This advisory provides a brief summary of new data security requirements with effective and enforcement dates in early 2010 that will affect innumerable businesses. Please click here to read more.
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Industry Developments
Lloyds TSB Bank Settles with OFAC
By Troutman Pepper Locke on
On December 22, 2009, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the settlement of apparent violations by Lloyds TSB Bank of OFAC regulations relating to Iran, Sudan and Libya.
EAPD WEBINAR LINK: Privacy and Data Breaches
Privacy and data breaches are part of every company’s nightmare of what can go wrong. There is no company in any industry that is not exposed to risks and liabilities related to unauthorized access to personal information of individuals. The risk of data breaches, and the regulations governing company obligations to secure data, and to provide notification in the event of a breach, are increasing dramatically. …
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A.I.G. to List American International Assurance on the Hong Kong Stock Exchange
By Troutman Pepper Locke on
According to recent reports in the New York Times and Financial Times, A.I.G. plans to list its Asian life insurance unit, American International Assurance (“A.I.A.”), on the Hong Kong stock exchange by year’s end. The IPO, which is expected to raise as much as $20 billion, would be one of the largest public stock offerings in the exchange’s history.
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Maryland Insurance Commissioner Steps Down
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On December 16, 2009, the Maryland Insurance Administration (“MIA”) issued a media advisory announcing that Ralph S. Tyler will step down as Commissioner of the MIA effective January 8, 2010. Tyler, who has been Maryland’s Insurance Commissioner since 2007, has accepted the position as Chief Counsel with the Federal Food and Drug Administration.
Credit Suisse to Settle Iran Sanctions Claims
By Troutman Pepper Locke on
Credit Suisse announced on December 15, 2009 that it is nearing a $536 million settlement with the New York County District Attorney’s office and the US Department of Justice, Federal Reserve Board, Federal Reserve Bank of New York and the Office of Foreign Assets Control (OFAC).
Insurance and Reinsurance Review – December 2009
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – December 2009, which contains eight articles about various topics in the insurance and reinsurance industry.
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Turkey Frying: 101
By Troutman Pepper Locke on
Posted in Industry Developments, United States
In anticipation of the upcoming Thanksgiving holiday, and for those of you who plan on deep frying your turkey, Georgia Insurance Commissioner John Oxendine has issued some tips on how to safely do so.
Greenberg Calls for Commission to Scrutinize Standards for Government Bailouts
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Earlier today, Maurice R. Greenberg (Chairman & CEO of C.V. Starr & Co., Inc. and former CEO of American International Group, Inc.) participated in a panel with other guest speakers at the Federalist Society’s National Lawyers Convention. The panel was entitled “Bailouts and the Government as Insurer of Last Resort.” …
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UK: Judicial Review Granted as HM Treasury Found to Have Acted with Injustice and Maladministration
By Troutman Pepper Locke on
Posted in Industry Developments, United Kingdom
In Equitable Members Action Group v Her Majesty’s Treasury [2009] EWHC 2495 (Admin), the claimant action group, comprising of current and former policyholders of the Equitable Life Assurance Society (the Society), applied for a Judicial Review of HM Treasury’s rejection of certain findings by the Parliamentary Commissioner for Administration (the Ombudsman).