Industry Developments

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As we previously reported here, Leonard Crouse, long time Vermont Deputy Commissioner of the Captive Insurance Division (the “Division”), is set to retire from his post on June 1, 2008.  On February 29, 2008, the Vermont Department of Banking, Insurance, Securities and Health Care Administration issued a press release announcing that David F. Provost, assistant chief examiner in the Division, will succeed Crouse as the Division’s Deputy Commissioner. …

Read More David Provost Named Deputy Commissioner of Vermont Captive Insurance Division

Craig Stewart (Boston) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge LLP are attending the 16th annual ABA TIPS Insurance Coverage Litigation Committee mid-year meeting in Marina Del Rey. They report that the meeting is very well attended and is currently in full flow with representatives from 31 different states, Puerto Rico, Canada and, of course, the U.K. 

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Read More Report from ABA TIPS Insurance Coverage Litigation Committee Mid-Year Meeting in Marina Del Rey, CA

In a 9 – 0 decision, the U.S. Supreme Court decided on Wednesday of this week that individual participants in 401(k) retirement plans can sue plan fiduciaries to recover losses that result from mishandling of their individual retirement accounts.  Until the decision in LaRue v. DeWolff, Boberg & Associates, Inc., No. 06-856, (Feb. 20, 2008) courts and commentators disagreed over whether an individual account holder could bring an ERISA action against plan fiduciaries or whether only the plan itself had standing to bring those lawsuits. 

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Read More Supreme Court’s Decision in LaRue v. DeWolff, Boberg & Associates, Inc. Could Lead to an Increase in Individual Account Holder 401(k) Litigation

Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer.  Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. …
Read More Brazilian Bank Seeks Authorization for Reinsurance License

Massachusetts has become one of the most aggressive states in the country regarding protecting personal data. It has adopted a new data breach law, a new document destruction law and proposed regulations that may represent one of the most far-reaching information security requirements anywhere in the U.S. Taken together, these will have major compliance implications and will likely require more rigorous, written security policies for any company doing business in Massachusetts or holding Massachusetts personal data, wherever located. …
Read More Aggressive New Massachusetts Data Breach Law and Proposed Security Rules Require Company Action

In the US, defendants and their insurers have paid out significant sums for sexual abuse claims. A landmark decision of the House of Lords in A v Hoare [2008] UKHL 6 may mean that insurers covering UK employers for similar abuse claims will begin to share the US’s experience. 

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Read More Abuse Claims to Increase in Light of “Lotto Rapist” UK House of Lords Decision