The recent judgment in Ace Capital Ltd v CMS Energy Corp [2008] EWHC 1843 (Comm) has provided welcome clarification on the effect of a US service of suit clause in a policy that contains an English arbitration provision.
Excess and Surplus Lines
Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws
The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile’s Code of Commerce. If enacted, the legislation would replace Chile’s current laws concerning private insurance and reinsurance in their entirety.
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Agents and Brokers Urge Expansion of New York Excess Lines Export List
By Troutman Pepper Locke on
Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”). The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule. …
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Florida Supreme Court – Surplus Lines Policies Are Subject to Chapter 627, Florida Statutes
By Troutman Pepper Locke on
The Florida Supreme Court has provided an answer to a question important to insurers that have issued policies under Florida’s surplus lines laws. In Essex Ins. Co. v. Zota, Case No. SC06-2031 (June 26, 2008), the Court considered numerous questions certified from the U.S. Court of Appeals for the 11th Circuit. …
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Federal Court Confirms Arbitration Award, Finding that Arbitrator did not Exceed His Powers in Amending a Portion of a Prior Award Regarding a Reinsurer’s Liability for Payments Made by its Cedent
The United States District Court for the Southern District of New York recently held that an arbitrator was not precluded by the doctrine of functus officio from modifying his findings regarding a prior award in a dispute between parties, since that award did not resolve the question of damages related to a particular issue and thus was not “final.”
Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier
In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc. Click here to review the press release, petition and final judgment with AIG. The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.
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The International Insurance Center of Puerto Rico
Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico.
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California Department of Insurance Clarifies New Surplus Broker License Requirements
By Troutman Pepper Locke on
The California Department of Insurance (“DOI”) has issued a bulletin clarifying Assembly Bill 1639, which takes effect January 1, 2008. The new law affects resident and non-resident producers transacting surplus lines business.
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House Passes Nonadmitted and Reinsurance Reform Act
On June 25 and for the second time in nine months, the House unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. …
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The Florida Hurricane Catastrophe Fund
By Troutman Pepper Locke on
In 1992, in the wake of Hurricane Andrew, the Florida Legislature enacted F.S. § 215.555, which created the Florida Hurricane Catastrophe Fund (the “Fund”). The Fund is a trust fund, established to reimburse insurers, who write covered policies under F.S. § 215.555(2)(c), for a portion of their catastrophic hurricane related losses.