The British Insurance Brokers Association (BIBA) has recently published its first Manifesto, setting out a number of campaigning issues for the next twelve months. The Manifesto highlights regulation, professional advice, criteria on age, flooding and motor insurance as areas that are important to insurance brokers and their customers going forward into 2008. 

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Read More UK: British Insurance Brokers Association Publishes 2008 Manifesto

In its December 4, 2007 decision in Smith v. Allstate Indemnity Co., the Fifth Circuit Court of Appeals held that Allstate did not act in bad faith when it denied coverage for damage to Norris Edwards Smith’s home caused by storm surge during Hurricane Katrina. …
Read More Victory for Allstate in the Appeal of Smith v. Allstate

Following the CCSC’ s and the FSA’s latest discussions regarding the continued good progress being made by the market in achieving contract certainty, the CCSC has written to the CEOs of all UK Insurance Industry firms confirming the FSA’s agreement on certain issues. 

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Read More UK: Contract Certainty Reforms: FSA Confirms No Further Contract Certainty Figures Required and the Contract Certainty Steering Committee (CCSC) May be Disbanded

On January 16, 2008, at the end of a two-month trial, a federal jury in the United States District Court for the District of Arizona found that Apollo Group, Inc. (“Apollo”) and two former Apollo executives violated federal securities laws by fraudulently misleading its investors about its recruitment policies. …
Read More $280 Million Securities Class Action Verdict Against Apollo Group

The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry).  The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action. 

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Read More EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies

Following the introduction in July 2007 of a standardised form of insurance/reinsurance contract, the Market Reform Contract (the MRC), the Market Reform Group have published the Market Reform Contract Endorsement (the MRC Endorsement). The MRC Endorsement is a standard form endorsement document for effecting changes to insurance and reinsurance contracts including premium adjustments and reinstatement premiums. 

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Read More UK: Latest Step in Contract Certainty Reforms: The Market Reform Group in London Introduces the Market Reform Contract Endorsement

Today, former Brocade CEO Greg Reyes was sentenced to 21 months in prison and ordered to pay a $15 million fine in the first criminal trial to arise out of the stock options backdating scandal. …
Read More Breaking News: Brocade Stock Options Backdating Criminal Trial: Reyes’ Sentenced to 21 Months in Prison

After a three-month break, effective January 1, 2008, Florida returned to a no-fault system and again mandated that Florida drivers carry personal injury protection (“PIP”) coverage.  PIP coverage pays the first $10,000 of medical costs for injuries related to automobile accidents, regardless of who was at fault. 

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Read More Florida No-Fault Statute Returns after Short Hiatus

The ABI has recently issued guidance on the payment of claims under Critical Illness, Income Protection and life insurance policies where medical information was not disclosed during the application process. 

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Read More UK: The Association of British Insurers (ABI) Publishes Guidance on Non-Disclosure and Treating Customers Fairly: Claims for Long-Term Protection Insurance Products