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On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 02260/08 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law. …
Read More NY Appellate Court: Insurer’s Disclaimer Timely and Proper Despite Lack of Prejudice Resulting From Insured’s Late Notice of Claim

The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC).  The proposed legislation marks the most extensive effort to date to register and oversee the private equity, venture capital and hedge fund markets. 

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Read More White House Proposes SEC Registration and Oversight of Private Equity, Venture Capital and Hedge Fund Advisors

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC. …
Read More Second Circuit Upholds Dismissal for Advisor Who Recommended Bayou Group Hedge Fund

The First Circuit recently heard an appeal regarding a challenge to amendments to Puerto Rico’s Compulsory Motor Vehicle Liability Insurance Act, Law No. 253.  The law requires auto vehicle registrants, upon vehicle registration, to pay premiums for compulsory auto insurance through a Commonwealth-created association of private insurers in Puerto Rico. …
Read More First Circuit Remands Challenge to Puerto Rico’s Compulsory Auto Insurance Law Back to District Court, But with Little Chance of Success

On June 16, 2009, plaintiff Kathryn Squires voluntarily dismissed, without prejudice, the lawsuit filed on behalf of iShares Trust shareholders. …
Read More Update: Shareholder Lawsuit Against Company that Invested in Lehman Bonds a Day Prior to Lehman’s Bankruptcy Has Been Voluntarily Dismissed

This updates our February 11, 2009 blog posting.  On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Original Draft”), which aimed to protect public interests by setting forth minimum disclosure requirements regarding the role of insurance producers and the “actual or potential conflicts of interest created by compensation paid to insurance producers.” …
Read More New York Revises Draft Commission Disclosure Rule

Please join the Reinsurance Under 40s at their next event — July 30 at Bourbon Street Bar and Grille at 6:00 p.m. — and enjoy a New Orleans-style drink with other members of the industry.  For more information about the July 30 event, click here and for more information about the Under 40s, click here. 

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Read More Join the Re Under 40s at their Summer Event on July 30 in New York

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced on July 7th that all licensed agencies (resident and nonresident) must complete a new online survey by July 23rd, with a threat of administrative action against licensees who fail to meet the deadline. …
Read More REGULATORY ALERT: Michigan Insurance Regulators Request Information from All Active Agencies in Michigan by July 23, 2009