Topics

Government to Cut Payments to Medicare Advantage Insurers

By Troutman Pepper Locke on April 17, 2009

The federal government continues to make changes to the Medicare Advantage program, which allows private insurance companies to provide more than 10 million seniors with healthcare coverage.

UK: Clarifying ‘Inherent Vice’

By Troutman Pepper Locke on April 17, 2009

Posted in Coverage & Claims, United Kingdom

The claimant insured held an ‘all risks’ policy with the defendant insurer. The insured claimed for a loss which it incurred when three legs from one of its oil rigs fell off as the rig was being towed from Texas to Malaysia.

National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

By Troutman Pepper Locke on April 16, 2009

Posted in Federal Legislative Developments, Regulatory, Subprime/Credit Crisis Developments, United States

As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
Read More National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

VCIA Appoints Diane Leach as Interim President

By Troutman Pepper Locke on April 16, 2009

Posted in Regulatory, United States

As an update to our previous post, the Board of Directors of the Vermont Captive Insurance Association (VCIA) announced its appointment of Diane Leach, the Association’s current Director of Education and Program Planning, as its interim president. …
Read More VCIA Appoints Diane Leach as Interim President

UK: English Commercial Court explores scope of the West Tankers decision

By Troutman Pepper Locke on April 16, 2009

Posted in Arbitration, United Kingdom

In National Navigation Co v Endesa Generacion SA [2009] EWHC 196 (Comm) a shipowner, National Navigation Co (National) made two applications to the English court in relation to a dispute with a Spanish electricity company, Endesa Generacion SA (Endesa).

UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets

By Troutman Pepper Locke on April 15, 2009

Posted in Regulatory, United Kingdom

On 20 March 2009, the Financial Services Authority (FSA) wrote to compliance officers of all the firms which hold client money permissions to remind them of their responsibilities in abiding with Principle 10: “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.

NCFE Executives Sentenced to Decades in Prison for Role in Company’s Collapse and $2.8 Billion Fraud

By Troutman Pepper Locke on April 15, 2009

Posted in D&O Liability, United States

A federal judge has sentenced two former executives of collapsed health care financing company National Century Financial Enterprises (“NCFE”), to decades in prison for their roles in a $2.8 billion fraud scheme.

EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II

By Troutman Pepper Locke on April 15, 2009

Posted in European Union, Regulatory, Solvency II, United Kingdom

Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II regime.

Mississippi Adopts NAIC Uniform Producer Licensing Standards

By Troutman Pepper Locke on April 14, 2009

Posted in Excess and Surplus Lines, Regulatory, United States

On March 26, 2009, Mississippi Governor Haley Barbour signed into law House Bill 777 (the “New Producer Law”), whereby the Mississippi Insurance Department will adopt the NAIC uniform standards for the licensing of producers.

Ohio Federal Court: Class Action Against Attorney and His Clients and Malpractice Claim are “Related” Under Policy’s Multiple Insureds, Claims and Claimants Provision

By Troutman Pepper Locke on April 14, 2009

Posted in Coverage & Claims, United States

In Westport Ins. Corp. v. Coffman, Case No. C2-05-1152 (S.D. Ohio Jan. 29, 2009), the federal district court for the Southern District of Ohio held that an underlying class action lawsuit filed against an insured attorney and his clients, and the subsequent malpractice claim filed by the clients against the insured attorney, constitute a single claim and are therefore subject to a single per-claim limit of liability.

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Topics

Government to Cut Payments to Medicare Advantage Insurers

UK: Clarifying ‘Inherent Vice’

National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

VCIA Appoints Diane Leach as Interim President

UK: English Commercial Court explores scope of the West Tankers decision

UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets

NCFE Executives Sentenced to Decades in Prison for Role in Company’s Collapse and $2.8 Billion Fraud

EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II

Mississippi Adopts NAIC Uniform Producer Licensing Standards

Ohio Federal Court: Class Action Against Attorney and His Clients and Malpractice Claim are “Related” Under Policy’s Multiple Insureds, Claims and Claimants Provision

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