The Insurance Federation of New York, Inc. is hosting a breakfast with New York Superintendent James J. Wrynn on Friday March, 19, 2010 at 8:15 a.m. at Edwards Angell Palmer & Dodge LLP ‘s New York office.
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UK: High Court Ruling Provides Guidance on Interpretation of Limitation and Exclusion Clauses
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Markerstudy Insurance Company Ltd and others v Endsleigh Insurance Services Ltd [2010] EWCH 281 (Comm), Mr Justice Steele was asked to determine as a preliminary issue, amongst other things, the true construction of certain exclusion clauses in a number of claims handling agreements (the Agreements) between the four claimants and Endsleigh.
Chilean Insurers Raise Insured Loss Estimates And Relax Claim Notice Requirements
By Troutman Pepper Locke on
Posted in Latin American Developments
Having now dispatched personnel to review the damage, and beginning to receive reports from their largest insureds, Chile’s insurers have raised their estimate of insured losses from US$ 2.6 billion to $US 4 billion. Mikel Uriarte, president of the local association of insurers, also conceded that the figure could continue to rise as insurers obtain better information from around the country.
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Read More Chilean Insurers Raise Insured Loss Estimates And Relax Claim Notice Requirements
U.S. House of Representatives Passes NARAB II
By Troutman Pepper Locke on
On March 3, 2010, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act of 2009 (H.R. 2554 or “NARAB II”) on a voice vote. We previously covered H.R. 2254’s introduction last May here. NARAB II will now head to the Senate for consideration where similar legislation has not yet been voted on.
UK: Financial Ombudsman Service Publishes Second Set of Complaints Data
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Ombudsman Service (FOS) has recently published its second set of consumer complaints data relating to individual financial businesses (which includes insurance companies, banks and investment firms) for the six-month period from 1 July to 31 December 2009.
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Brazil: IRB-Brasil Re Achieves Higher Profits Despite Lower Premiums and Reduced Investment Income
By Troutman Pepper Locke on
Posted in Latin American Developments
Brazil’s government-controlled former reinsurance monopoly holder, IRB-Brasil Re, reports that it saw profits rise 2.6% in 2009 despite lower revenue from premiums.
UK: Financial Service Authority Wins Appeal Case on Co-Operation With Overseas Regulators
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC), as previously reported here.
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Read More UK: Financial Service Authority Wins Appeal Case on Co-Operation With Overseas Regulators
UK: Third Party (Rights Against Insurers) Bill
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants.
Reminder: The U.S. Reinsurance Under 40s Group at “It’s Almost Spring” Happy Hour–this Thursday
By Troutman Pepper Locke on
As a reminder, please join the U.S. Reinsurance Under 40s Group for its upcoming “It’s Almost Spring” Happy Hour this Thursday at 6:00 p.m.
Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence
By Troutman Pepper Locke on
The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled “Consultation Paper on The Bermuda Monetary Authority’s Proposed Insurance Groups Regulatory Framework” (the Paper). The Paper outlines the BMA’s proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor.