Topic: Industry Developments
A New Climate Change Report is Bad News for UK Insurers
Jan 30, 2008 | Climate Change, Industry Developments, Regulatory | United Kingdom
Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
Jan 23, 2008 | D&O Liability, Industry Developments, Subprime/Credit Crisis Developments | United States
A joint study conducted by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently concluded that there were 166 securities class action lawsuits filed in federal courts nationwide last year. This is a 43% increase from 2006.
Read MoreFurther Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties
Jan 23, 2008 | D&O Liability, Industry Developments | United States
As we reported on here, in Stoneridge Investment Partners, LLC v.Scientific-Atlanta, Inc., the U.S. Supreme Court recently declined to permit investor suits against third parties who engaged in deceptive acts that contributed to another party’s securities fraud, where the third parties had no duty to disclose their acts to the public, and where their deceptive acts were in fact not communicated to the public.
Read MoreConnecticut Supreme Court Rules that “Common Cause” Provision of Reinsurance Treaty Is Ambiguous With Respect to the Aggregation of Claims
Jan 16, 2008 | Asbestos, Connecticut Developments, Coverage & Claims, Industry Developments, Reinsurance | United States
In Hartford Accident and Indemnity Co, et al. v. Ace American Reinsurance Co., et al., No. 17625 (Sup. Ct. Conn. Dec. 25, 2007), the Connecticut Supreme Court found a “common cause” provision in a reinsurance treaty to be ambiguous for purposes of whether multiple asbestos claims could be aggregated as a single occurrence, reversing the lower court’s decision granting summary judgment to the defendant reinsurers.
Read MoreReport Published on Insurance Guarantee Schemes in the European Union
Jan 15, 2008 | Industry Developments, Insolvency, Restructuring and Run-Off, Regulatory | European Union, United Kingdom
On 7 January 2008 the European Commission made public a report it had commissioned on Insurance Guarantee Schemes (IGS) in the European Union. IGSs provide last-resort protection for policyholders in situations where insurers are unable to provide cover, usually due to their insolvency. They are commonly financed from levies on the insurance industry.
Read MoreThe English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform
Jan 15, 2008 | Coverage & Claims, Industry Developments, Regulatory | United Kingdom
The English and Scottish Law Commissions are currently engaged in a wide ranging review of insurance contract law. Since September 2006 they have published a series of Issues Papers and one formal Consultation Paper setting out their proposals for reform to the law of misrepresentation, non-disclosure, warranties and agency in the context of pre-contract information.
Read MoreA New Beginning for InsureReinsure.com
Jan 1, 2008 | Industry Developments | Bermuda, European Union, Hong Kong, United Kingdom, United States
Lloyd’s Insures Against Grinch
Dec 27, 2007 | Industry Developments, Lloyd's | Bermuda, European Union, Hong Kong, United Kingdom, United States
Landmark Victory For Reinsurers of Insolvent Integrity Insurance Company
Dec 27, 2007 | Industry Developments, Insolvency, Restructuring and Run-Off, New Jersey Developments, Reinsurance | United States
In a matter of first impression under New Jersey law that potentially impacts both the reinsurance and insurance industry and policyholders of insolvent insurance companies, the New Jersey Supreme Court affirmed the appellate division’s ruling that the Fourth Amended Final Dividend Plan (the “FDP”) proposed by the Liquidator for Integrity Insurance Company (“Integrity”) should not be approved because it unlawfully allowed incurred but not reported (“IBNR”) claims to share in the insolvent insurer’s estate.
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