An Illinois Federal Magistrate Judge recently ruled that communications between an insurer and its reinsurer were discoverable in a coverage dispute between a policyholder and the insurer. …
Read More Federal Magistrate Finds Reinsurance Communications Discoverable in Coverage Dispute

In Murphy Oil USA Inc., v. SR International Business Insurance Co. Ltd., et al., the insured sought coverage from its various excess insurers for losses resulting from an oil spill caused by Hurricane Katrina.  No. 07-1071, 2007 U.S. Dist. LEXIS 69732 (W.D. Ark., Sept. 20, 2007).  Murphy’s excess insurers in turn served a notice of their intent to arbitrate any coverage dispute in London, pursuant to an arbitration clause contained in each insurer’s policy. …
Read More Arkansas Federal Court Finds That the New York Convention Preempts the McCarran-Ferguson Act

Republican Mike Chaney recently defeated Democrat Gary Anderson in the race for the next Mississippi Insurance Commissioner.  According to press reports, Chaney is committed to rebuilding the Gulf Coast more than two years after Hurricane Katrina by bringing affordable insurance coverage to residents and businesses. 

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Read More Mike Chaney Elected as New Mississippi Insurance Commissioner

As of January 1, 2008, the workers’ compensation rate in the State of Florida will decrease by 18.4%.  On October 22, 2007, Florida Insurance Commissioner McCarty requested the National Council on Compensation Insurance make an amended filing to increase the originally proposed 16.5% reduction, as previously reported about here.  Commissioner McCarty believes the rate reduction will save Florida employers over $700 million.  To view a copy of the press release, click here. 

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Read More Florida Workers’ Compensation Rate Decrease Approved

Thomas R. Sullivan, Insurance Commissioner of Connecticut, recently published notice of intent to adopt a regulation concerning military sales practices to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory practices in the sale of individual life insurance and annuity products. …
Read More Connecticut Proposes to Adopt Military Sales Practices Regulation

Recently, Corporate Officers & Directors of Assurance Ltd. (“CODA”), a U.K. insurer that issued a directors and officers policy to Tyco International Ltd., petitioned a New York state court to confirm an arbitration award directing Tyco’s former CEO, L. Dennis Kozlowski, to pay CODA about $2 million. 

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Read More British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

On Wednesday, November 7, 2007, the United States Supreme Court heard oral arguments in Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, in which the court is examining whether parties can contract for arbitration agreements that allow for judicial review of an arbitrator’s decision beyond that which is already provided for in the Federal Arbitration Act (“FAA”). …
Read More Supreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards

The First Circuit Court of Appeals recently issued an opinion that touched on several aspects of Maine law concerning claims-made insurance policies.  Edwards v. Lexington Ins. Co., No. 07-1414 (1st Cir. Nov. 5, 2007). 

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Read More Federal Appeals Court Examines Maine Law Concerning Claims-Made Policies

Recently, a New York state court gave the New York Liquidation Bureau (“NYLB”) permission to notify more than 300,000 creditors of Union Indemnity Insurance Company (“Union Indemnity”) that it plans to make the first distribution from the insolvent property casualty insurer’s estate. …
Read More New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

A shareholder class action suit was filed against Merrill Lynch & Co. on October 30, 2007 following an announcement by Merrill Lynch that it would have to write-down $8.4 billion in connection with mortgage-related investments. The charge for that write-down is being taken in the third-quarter of 2007. 

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Read More Shareholders File Class Action and Derivative Suits Against Merrill Lynch Over $8.4 Billion Subprime Write-Down