Topics

Subscribe to Topics via RSS

On the evening of May 23, a large section of the I-5 bridge over the Skagit River in Mt. Vernon, Washington collapsed into the river below. See news articles here and here. According to early reports, an “oversized” truck struck one of the overhead steel trusses on the bridge, which caused the entire structure to fail.
Read More I-5 Bridge Collapse Could Raise Several Thorny Insurance Issues

Program:

Insurance Linked Securities: The Convergence of Insurance and the Capital Markets

Discussion of the legal and regulatory issues for various ILS structures including CAT Bonds, ILW’s and Side Cars.

Read More PLEASE JOIN US – 12th Annual Half-Day Insurance and Reinsurance Seminar – Complimentary Seminar

Legislation was introduced this week to prevent foreign-controlled insurers operating in the United States from reducing their U.S. tax bill by reinsuring with their non-U.S. affiliates.
Read More House and Senate Introduce Bills Deferring Tax Deductions for Foreign Insurers

Healthcare News from Capitol Hill and the Department of Health and Human Services

In an open letter to the “health care provider community,” Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the leaders of the Senate Finance Committee, have asked for suggestions on reforming the Medicare physician payment system. The letter notes that the current Medicare sustainable growth rate (SGR) formula is broken and must be repealed.
Read More Senate Finance Committee Leaders Seek Input on Medicare Physician Payment Reform

Earlier this week, the Connecticut House passed HB 5072, limiting the abilities of insurance companies or their representatives to “steer” insureds to specific automotive glass repair facilities. The new legislation follows a trend in Connecticut to dissuade insurers from directing insureds to use specific facilities. Connecticut’s existing laws prevent appraisers from requiring that specific locations or companies be used for automotive repairs. …
Read More Connecticut Considering Auto Glass Repair Disclosure Bill

On Monday, Southern District of New York Judge Shira Scheindlin dismissed the entire suit in Gusinsky v. Barclays, without leave to amend and with prejudice. The plaintiffs, holders of American Depository Shares in Barclays Bank, had brought claims under Section 10(b) and Rule 10b-5 of the ’34 Act against Barclays, and Section 20(a) control person liability claims against individual directors of the bank for the bank’s role in the manipulation of LIBOR. …
Read More With Securities Case Dismissal, Another Loss in the Southern District for LIBOR Plaintiffs

The Financial Stability Oversight Council released its third annual report on April 25, 2013, which fulfills its Congressional mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act to annually report on its activities, describe significant financial market and regulatory developments, analyze potential emerging threats, and make recommendations for additional steps that should be taken to strengthen the financial system. …
Read More FSOC Issues Its Third Annual Report

On May 9, 2013, the Office of Foreign Asset Control (“OFAC”) announced a settlement with the American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the “American Club”) under the OFAC sanction programs against Cuba, Sudan and Iran. The American Club is a non-profit international marine mutual insurance association of merchant ship owners and charterers with its principal offices in New York. …
Read More Shipping Insurer Settles with OFAC under Iranian, Cuban and Sudanese Sanctions