The Securities and Exchange Commission recently filed an amicus brief in the Vigilant Ins. Co. et al. v. The Bear Stearns Cos., Inc. insurance coverage litigation. On June 19, 2007, an intermediate New York State appellate court held that a question of fact existed as to whether a component of an SEC settlement that was specifically labeled as disgorgement actually constituted the kind of disgorgement that many courts have deemed uninsurable as a matter of public policy. 

…
Read More SEC Files Amicus Brief in Bear Stearns Insurance Coverage Litigation

Matt Denn, the Delaware Insurance Commissioner, announced in early November that he will institute a significant worker’s compensation premium cut for the start of the next calendar year.  For most businesses who participate in the “voluntary” workers compensation market, premiums will be cut by an average of 17.75 percent. 

…
Read More Delaware Insurance Commissioner to Cut Average Worker’s Compensation Premiums for 2008

In its recent decision in Tuepker v. State Farm, the Fifth Circuit Court of Appeals has held that State Farm’s anti-concurrent causation clause is unambiguous and should be enforced under Mississippi law. 

…
Read More Victory for State Farm in the Appeal of Tuepker v. State Farm

As the number of home foreclosures continues to rise, the United States House of Representatives recently passed legislation directed at a range of players involved in the subprime crisis. 

…
Read More U.S. House of Representatives Passes Subprime Legislation Targeting Wall Street Banks

Earlier this month, New York Superintendent of Insurance Eric Dinallo unveiled a draft regulation that would establish a system of principles-based regulation in New York State.  If implemented, the regulation would make New York the first jurisdiction employing principles-based regulation in the United States. 

…
Read More NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal

On November 14, 2007, federal court judge Jeremy Fogel, sitting in the district court of the Northern District of California, dismissed a purported class action brought by Apple shareholders against Steve Jobs and other Apple D&Os. 

…
Read More Options Backdating Class Action Against Apple D&Os Dismissed

In Mello Constr. Co. v. Acadia Ins. Co., 874 N.E.2d 1142 (Mass. App. Ct. 2007), an unpublished decision, the court held that the commercial general liability (“CGL”) policy of a general contractor did not cover the defective work of a subcontractor who performed a portion of the work.  In Mello, a subcontractor improperly constructed the concrete slab supporting the elementary school for which the  insured was the general contractor. 

…
Read More Massachusetts Appeals Court Finds That CGL Policy Does Not Cover Subcontractor’s Defective Work

Last week, the United States House of Representatives passed the Homeowners’ Defense Act of 2007 by a vote of 258-155, a day after Senators Hillary Rodham Clinton and Bill Nelson introduced companion legislation  in the Senate.  We have previously reported on the Act here and here. 

…
Read More House Passes Homeowners’ Defense Act, Senate Introduces Companion Legislation

On Friday, the Senate approved, by voice vote, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which seeks to extend the federal Terrorism Risk Insurance Program for an additional 7 years. 

…
Read More Senate Approves Terrorism Risk Insurance Program Reauthorization Act of 2007