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As an update to our previous post, Betty C. Baker has been named the acting commissioner of the Nevada Division of Insurance (the “Division”) following the retirement of Alice Molasky-Arman.  Prior to this appointment, Baker served as the Division’s chief insurance counsel since 1999. 

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Read More Betty C. Baker to Serve as Acting Nevada Insurance Commissioner

As we reported here, Alabama Governor Bob Riley announced that Walter A. Bell will be resigning as Alabama’s Insurance Commissioner at the end of August.  On September 2, 2008, Governor Riley issued a press release to announce the appointment of Jim L. Ridling as the new Insurance Commissioner. …
Read More Jim L. Ridling Appointed New Alabama Insurance Commissioner

New York Sate Attorney General Andrew Cuomo recently subpoenaed eight Bank of America Corp. executives as part of the state’s investigation into the sale and marketing of auction rate securities. 

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Read More New York Attorney General Subpoenas Several Bank of America Executives in Auction-Rate Securities Probe

In a deal that is reportedly the first of its kind, media reports state that city officials in St. Paul, Minnesota, site of the Republican National Convention, demanded that the GOP’s host committee purchase a $10 million police professional liability policy covering damages and unlimited legal costs for law enforcement accused of police misconduct, including “brutality” and civil rights violation. 

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Read More Republican Party Required to Purchase Coverage for St. Paul Law Enforcement for Claims Arising in Connection With RNC

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’

During their convention, which ended on August 28, 2008, the Democratic National Committee presented a platform that includes the endorsement of a National Catastrophe Fund.  The platform specifically calls for “a National Catastrophic Insurance Fund to offer an affordable insurance mechanism for high-risk catastrophes that no single private insurer can cover by itself for fear of bankruptcy.” …
Read More Democratic National Committee Platform Endorses a National Catastrophe Fund

According to media sources, Rana Tahboub, Assistant Director General of the Insurance Commission of Jordan (“IC”), recently stated that the IC is planning on introducing legislation to the Council of Ministers to create a captive insurance market in Jordan, the fourth such market in the region. …
Read More Jordan to Introduce Captive Insurance Guidelines by Year End

In a press release dated August 27, 2008, New York Attorney General Andrew Cuomo announced what is claimed to be the first-ever agreement requiring a company, Xcel Energy (NYSE: XEL) (“Xcel”), to detail financial liabilities related to climate change.  The Office of the Attorney General reports that the agreement comes at a time when many power companies are investing in new coal-burning power generation that will contribute to global warming emissions. 

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Read More New York Attorney General Reaches Agreement With Energy Company To Require Disclosure Of Financial Risks Of Climate Change To Investors

On Tuesday Lloyd’s underwriters along with Zurich Specialties London Ltd commenced proceedings in New York against class action specialists Milberg LLP. Insurers are seeking to rescind certain professional liability insurance policies issued to Milberg’s predecessor firms based on material mispresentations made by the Milberg firm. …
Read More London Insurers Sue Milberg LLP