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The Federal Trade Commission (“FTC”) issued a press release on April 30, 2009, a day before the effective date of the federal Red Flag rules (16 CFR 681, the “Rules”), extending the enforcement date for creditors, for a second time, to August 1, 2009.  For financial institutions, compliance has been required since November 28, 2008.  The Rules require that “financial institutions” and “creditors” with “covered accounts,” as defined under the Rules,  develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft. 

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Read More FTC Delays Enforcement of Red Flag Rules

Under Ley 253 de 1995 (Ley de Seguro de Responsabilidad Obligatorio para Vehiculos de Motor), a system of compulsory minimum automobile coverage was instituted in Puerto Rico.  The coverage, obtained from the Puerto Rican government itself, currently carries a premium of $99 per year. …
Read More Puerto Rico: Insurance Commissioner Considers 20% Reduction in Compulsory Auto Insurance Premiums

As previously discussed here, Brazilian law previously imposed a 10% limit on total annual premiums that a local insurer could cede to an occasional foreign reinsurer.  On April 27, 2009, however, the Superintendencia de Seguros Privados (SUSEP), the Brazilian insurance regulator, relaxed that limitation significantly, but only as to two lines of business. …
Read More Brazil Raises Cession Limit to Occasional Foreign Reinsurers for Surety and Petroleum Lines

On April 28, 2009, Democratic Representative Barney Frank, chairman of the U.S. House of Financial Services Committee, told the Reuters Global Financial Regulation Summit in Washington that a congressional panel will examine whether insurance companies should be regulated under an optional federal charter, which would give insurers a choice between state or federal regulation. …
Read More House Panel Hearings on Optional Federal Charter

Recently, in Lyondell Chem. Co. v. Ryan, the Delaware Supreme Court reaffirmed the protections afforded directors in their efforts to obtain the best price in a corporate sale and provided important clarification of directors’ duties in navigating change of control transactions. 

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Read More Delaware Supreme Court Reaffirms Exculpation Protections in Sale of Corporate Control and Clarifies Revlon Duties

A New York trial court recently denied an insurer’s motion to dismiss the insured’s claim of consequential/extra-contractual damages for pain and suffering and held that the insured may proceed with discovery to explore whether the insurer’s denial of benefits violated the duty of good faith and fair dealing. …
Read More NY Court Extends Availability of Consequential Damages to No-Fault Insurance Cases

The Court of Appeal has held, in dismissing an appeal from summary judgment given in the Commercial Court, that lease agreements for aircraft can fall within the Unfair Contract Terms Act 1977’s (“UCTA”) exemption for ‘international supply contracts’, even if the contract does not specifically provide for the aircraft to be transported to another country. …
Read More UK: UCTA’S EXEMPTION TAKES FLIGHT – Trident Turboprop (Dublin) Ltd v First Flight Couriers Ltd [2009] EWCA Civ 290

Edwards Angell Palmer & Dodge attorney Machua Millett will participate in the Brickell Avenue Business Interruption and Energy Conference in Miami from Wednesday June 10, 2009 to Friday June 12, 2009.  The conference will include 12 seminars on various aspects of business interruption risk management and claims handling in the energy context, including the role of outside counsel, forensic accountants, expert consultants, loss adjusters and metallurgists. 

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Read More Brickell Avenue Business Interruption and Energy Conference