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

As we reported on here, in Stoneridge Investment Partners, LLC v.Scientific-Atlanta, Inc., the U.S. Supreme Court recently declined to permit investor suits against third parties who engaged in deceptive acts that contributed to another party’s securities  fraud, where the third parties had no duty to disclose their acts to the public, and where their deceptive acts were in fact not communicated to the public. …
Read More Further Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties

On January 7, 2007, Connecticut Commissioner of Insurance, Thomas R. Sullivan, issued Bulletin PC-03 (the “Bulletin”), announcing a one-year pilot program under which certain lines of commercial insurance will be exempt from state rate and form filing requirements. …
Read More Connecticut Bulletin Exempts Certain Commercial Lines from Filing Requirements

The Bermuda Monetary Authority has appointed, with immediate effect, the current supervisor of insurance, Jeremy Cox, as deputy to CEO, Matthew Elderfield. The BMA is the body responsible for, among other things, regulating and supervising financial institutions in Bermuda, including those conducting deposit-taking, insurance, investment and trust business in Bermuda. 

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Read More Cox Appointed as Deputy CEO at the BMA

In The Commissioners for Her Majesty’s Revenue & Customs v Weald Leasing Ltd [2008] EWHC 30 (Ch), the High Court dismissed an appeal by the Commissioners against a ruling by a VAT and duties tribunal that a scheme deferring irrecoverable VAT using artificial leases was not contrary to the purpose of the Value Added Tax Act 1994 (or Directive 77/388 which the Act implemented) and therefore not abusive. Weald Leasing Ltd was a member of the Churchill group of companies carrying on insurance business but was not a member of their VAT group. …
Read More A Scheme Deferring Irrecoverable Value Added Tax by the Churchill Group of Companies is Upheld by the English High Court