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In Guangzhou Dockyards Co Ltd v ENE Aegialii [2010] EWHC 2826 (Comm), Mr Justice Blair dismissed an application which had sought to appeal against an arbitration award on an issue of fact. …
Read More UK: English High Court Rules on Permissibility of an Appeal Against an Arbitral Award on a Point of Foreign Law

The U.S. Court of Appeals for the Third Circuit recently affirmed a District Court’s vacatur of an arbitration award because the arbitration panel exceeded its authority in ordering relief not sought by either of the parties and removing from the parties’ reinsurance agreement a material provision. …
Read More Third Circuit Affirms District Court’s Vacatur of Arbitration Award, Finding That the Panel Exceeded its Powers by Awarding Relief Not Sought by Either Party

President Obama’s ordered investigation of the BP disaster seems to lend support to BP’s own conclusions about the disaster and challenges congressional claims – as well as those made by others – that BP, Transocean and Halliburton made decisions that sacrificed safety to cut costs. …
Read More Federal BP Spill Panel: No Evidence that Money Trumped Safety in Deepwater Horizon Disaster

On November 5, 2010, the New York Insurance Department (the “Department”) issued Circular Letter No. 18 (2010) (the “Circular Letter”) setting forth clarification on the implementation of and compliance of insurance producers and authorized insurers with 11 NYCRR 30 (Regulation 194). …
Read More Industry Group “Underwhelmed” by New York Insurance Department Circular Letter Clarifying the Producer Compensation Transparency Rule

A study released November 3, 2010 by the RAND Institute for Civil Justice and Risk Management Solutions (the “Study”) found that the Catastrophe Obligation Guarantee Act (S.886/ H.R.4014) (the “Proposed Legislation”) would only modestly increase insurance coverage for losses resulting from an earthquake in California. …
Read More Study Finds Proposed Federal Role in Catastrophe Insurance Ineffective

The China Insurance Regulatory Commission (CIRC) recently issued Interim Measures on Investment of Insurance Funds in Private Equity (PE Measures) and the Interim Measures on Investment of Insurance Funds in Real Estate (RE Measures). These became effective on 5 September 2010. …
Read More China: Insurance Companies are Given Permission to Diversify Their Investments into Private Equity and Real Estate Sectors

Connecticut Governor M. Jodi Rell has appointed Barbara C. Spear acting Commissioner of Insurance effective today.  Governor Rell’s office confirmed the appointment of Ms. Spear, who currently serves as the Director of Consumer Services and Business Regulation at the Connecticut Insurance Department (the “CID”). …
Read More Connecticut Names New Insurance Commissioner