The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury issued new Ukraine-Related Sanctions Regulations, 31 CFR part 589, to implement Executive Order 13660 of March 6, 2014 (“Blocking Property of Certain Persons Contributing to the Situation in Ukraine”), Executive Order 13661 of March 17, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”), and Executive Order 13662 of March 20, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”).  These regulations were published as a final rule at 79 FR 26365 on May 8, 2014. …
Read More Official Ukraine-Related Sanctions Regulations Released

The case of Milton Furniture Ltd v Brit Insurance Ltd [2014] EWHC 965 (QB) concerned losses suffered by the claimant (Milton) arising out of a fire at its premises in 2005. Milton sought indemnity for these losses under a policy underwritten by the defendant (Brit). Brit denied cover on the basis of breaches of two conditions precedent in the policy. …
Read More UK: High Court Rules on Application of Conditions Precedent in Insurance Policy

On May 6, 2014, the Consumer Financial Protection Bureau (the “CFPB”) proposed an amendment to Regulation P (the “Proposed Amendment”) that would allow financial institutions that do not engage in certain types of information-sharing to largely cease mailing the annual consumer privacy notices required by the Gramm-Leach Bliley Act (“GLB”) if they post their privacy notices on their websites and meet certain other conditions. …
Read More CFPB’s Proposed Amendment to Regulation P Would Allow Financial Institutions That Limit Data-Sharing to Post Annual GLB Privacy Notices Online

Please join us on June 5, 2014 for our 13th Annual Half-Day Insurance and Reinsurance Complimentary Seminar being held in our New York Office.…
Read More COMPLIMENTARY SEMINAR – 13th Annual Half-Day Insurance and Reinsurance Seminar

Edwards Wildman’s John D. Hughes, Robert W. DiUbaldo and Laura E. Bange will present a webcast hosted by West LegalEdCenter entitled: Insurer’s Duty to Defend Notwithstanding Coverage Defenses: Part 2…
Read More Webcast: Insurer’s Duty to Defend Notwithstanding Coverage Defenses: PART 2

Edwards Wildman’s John D. Hughes, Robert W. DiUbaldo and Laura E. Bange will present a webcast hosted by West LegalEdCenter entitled: Insurer’s Duty to Defend Notwithstanding Coverage Defenses: Part 1…
Read More Webcast: Insurer’s Duty to Defend Notwithstanding Coverage Defenses: PART 1

Last week, the Office of Foreign Asset Control of the U.S. Department of the Treasury (“Treasury”) added seven high-ranking Russian government officials and 17 Russian business entities to the Specially Designated National and Blocked Person List (“SDN List”) pursuant to authorization granted by Executive Order 13661, the details of which we discussed previously. …
Read More New Round of Sanctions Targets Russian Government Officials and Business Entities

Public Act No. 14-6 (the “Act”), which would amend Connecticut’s captive law, has passed both the Connecticut State Senate and House of Representatives, and is on its way to Governor Malloy’s desk for signature. …
Read More CT Seeks to Amend Captive Insurance Law in Continued Effort to Attract Captives

Please join us on June 5, 2014 for our 13th Annual Half-Day Insurance and Reinsurance Complimentary Seminar being held in our New York Office. …
Read More SAVE THE DATE – 13th Annual Half-Day Insurance and Reinsurance Seminar

Earlier this week, the Second Circuit overturned Southern District Judge Shira Schiendlin’s earlier decision granting dismissal of the complaint by class action plaintiffs who had brought federal securities claims against Barclays after the LIBOR scandal broke. …
Read More Second Circuit Revives LIBOR Suit Against Barclays; Scandal Continues to Haunt Big Banks