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International Capital & Management Company arbitrated a dispute against Bear Stearns before the Financial Industry Regulatory Authority (“FINRA”).  International Capital ultimately withdrew its claims in the arbitration, after which the FINRA panel ordered it to pay more than $300,000 of Bear Stearns’ attorneys’ fees related to the withdrawn claims.  International Capital moved to vacate this portion of the panel’s award. …
Read More Arbitrators’ Award of Attorneys’ Fees Upheld

This updates our June 22, 2011 blog posting.

At its July 15, 2011 meeting, the National Conference of Insurance Legislators (“NCOIL”) Life Insurance and Financial Planning Committee resolved to pursue amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Resolves to Address Unclaimed Property Issue

On May 23, 2011, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) proposed joint rules in Federal Register 33-9204 (click here for a copy) that define the terms swap, security-based swap, security-based swap agreement, and mixed swaps.  On July 22, 2011, Susan E. Voss, Iowa Insurance Commissioner and President of the National Association of Insurance Commissioners (the “NAIC”) and Therese M. Vaughn, CEO of the NAIC penned a comment letter to the SEC and CFTC that urged them to make several changes to the proposed rules (the “NAIC Letter”). …
Read More Insurance Product Test in Proposed Rules by the Securities and Exchange Commission and the Commodity Futures Trading Commission May Place Certain Insurance Products under Federal Oversight

In a 77-page decision handed down this morning, the U.S. Court of Appeals for the Second Circuit vacated the convictions of five former insurance executives whom prosecutors had alleged engaged in a fraudulent reinsurance transaction.  A new trial has been ordered.  United States v. Ferguson, et al., No. 08-6211-cr (L) (2d Cir. Aug. 1, 2011).  A copy of the court’s decision is available here. …
Read More Second Circuit Throws Out Criminal Convictions Stemming From Reinsurance Transactions

Sony insurers are engaged in litigation in New York state court to determine Sony entities’ claims for insurance coverage with respect to lawsuits, claims and potential attorney general actions arising out of the cyber-attacks earlier this year on the PlayStation Network (“PSN”), Sony Online Entertainment Network (“SOE”) and Sony Pictures Network, which allegedly resulted in unauthorized access to and alleged theft of personal identification and financial information of millions of customers. …
Read More PlayStation Hack – Sony Seeks Coverage Under Its CGL Policies

The Second Circuit has declared that a bond insurer’s D&O program was obligated to pay costs incurred by an independent consultant who was hired during the course of settlement negotiations, despite the carrier’s claimed lack of an effective association in the settlement.  MBIA, Inc. v. Federal Insurance Company and ACE American Insurance Company, No. 10-355 (2d Cir. July 1, 2011). 
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Read More Second Circuit Finds That D&O Policies Must Cover Costs Incurred By Independent Consultant Hired During Settlement Discussions

The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010. …
Read More New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York