On September 7, 2007, the Securities and Exchange Commission announced approval of new NASD Rule 2821 (click here to view the text of New Rule 2821), designed to protect customers against abusive sales practices in the context of deferred variable annuity transactions. 

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Read More SEC Approves NASD Rule 2821 on Deferred Variable Annuities

Florida’s Chief Financial Officer, Alex Sink, recently co-authored an op-editorial for the Washington Post, noting the insurance industry’s recognition of the perils related to climate change. 

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Read More Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change

According to various media reports (click here and here to read two such reports), a settlement in principle has been reached in a stock options backdating involving Mercury Interactive Corporation, a business software company acquired by Hewlett-Packard last year.  According to the reports, the settlement is for $117.5 million, which would make this the largest settlement in an options-backdating case to date. 

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Read More $117.5 Million Settlement in Stock Options Backdating Case

The Fifth Circuit Court of Appeals recently ruled that Mid-Continent Casualty Company owes a duty to defend its insured, Lamar Homes Inc., against construction defect claims under its commercial general liability policy. 

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Read More Texas Courts Rule That Coverage For Construction Defect Claims May Be Available Under A CGL Policy

A California Court of Appeal recently held that “deliberate acts of self-defense” can be “accidents” for purposes of determining an insurer’s duty to defend under a liability insurance policy. 

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Read More California Court of Appeal Holds That Deliberate Acts of Self-Defense Can Be “Accidents” That Give Rise to the Potential For Liability Coverage

On October 25, 2007, Edwards Angell Palmer & Dodge will sponsor the first event of the U.S. chapter of the Reinsurance 40 and Under Group (“Reinsurance Under 40s”), a new and exciting organization open to all professionals in the reinsurance industry under the age of 40. 

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Read More Reinsurance Under 40’s Event to Take Place on October 25, 2007 in New York

Multiple news outlets reported today that the Senate Banking Committee will vote on the proposed Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) this coming Wednesday.  TRIPRA represents the Senate’s attempt at  further  extending the federal terrorism risk insurance program originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”)  and initially extended to December 31, 2007 by legislation in  2005. 

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Read More Senate Banking Committee to Consider TRIA Extension Legislation this Week

We recently reported on Chief Judge Brown’s decision to dismiss the federal RICO Claims in the Insurance Brokerage Antitrust case pending in district court in New Jersey.  As we discussed here, Judge Brown held that the plaintiffs had failed to satisfy Rule 8’s pleading standard. 

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Read More Plaintiffs Appeal Dismissal of Federal RICO Claims in Insurance Brokerage Antitrust Case

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

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Read More U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

On October 9, the Connecticut Attorney General (the “CT AG”) filed a Complaint against Guy Carpenter and Excess Reinsurance Inc.  The Complaint is 107 pages long and contains numerous highly-disputed allegations about the structure of the reinsurance markets over the last fifty years as well as hotly contested claims about the activities of the participants in certain reinsurance facilities. 

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Read More Connecticut AG Files Complaint against Guy Carpenter and Excess Re – Direct Summary