In December 2007, the FSA published Consultation Paper CP07/21 entitled ‘Close Links’, in which it reviews existing close links requirements, which you can review by clicking here. 

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Read More Financial Services Authority (FSA) Consultation Paper (CP): close links

On December 5, 2007, H.R. 1759:  Managing Arson Through Criminal History (“MATCH”) Act of 2007 passed in the House of Representatives by voice vote and is now in the Senate.  MATCH would establish guidelines and incentives for U.S. states and territories to establish arsonist registries and require the United States Attorney General (“AG”) to establish a national arsonist registry and notification program. 

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Read More Legislation Proposes Arsonist Registry

On December 17, 2007, California Insurance Commissioner Steve Poizner hosted a meeting with top-level insurance executives to assist wildfire victims in the recovery process and announce minimum standards to reform the claims handling process. 

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Read More CA Insurance Commissioner Convenes Insurer Summit to Aid Wildfire Survivors

In a ruling that may impact the world of commercial arbitrations, the United States Court of Appeals for the Seventh Circuit affirmed a district court’s denial of a motion to vacate an arbitration award on the basis that it was filed one-day too late. 

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Read More Contesting an Arbitration Award? Seventh Circuit Affirms That Statute of Limitation Runs From Date the Award is Sent

A New York appellate panel recently affirmed a lower court’s decision finding that each worker’s injuries from exposure to chemicals found in popcorn flavoring resulted from separate occurrences for purposes of applying a “per occurrence” deductible under certain general liability insurance policies. 

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Read More New York Court Holds That Injuries Caused By Exposure to Popcorn Chemicals Resulted From Multiple Occurrences

Individual self-insured employers in New York may encounter major changes to how their workers’  compensation plans are secured if recommendations proposed by New York’s Workers’ Compensation Board (the “Board”) become law.  The Board issued a report recommending that self-insuring employers be required to join a guarantee pool instead of the present system where individual self-insuring employers post a security deposit, such as a letter of credit or surety bond, equivalent to their outstanding workers’ compensation claims. …
Read More New York Workers’ Compensation Board Proposes Self-Insurer Guarantee Pooling

A Pennsylvania trial court recently overturned a $3 million jury verdict in Philadelphia’s first hormone replacement therapy trial. …
Read More Pennsylvania State Court Vacates $3 Million Hormone Replacement Jury Verdict Based Upon Failure To Prove Causation

As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states.  New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
Read More Florida to Change Foreign Reinsurer Collateral Requirements

The State of Oregon was recently hit with winter storms that caused major flooding, landslides, and mudslides in several counties.  President Bush has declared five Oregon counties, Lincoln, Tillamook, Clatsop, Columbia and Yamhill, a federal disaster, prompting the Oregon Department of Consumer and Business Services to issue an emergency order (“Order”). 

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Read More Oregon Issues Emergency Order for Personal Lines Insurance

Several investors in a failed Bear Stearns Hedge Fund recently filed arbitration claims against two subsidiaries of Bear Stearns Companies, Inc. — Bear Stearns & Co., Inc. and Bear Stearns Securities Corp. The investors are represented by a group of four law firms with extensive arbitration experience against hedge funds. The fund at issue — the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage (Overseas) Fund — is one of two Bear Stearns hedge funds that filed for bankruptcy earlier this year after suffering heavy losses from their investments in subprime debt. 

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Read More Bear Stearns Faces Arbitration Claims Over Hedge Fund Subprime Losses Following Administrative Action in Massachusetts