The Senate Subcommittee on Consumer Protection, Product Safety and Insurance (the “Subcommittee”) will hold the first Congressional hearings on Chinese Drywall on May 21st at 10:30 a.m. The Subcommittee intends to investigate the alleged health and product safety issues associated with Chinese Drywall.
Read More Chinese Drywall Capitol Hill Update – Senate Subcommittee Will Conduct Hearings and House Orders Study of Available Property Insurance
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Federal Court Decides That Data Breach Case Against Supermarket Chain Can Proceed, But Only As to One Plaintiff
By Troutman Pepper Locke on
Posted in Privacy/Data Security/Cyber Risk, United States
Earlier this week, the United States District Court for the District of Maine issued its ruling on a motion to dismiss a class action complaint against a supermarket chain based on a massive data breach. The decision addressed the question of whether when a third party steals a customer’s credit and debit card information from a grocer, can the customer then recover from the grocer? …
Read More Federal Court Decides That Data Breach Case Against Supermarket Chain Can Proceed, But Only As to One Plaintiff
UK: Role of Excess Insurers in Proceedings Between Insured, Broker and Sub-Broker
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Dunlop Haywards (DHL) and Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited, Lockton Companies International Limited and MSI Corporate Capital Limited and others [2009] EWCA Civ 354, the Appellant insurance broker (Erinaceous Insurance) appealed against a decision of the High Court (see previous blog post) not to allow the Respondent excess insurers to be joined as defendants in a claim brought against the Appellant by its client insured, Dunlop.
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President Obama’s Proposed Budget Calls for Reduction to TRIA
One of the proposed budget savings recently proposed by President Obama is a reduction in the federal government’s role in the terrorism insurance market via a reduction in funding of Terrorism Risk Insurance Act (TRIA).
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Mapfre’s Latin American Net Profits Up 49.7% in First Quarter 2009
By Troutman Pepper Locke on
Posted in Latin American Developments
BN Americas reports that Mapfre America, Mapfre’s Latin American subsidiary, achieved net profits of US$ 39.4 million in the first quarter of 2009, an increase of 49.7% over the first quarter of 2008. Mapfre’s worldwide net profits reportedly increased only 0.2% for the same period, demonstrating the important role of Latin America in driving Mapfre’s growth in business volume and profits. …
Read More Mapfre’s Latin American Net Profits Up 49.7% in First Quarter 2009
Latin American Update: Developments in Brazil, Chile, Venezuela, Costa Rica, Bolivia
By Troutman Pepper Locke on
Posted in Latin American Developments
Brazil: According to SUSEP, the Brazilian insurance regulator, total premiums for February 2009 reached R$ 5.4 billion (US$ 2.57 billion), an 11.3% increase from February 2008 but a 3.2% decline compared to January 2009. Taken together, total premiums in January and February 2009 (excluding health insurance) were 3.8% higher than the same period in 2008. …
Read More Latin American Update: Developments in Brazil, Chile, Venezuela, Costa Rica, Bolivia
U.S. and Bermuda Under 40s Groups Present Risky Business
By Troutman Pepper Locke on
The U.S. Reinsurance Under 40s Group and the Bermuda Under 40s Re/Insurance Group recently collaborated to create the first edition of Risky Business, an international Insurance and Reinsurance newsletter. …
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New Jersey Senate Committee Begins Review of Catastrophe Fund Bill
By Troutman Pepper Locke on
Last week, the New Jersey Senate Commerce Committee began its review of the New Jersey Consumer Catastrophe Preparedness and Protection Act, S. 2089 (the “Bill”), by hearing testimony from representatives of the insurance industry and first responders. We previously reported about a version of the Bill that was introduced last year, but was never enacted. …
Read More New Jersey Senate Committee Begins Review of Catastrophe Fund Bill
EU: European Parliament and Council Approve Regulation of Credit Rating Agencies
By Troutman Pepper Locke on
We have previously reported on two consultation papers issued by the European Commission on the regulation of credit rating agencies (click here for our earlier post). The consultation process culminated in the publication of draft regulations (the Regulations). On 23 April the European Commission announced that the Regulations had been approved by the European Parliament and the European Council.
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Read More EU: European Parliament and Council Approve Regulation of Credit Rating Agencies
Solvency II Directive Adopted; UK Financial Services Authority Publishes Solvency II Feedback
By Troutman Pepper Locke on
We recently reported that the Solvency II directive had been approved by the European Parliament (see the post here). The final stage of the European legislative process has now been completed with the European Commission adopting the directive on Tuesday 5 May. The implementation date, by which each of the EU member states must bring into force implementing regulations, is stated in the directive to be 31 October 2012.