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On Friday, January 27, 2011, the National Council of Private Insurance (CNSP) published Resolution No. 231/11 postponing the effective date of Resolution No. 224/10 from January 31, 2011 to March 31, 2011.  CNSP had previously published Resolution No. 224/10 in December, which provided that insurance risks in Brazil cannot be ceded to companies abroad that belong to the same financial group. …
Read More Brazil – Effective Date of Resolution No. 224/10 Postponed

Several captive insurance company domiciles in the United States reported growth in 2010.  The Vermont Department of Banking, Insurance, Securities and Health Care Administration reported it licensed 33 new captive insurance companies in 2010, bringing the total of number of Vermont licensed captives to 911.  The new captives included nineteen pure captives, nine special purpose financial captives, four risk retention groups and one industrial insured captive. …
Read More United States’ Jurisdictions Report Captive Insurance Company Growth in 2010

On Monday 31 January, the Ministry of Justice confirmed reports that the implementation of the Bribery Act (the Act), due to take place in April, would be delayed. The delay follows protests and speculation from business leaders alleging that the provisions of the Act could dampen economic growth in the wake of recession, and jeopardise the UK economy further. …
Read More UK: Ministry of Justice Orders Delay to Bribery Act

Earlier this week, Senior United States District Judge Roger Vinson of the United States District Court for the Northern District of Florida declared the Patient Protection and Affordable Care Act (the “Act”) void in a summary judgment decision in the case of State of Florida, by and through Attorney General Pam Bondi, et al. v. United States Department of Health and Human Services, et al. …
Read More Patient Protection and Affordable Care Act Declared Void

The administrator who is running off the business of English (re)insurer GLOBAL General & Reinsurance Company Ltd filed a petition under Chapter 15 of the United States Bankruptcy Code with the federal bankruptcy court in Manhattan yesterday.  The petition asks for the court’s assistance with the last of four Schemes of Arrangement for GLOBAL, which was sanctioned by the High Court of Justice for England & Wales on January 28, 2011. …
Read More GLOBAL General & Reinsurance Company Ltd Seeks US Court Assistance in Aid of Last of Four UK Runoff Schemes

A new bill proposed last week in the Rhode Island Senate would establish one of the first state health benefits exchanges.  Such exchanges, as contemplated by the federal Patient Protection and Affordable Care Act (PPACA), will permit individuals and small businesses to compare health insurance plans and purchase coverage. …
Read More Rhode Island Health Insurance Exchange Proposed

Again reviving a coverage claim by a former bank director against her D&O insurer, the United States Court of Appeals for the Eighth Circuit performed a useful service by closely analyzing the policy’s grant of coverage and exclusionary clauses.  The result is a reminder to carriers, insureds, and counsel alike that they must pay careful attention to the actual language used in an insurance policy when deciding whether coverage exists for a particular claim. …
Read More Eighth Circuit Emphasizes Importance of Reading D&O Policy Language

The body of California law standing for the general proposition that insurers may be able to recoup defense costs expended for non-covered claims continues to grow.  In a December decision, a federal judge in San Jose granted an insurer’s request for reimbursement of approximately $11 million that the insurer had paid to its insured under a reservation of rights. …
Read More California Continues to Permit Carriers to Recoup Defense Costs for Non-Covered Claims

An interim consultation paper was launched this month by the London Market Group (LMG) as part of its Future Processing Model project.  The idea behind both the project and consultation is the ongoing modernisation of the processes used by the London market, in order to make it more efficient and competitive.  The consultation paper looks beyond current modernisation initiatives to potential development over the next 10 years. …
Read More UK: London Market Group Interim Consultation Paper Issued

As we reported earlier in the week, the Federal Deposit Insurance Corporation (“FDIC”) has begun filing lawsuits against the directors and officers of banks that it now holds in receivership .  The lawsuits are consistent with previous public statements in which the FDIC committed to try to recover, from the directors and officers of these failed banks, some of the $2.5 billion lost to bad loans in recent years.  It seems likely that that the D&O policies issued to those directors and officers will be called upon to respond to these lawsuits. …
Read More FDIC Continues Lawsuits Against Directors & Officers of Failed Banks