Industry Developments

Subscribe to Industry Developments via RSS

Recently, the United States District Court for the Central District of California concluded in a matter of first impression that a reinsured cannot recover in tort for a reinsurer’s alleged breach of the implied covenant of good faith and fair dealing. …
Read More California Federal Court Concludes That Reinsurer Is Not Subject To Tort Liability For Alleged Breach Of A Reinsurance Contract Under California Law

The Connecticut Supreme Court recently held that the State has standing to pursue a parens patriae antitrust claim for damages to its general economy against defendant insurance brokerage and consulting firms. 

…
Read More Connecticut Supreme Court: State Has Standing to Pursue Parens Patriae Antitrust Claim For Damages to its General Economy

The South African National Treasury has released a discussion paper setting out proposals for a new regulatory framework for companies offering insurance products to low-income earners. The proposals relate to the provision of micro-insurance which is any insurance product targeted at, or accessible to, low-income households. …
Read More The Future of Micro-Insurance Regulation in South Africa

United States House Representatives Dennis Moore (D-Kansas) and Deborah Pryce (R-Ohio) have recently introduced H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act of 2008 (the “IICO Act”). …
Read More U.S. House Bill Aims to Expand Commercial Property Insurance Options for Members of Risk Retention and Risk Purchasing Groups

Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series.  Click here.  We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series.  Click here. 

…
Read More Risk Management? Red Sox Will Have To Sweep The World Series This Year For Fans To Get Free Furniture

On April 4, 2008, Maryland Attorney General Douglas F. Gansler announced that his office reached an agreement regarding certain consumer protections with four of the nation’s largest wireless telephone carriers, as well as a provider of cellular phone insurance protection policies.  Under the agreement, key terms in the cellular phone protection plans will be more clearly disclosed to consumers. 

…
Read More Maryland Attorney General Obtains Clearer Disclosure for Cellular Phone Protection Plans

A recent report by Standard & Poor’s (“S&P”) noted that the number of U.S. insurers placed under regulatory supervision in 2007 was the lowest in a decade.  The report attributes a decrease in insolvencies among property casualty insurers to, among other things, a mild hurricane season combined with better underwriting and an improved premium rate environment. …
Read More Insurance Insolvencies in the United States Reach a 10-Year Low

A member of the U.S.-Ukraine Business Council recently predicted that a resolution issued by the Ukrainian High Commercial Court may lead to that country’s secession from the U.N. Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”). 

…
Read More Resolution Issued by Ukrainian Court Rejects Enforcement of Arbitration Awards Under New York Convention

In a much anticipated decision, the U.S. Supreme Court recently held that the Federal Arbitration Act’s (“FAA”) statutory grounds for vacating and modifying arbitration awards are “exclusive,” and thus cannot be expanded, even if expressly agreed upon by the arbitrating parties. 

…
Read More U.S. Supreme Court Rejects Expanded Judicial Review of Arbitration Awards