuit Reinstates Hurricane Class-Action Lawsuit

The United States House of Representatives passed H.R. 3959 (the “Bill”) on January 23, 2008, in an attempt to improve the actuarial soundness of the National Flood Insurance Program (“NFIP”). …
Read More House Approves Bill Eliminating Certain NFIP Subsidies

As previously reported here, Louisiana launched the Insure Louisiana Incentive Program in an effort to attract more property and casualty and increase the private market capacity.  The program provides grants ranging from $2 million to $10 million in matching funds to qualified property insurance companies. 

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Read More Louisiana Completes First Round of Property & Casualty Incentive Program

The Arizona Supreme Court recently held that Arizona’s 1987 abolition of joint and several liability extends to strict products liability actions, meaning that liability is several only and fault must be apportioned among tortfeasors even in cases involving strict liability. 

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Read More Arizona Supreme Court Holds That Liability Among Tortfeasors in Strict Productions Liability Actions is Several Only, as Opposed to Joint and Several

Last week, three Allstate Companies (Allstate Insurance Co., Allstate Indemnity Co. and Allstate Property and Casualty Co., collectively “Allstate”) were suspended from writing new automobile insurance policies in the state of Florida by Florida Insurance Commissioner Kevin McCarty. 

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Read More Allstate Suspended from Writing New Business in Florida

A trial commencement date of 3 June 2008 has been set for the six lead test cases in the employers’ liability ‘trigger’ litigation. 

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Read More English High Court Sets Date For ‘Trigger’ Litigation with Regard to Mesothelioma Claims and Employer Liability

Late last year, the United States District Court for the Central District of California dismissed a securities class action claim against IndyMac Financial, Inc. and several of its officers and directors because the plaintiffs failed to plead scienter. 

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Read More Federal Court Dismisses Subprime Class Action Claims

A joint study conducted by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently  concluded  that   there were 166 securities class action lawsuits filed in federal courts nationwide last year.  This is a 43% increase from 2006. …
Read More Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis

The Bermuda Monetary Authority (BMA) has published its 2008/9 Business Plan.  The Business Plan sets out the BMA’s goal to become internationally recognised as a leading risk-based financial regulator. 

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Read More Bermuda Regulatory: Bermuda Monetary Authority Publishes 2008/9 Business Plan

On 6 January 2008, the FSA’s new Insurance: Conduct of Business Sourcebook (ICOBS) came into force, replacing the existing ICOB. Insurance companies and intermediaries in the UK have 6 months in which to ensure that their processes and policies (particularly in relation to protection products – see below) meet the new standards. 

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Read More UK: New FSA Insurance: Conduct of Business Sourcebook