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Yesterday, the New York State Insurance Department (“NYSID”) issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices.  The hearing is particularly concerned with sales practices as they apply to seniors, and will focus on suitability (i.e. whether a particular product is appropriate for an individual consumer). 

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Read More New York Announces Public Hearing on Life Insurance and Annuity Sales Practices

The decision in Re Scottish Lion Insurance Company Limited [2009] CSOH 127 concerned a preliminary hearing on two specific issues relating to the sanction of a solvent scheme of arrangement proposed by Scottish Lion Insurance Company Limited. A full sanction hearing is scheduled for January 2010. 

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Read More UK: Surprise Decision of the Scottish Outer House of the Court of Session Casts Doubt on Ability of Insurers to Obtain Sanction for solvent schemes of Arrangement

After months of discussion with industry and consumer groups, the New York Insurance Department (the “Department”) released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers. 

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Read More New Compensation Disclosure Requirements Proposed for New York Insurance Producers

Brazil’s insurance regulator, SUSEP, recently indicated that the timeline for microinsurance legislation has been further extended.  Almost to the day, yet another study was released, this time by the Brazilian economic analysis firm FGV, indicating a vast potential for microinsurance sales in the Brazilian market. 

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Read More Brazilian Market Shows Microinsurance Promise, But Regulation Lags Behind

A Connecticut trial court recently awarded judgment, following a bench trial, in favor of an insured who sought coverage from her insurance company for her vehicle after it was stolen and destroyed by fire. 

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Read More Connecticut Trial Court Awards Judgment in Favor of Insured and Rejects Insurer’s Theory That Insured’s Lack of Income Was Motive For Loss Where Insured Had Other Assets

The United States District Court for the Eastern District of Wisconsin recently held that a beneficiary of a trust has standing to sue the life insurance carrier to collect policy benefits on an accidental death policy. 

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Read More Trust Beneficiary Has Standing To Sue Life Insurance Carrier To Collect Policy Benefits

As of August 12 2009, in accordance with Chapter 293 of the Laws of New York 2009, the minimum number of directors required for New York domestic insurers has been reduced from thirteen to seven, and the minimum number of New York resident directors required for domestic insurers has been reduced from two to one. 

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Read More New York Reduces Director Requirements For Domestic Insurers

In Fidelity & Deposit Co., et al. v. Douglas Asphalt Co., et al., No. 09-10919 (11th Cir. Jul. 28, 2009), the Eleventh Circuit affirmed the District Court’s judgment in favor of the insurers, who sought to recover from their insured payments made under payment and performance bonds when the insured allegedly defaulted and failed to complete a project. 

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Read More Eleventh Circuit Affirms Judgment In Favor of Contractor’s Insurers, Finding No Bad Faith