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The Massachusetts Appeals Court recently concluded that an insured could not claim property insurance benefits following a fire at its restaurant, because the insured had actual knowledge that its fire-suppression system was no longer functional, and because the insured had exclusive control over the system’s maintenance. …
Read More Massachusetts Court Rules for Carrier in Property Dispute, Orders Return of Advance

The Argentinean regulator has published a new resolution which further clarifies the new rules affecting foreign reinsurers effective September 1, 2011. In particular, it complements Resolution 35,615 which was published back in February of this year setting out a new legal framework for reinsurance (see our previous blogs here and here). …
Read More Argentina: Regulator Provides Further Clarification on New Reinsurance Regime

In the recent judgment, AES Ust-Kamenogorsk Hydropower Plant LLP v Ust-Kamenogorsk Hydropower Plant JSC [2011] EWCA Civ 647, the Court of Appeal held that an anti-suit injunction can be granted to restrain foreign proceedings brought in breach of an English arbitration agreement, even in the absence of an actual, proposed or intended arbitration. …
Read More UK: Arbitration Proceedings Not a Prerequisite for Anti-Suit Injunctions

A recent decision in the U.S. Court of Appeals for the Ninth Circuit has left resounding implications for insurers with respect to benefit plans under ERISA.  In Cyr v. Reliance Standard Life Insurance Co., case number 07-56869, an en banc panel of the Court held that insurers can be sued directly under ERISA by plan participants even when not acting as the plan administrator. …
Read More Insurer Sued Directly Under ERISA

On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator. …
Read More New York State Insurance Department Announces Cooperation Agreement with Switzerland

On 20 June 2011, the Bank of England and the Financial Services Authority published a joint paper (click here for a copy) outlining their current thinking on how the Prudential Regulation Authority (PRA), once established, will approach the supervision of (re)insurers. Acknowledging that the nature of (re)insurers’ business models exposes them to a different set of risks than banks, the paper sets out how the PRA will adapt its supervisory methods accordingly. …
Read More UK: Bank of England and FSA Publish Joint Paper Detailing Supervisory Approach to be Taken by PRA

This updates our June 14 blog post.

The National Conference of Insurance Legislators (“NCOIL”) has proposed amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Proposes Amendments to the Beneficiaries’ Bill of Rights Model Act relating to Payment of Life Insurance Benefits

In Zurich Insurance Company PLC v Hayward [2011] EWCA Civ 641 the Court of Appeal held that Zurich was entitled to bring new evidence of fraudulent behaviour by an individual who was injured at work despite the fact that issues as to his good faith had already been raised in a prior action. …
Read More UK: Court of Appeal Rules on Issue Res Judicata in the Context of a Fraudulently Exaggerated Personal Injury Claim

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review –  June 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – June 2011