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Earlier this summer, the U.S. District Court for the Central District of California, Western Division held that an arbitrator’s determination in an underlying claim triggered the intentional acts and personal profit exclusions in both a D&O and E&O policy.  The Court held that the arbitrator’s conclusions not only established the excluded behavior as a matter of fact, but also satisfied the D&O policy’s final adjudication requirement.  The Court then concluded that the insured was required to reimburse defense costs paid by both the D&O and E&O insurers. 

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Read More Federal Court Rules that Arbitration Award Satisfied Final Adjudication Requirement in Intentional Acts and Personal Profit Exclusions

The International Association of Insurance Supervisors (IAIS) has said that it is preparing guidance to the regulatory and supervisory community in relation to insurance securitisation which is expected to be finalised in 2011. 

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Read More International Association of Insurance Supervisors to Prepare Common Standards for Insurance Securities

In a recent decision from the United States Court of Appeals for the Seventh Circuit, WellPoint, Inc. v. John Hancock Life Ins. Co., No. 08-2283 (7th Cir. Aug. 7, 2009), the court ruled that a party seeking to challenge the appointment of a replacement arbitrator must do so at the time of the appointment or else lose its ability to make such a challenge. 

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Read More Seventh Circuit Rules that Challenge to a Replacement Arbitrator Must be Made at the Time of the Appointment and Not at the Conclusion of the Arbitration

On August 28, 2009, Delta Financial Corp. (“Delta”) filed a Notice of Appeal to the United States Court of Appeals for the Third Circuit seeking to overturn the dismissal of its coverage action against Westchester Surplus Lines Insurance Co. (“Westchester”) and United States Fire Insurance Co. (“USFI”).
Read More Delta Financial Appeals Denial of D&O Coverage Based on Inadequate Consideration (“Bump Up”) Exclusion

The Eleventh Circuit Court of Appeals has found that the district court has subject matter jurisdiction over securities claims brought by “F-Cubed” plaintiffs– i.e., a foreign investors who purchased shares in a foreign company on a foreign stock exchange. 

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Read More The Eleventh Circuit Finds Subject Matter Jurisdiction Over “F-Cubed” Plaintiffs

The Panama Canal Authority (ACP) has reportedly indicated that it expects its total insurance coverage needs for the expansion of the Panama Canal to exceed $100 million.  The ACP has retained Willis Limited to broke the coverage and has already established that interested insurers must carry a minimum rating of A- (A.M. Best, S&P or Fitch) or A3 (Moody’s). 

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Read More Insurance Coverage Required for Expansion of Panama Canal Expected to Exceed $100 Million

This updates our June 30, 2009 blog post.  The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009.  The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List. 

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Read More New York Expands Export List

Costa Rica – As reported previously in this space (see here), Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies. …
Read More Latin American Insurance and Reinsurance Update: Costa Rican INS Revives International Expansion Plans; Double-Digit Market Growth in Ecuador and Peru; IRB Earnings Decline 55.7% in Brazil