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Late last month, the Tennessee legislature passed the “Amended and Restated Tennessee Captive Insurance Act” (HB 2007/SB 1540) (the “Act”) in an effort to increase its attractiveness as a domiciliary state.  The Act amends the current law by authorizing the formation of sponsored captive insurance companies (including protected cells), branched captive insurance companies and special purpose financial captives. …
Read More Tennessee Passes Legislation to Revamp Captive Insurance Laws

A recent Business Insurance article reported that Japanese insurers have paid almost $2.27 billion to cover approximately 125,000 claims associated with earthquake damage to personal dwellings stemming from the March 11 tsunami and earthquake that devastated Japan.  According to the General Insurance Association of Japan (GIAJ), the number of claims is expected to increase as efforts continue to restore heavily damaged areas of the country. …
Read More Personal Dwelling Losses Top $2 billion in Japan

On June 8, 2011, Governor Andrew M. Cuomo announced the appointment of Assemblyman Jonathan Bing to serve as Special Deputy Superintendent of the New York Liquidation Bureau, an agency tasked with protecting policyholders and creditors of insurance companies that have gone bankrupt.  Bing steps in as the successor to Dennis J. Hayes, who was appointed to the position in September 2009. …
Read More Governor Cuomo Appoints Assemblyman Jonathan Bing to Head New York Liquidation Bureau

The Commercial Court has held that an aviation contractor was not entitled to the value of aircraft engine parts that were being refurbished by a subcontractor because the subcontractor’s obligations ended when the sub-contract was terminated. …
Read More UK: Aviation Contractor Cannot Recover Value of Parts from Saudi King’s Jet

The process of high-volume horizontal hydraulic fracturing, or “hydrofracking,” was first used commercially by Halliburton in 1949. It involves injecting millions of gallons of water, mixed with sand and chemicals, deep into the ground at high pressure in order to break up dense shale rock formations and release trapped natural gas to the surface.  The risks associated with hydrofracking, however, are numerous and diverse, affecting every stage of the process from transporting and drilling to waste storage and disposal. …
Read More “The Risks of Hydrofracking” and “Insurance for Hydrofracking”

The Massachusetts Supreme Judicial Court has ruled that the state’s workers’ compensation statute does not bar a lawsuit by a subcontractor’s employee against the general contractor, even if the employee previously collected workers’ compensation benefits from the general contractor’s insurer.  See Wentworth v. Henry C. Becker Custom Bldg., No. SJC-10806 (May 23, 2011). …
Read More Massachusetts High Court: Workers’ Comp Bar Does Not Apply to Subcontractor Employee’s Suit Against General Contractor

EAPD’s Privacy and Data Protection Group is pleased to announce that the newest edition of its White Paper, “Everyone’s Nightmare: Privacy and Data Breach Risks,” has been prepared. The paper discusses legal and regulatory data security and breach notification developments, exposures presented by data breaches, recent major breaches and court decisions, and lines of insurance potentially impacted. …
Read More Everyone’s Nightmare: Privacy and Data Breach Risks

The U.S. Supreme Court recently denied a reinsurer’s request to hear a dispute that concerned, among other things, whether a cedent’s party-appointed arbitrator should be disqualified from serving in a subsequent arbitration involving related parties and issues. …
Read More Supreme Court Denies Reinsurer’s Petition to Hear Arbitrator Disqualification Case