Last week, the South Carolina Insurance Department issued a press release (which you can review by clicking here) announcing a proposed Bulletin that will provide guidelines for captive management companies. …
Read More South Carolina Insurance Department Proposes Bulletin regarding Captive Management Companies

The EC has adopted proposals for a directive and a regulation aimed at modernising and simplifying the VAT rules for financial and insurance services. The proposals contain an updated definition of the exempt financial and insurance services. 

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Read More Value Added Tax (VAT): The European Commission (EC) proposals to modernise the current legislation for financial services and insurance

In Coromin Ltd v AXA Re & Ors [2007] EWHC 2818 (Comm), the Commercial Court considered whether Coromin was entitled to be indemnified by its reinsurers for the physical damage and business interruption losses suffered by its insured as a result of a defective mill motor at a copper mining and processing facility in Chile. 

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Read More Policy construction: The English Commercial Court has construed the terms of a business interruption policy

In C v D [2007] EWCA Civ 1282, D insured C under a Bermuda Form policy that provided for London arbitration and was governed by New York Law. C commenced arbitration proceedings in London against D for unpaid monies and the Tribunal held that C was entitled to recover in full. 

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Read More Bermuda Form: The Court of Appeal upholds an anti-suit injunction to prevent a challenge to an English Arbitration award in the US

In early November 2007, lead counsel responsible for achieving a $3.2 billion settlement in the Tyco securities class action sought court approval for a $464 million fee award. …
Read More $464 million Attorney Fee Award Approved in Connection with $3.2 Billion Tyco Settlement

In a seemingly routine discovery order issued in the Maxim stock-option backdating case, the Delaware Court of Chancery recently issued a decision that could have major ramifications for special committee practice. 

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Read More Delaware Chancery Court Orders Disclosure of Special Committee Communications with Counsel

Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets. 

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Read More Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown

In the context of a Katrina-related claim, in its recent decision in Sher v. Lafayette Insurance Company, et al., a Louisiana state appellate court held that an insurer’s water exclusion was ambiguous and that the insurer could not deny coverage for water damage sustained to an insured’s property on the basis of the exclusion. 

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Read More Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous

As previously reported here, Bermuda held its first general election since 2003 on December 18, 2007.  As a result, Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) was officially elected by public vote as Premier, a position he originally obtained through an internal party battle a year ago.  …
Read More Brown Remains Bermuda Premier With Election Victory