The High Court has ruled that a manufacturer claiming the “invoice value” of lost goods under an insurance contract governed by the Marine Insurance Act 1906 (the MIA), can claim the goods’ full retail value, notwithstanding that some of the lost goods were unfinished.
Read More UK: High Court Considers the Insurable Value of Lost Goods Under an Insurance Contract Governed by the MIA
Topics
California Insurance Commissioner Plans Legislation to Set Minimum Permissible Amounts for Stop-Loss Policies
By Troutman Pepper Locke on
According to media reports, California Insurance Commissioner Dave Jones will introduce legislation shortly that will set minimum permissible amounts for stop-loss policies to self-insured small businesses. While the minimum amount has not been finalized, it is anticipated that it will be set at $40,000 per employee. …
Read More California Insurance Commissioner Plans Legislation to Set Minimum Permissible Amounts for Stop-Loss Policies
UK: FSA Moves to “Twin Peaks” Model
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 2 April 2012, the UK Financial Services Authority (FSA) moved to a “twin peaks” model of supervision internally, shadowing the split of the FSA into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) that will occur once the Financial Services Bill comes into force in 2013. …
Read More UK: FSA Moves to “Twin Peaks” Model
Healthcare Update: Supreme Court Apparently Divided on Individual Mandate and Whether to Scrap PPACA Entirely; House Passes Ryan Budget Plan; AMA Asks CMS for a Break
By Troutman Pepper Locke on
Posted in Healthcare, United States
SUPREME COURT APPARENTLY DIVIDED ON INDIVIDUAL MANDATE AND WHETHER TO SCRAP PPACA ENTIRELY
In the U.S. Supreme Court’s hearings last week on the Patient Protection and Affordable Care Act (PPACA), the justices seemed to have mixed views on both the constitutionality of the individual mandate, and the proper course of action should the mandate be found unconstitutional. …
Read More Healthcare Update: Supreme Court Apparently Divided on Individual Mandate and Whether to Scrap PPACA Entirely; House Passes Ryan Budget Plan; AMA Asks CMS for a Break
UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?
By Troutman Pepper Locke on
On 16 March 2012, Mr Justice Morgan handed down his judgment on an application for directions on the Part VII transfer of the UK insurance business of the Combined Insurance Company of America (CICA) to ACE European Group Limited (AEG) and ACE Europe Life Limited (AEL) (click here for a copy of the judgment). …
Read More UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?
UK: Light on the Trigger – Supreme Court Decision in the EL Trigger Litigation
By Troutman Pepper Locke on
The Supreme Court has handed down its decision in the Employers’ Liability Insurance Trigger Litigation (see judgment here). The ruling has provided clear rules governing how EL policies should respond to mesothelioma claims. …
Read More UK: Light on the Trigger – Supreme Court Decision in the EL Trigger Litigation
BMA Lowers SPI License Fees
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (“BMA”) has taken the dramatic and competitive action of reducing its annual registration fees for Special Purpose Insurers (“SPI”) by almost 50% from $11,600 to $6,000. Click here for the BMA’s press release. …
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Industrial Threat Cyber Attacks Challenge Business
Edwards Wildman partner Vince Vitkowsky authored an article that is part of Business Insurance’s March 19, 2012 special edition on Cyber Risks. In the article, which you can read here, he addresses cyber attacks with physical effects, which are coming to be referred to as “Industrial Threats.” …
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EU: Competition Commission Progresses Review of Business Insurance Sector
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The European Commission’s Directorate-General Competition (DGC) has issued further questionnaires to a number of co-insurance firms with European subsidiaries. The study, conducted by Ernst and Young, is set to further investigate competitiveness amongst European participants to the subscription market, with a particular focus on whether the automatic upward alignment in premiums is still prevalent in the subscription market. …
Read More EU: Competition Commission Progresses Review of Business Insurance Sector
Join the U.S. Re under 40s on Thursday in New York
By Troutman Pepper Locke on
The next Re Under 40s Group event is this Thursday at the 13th Step. Click here for more details about the event and RSVP information. See you there! …
Read More Join the U.S. Re under 40s on Thursday in New York