Industry Developments

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Consistent with the strong federal policy favoring the enforcement of arbitration agreements, the United States Supreme Court recently held that when parties agree to arbitrate all questions arising under a contract, the Federal Arbitration Act (“FAA”) supersedes state laws lodging primary jurisdiction in another forum. 

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Read More Arbitration Prevails: U.S. Supreme Court Holds that Federal Arbitration Act Supersedes State Law Vesting Another Forum with Jurisdiction Over a Dispute

On March 31, 2008, Treasury Secretary Henry M. Paulson, Jr. released the Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure (the “Blueprint”) in a speech given at the Treasury Department.  The Blueprint is a series of recommendations for regulatory reform for U.S. financial services industries intended to broaden consumer protections, increase efficiencies, and provide market stability through stream-lined regulatory oversight.  A high-level view of the Blueprint was originally introduced on June 27, 2007. 

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Read More Treasury Secretary Proposes Sweeping Changes to Federal Oversight that Affects the Insurance Industry

Jeanne Kohler (New York) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge are attending the Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida to deliver presentations on US and UK legal developments, respectively. …
Read More Report from Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida

The Middle East’s “retakaful” market–reinsurance covering takaful insurance (direct insurance that complies with Islamic law)–continues to expand dramatically.  Takaful insurers are required to purchase reinsurance from companies that comply with Islamic law, unless such coverage is unavailable from those companies. …
Read More Retakaful Market Expanding By Leaps and Bounds

Arch Capital Group Ltd. (“Arch”)  has announced it will enter the emerging reinsurance market in the Middle East.  Gulf Re, a new reinsurer backed by Arch and the government-funded entity Gulf Investment Corp., will be based in the Dubai International Financial Centre and begin underwriting in that region upon receiving regulatory approval. 

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Read More Another Reinsurer to Enter the Growing Middle Eastern Market

Insurance companies are often stakeholders in interpleader actions.  EAPD’s Vince Vitkowsky has recorded a podcast for a public policy group analyzing the issues presented by the pending U.S. Supreme Court case, Philippines v. Pimentel, which was argued on March 17, 2008. The case arises from an interpleader action commenced by Merrill Lynch concerning an account containing assets deposited by the late President of the Philippines, Ferdinand Marcos. 

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Read More Supreme Court Hears Argument in International Interpleader Action

Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues
On 6 March 2008 Edwards Angell Palmer & Dodge hosted a seminar in London for over 90 representatives from a broad cross section of the insurance and reinsurance industry. Helen Clark and Antony Woodhouse, partners in the London office, spoke about codified duties and shareholder actions in the UK following the coming into force of the Companies Act 2006, which introduces a new statutory statement of directors’ duties and reforms to shareholder derivative actions. 

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Read More Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues