Industry Developments

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The Office of Fair Trading, on 7 February 2007, referred the supply of PPI to non business customers in the UK to the CC. The subsequent CC investigation found that the vast majority of policies are sold at the same time that consumers take out loans or other credit and that consumers rarely shop around or switch PPI providers. 

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Read More UK: Competition Commission (CC) Publishes its Proposals to Increase Competition in the Payment Protection Insurance (PPI) Market (the Provisional Decision)

The Royal Commission on Environmental Pollution (RCEP) was appointed “to advise [the UK government] on matters, both national and international, concerning the pollution of the environment; on the adequacy of research in this field; and the future possibilities of danger to the environment.” …
Read More Royal Commission on Environmental Pollution Issues Report on Nanotechnology

According to reports, Goldman Sachs recently agreed to pay $100.5 million to policyholders of the now defunct General American Life Insurance to settle a pending lawsuit brought by General American in which it alleged that Goldman Sachs provided bad advice to the company.  Other defendants named in the suit previously settled with General American. …

Read More Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance

Advisen recently issued three reports, on the D&O market, E&O market and the financial services industry, containing predictions on the impact of the subprime/credit crisis on insurers worldwide.

With respect to D&O claims, Advisen predicts $5.9 billion in losses for claims during 2007, 2008, and 2009.  This amount

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Read More Industry Analyst Predicts Impact on D&O and E&O Insurers to Total $9.6 Billion

Massachusetts already has one of the most aggressive data security regulations in the country, and robust new guidelines were just issued to implement this regulation, effective January 1, 2009. 

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Read More New Massachusetts Guidelines for Mandatory Computer Security Policies

With piracy attacks on the rise, especially in the Gulf of Aden off the East coast of Somalia, the insurance industry is seeing an increase in requests for specialist kidnap and ransom insurance.  These attacks are also becoming more violent, and resolutions are taking longer to negotiate, all of which increase the costs involved.  Unfortunately, many ship owners have no choice but to move their cargo through these dangerous areas. …
Read More Kidnap & Ransom Coverage Requests Increasing Due to Piracy

In Improv West Associates, et al. v. Comedy Club, Inc., 514 F.3d 833 (9th Cir. 2007), the U.S. Court of Appeals for the Ninth Circuit vacated an arbitration award on the basis that the arbitrator’s refusal to abide by well-established California law in rendering its decision was in manifest disregard of the law. 

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Read More U.S. Supreme Court Vacates Court of Appeals’ Decision Applying Manifest Disregard of the Law Standard to Arbitration Award, Remands for Consideration in Light of Hall Street

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