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On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Draft Regulation”), which aims 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 Releases Draft Regulation on Producer Compensation Transparency

As part of the structural changes ushered in by the new Bolivian constitution (for further discussion, see here), the central government will absorb eight of the country’s ten existing superintendencies, leaving only the superintendencies of banking and hydrocarbons as “independent.”  In addition, the Superintendencia de Bancos (Superintendency of Banks), which currently regulates insurance in Bolivia, will reportedly be renamed the Autoridad de Supervision de Entidades Financieras (Financial Entity Supervisory Authority). 

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Read More Bolivia: Insurance Regulatory Structure to Change as Part of Constitutional Reforms

In September 2008 we reported on the advisory opinion of the Advocate General of the European Court of Justice (ECJ) in Allianz SpA v West Tankers regarding the English courts’ ability to issue anti-suit injunctions in support of arbitration agreements. The Advocate General stated that it was incompatible with EC regulation 44/2001 (Regulation) for a court of a Member State to injunct a person from commencing or continuing proceedings in another Member State on the ground that it would be contrary to an arbitration agreement. 

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Read More EU: ECJ Blow to Arbitration

The Connecticut legislature has proposed a new bill, SB-763, An Act Concerning the Connecticut Unfair Insurance Practices Act, which could potentially enable Connecticut consumers to sue insurers for unfair claim practices.  Click here for a copy of the proposed bill. 

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Read More Connecticut Legislature Proposes Bill to Broaden Consumers’ Rights by Enabling Consumers to Sue Insurers for Unfair Claim Practices

The United States District Court for the Central District of California recently held that state law consumer fraud claims and federal fraud claims pursuant to the Racketeer Influenced and Corrupt Organizations Act (“RICO”) are not preempted by the federal Food, Drug and Cosmetics Act (“FDCA”) if such claims are based on specifically identifiable false or misleading representations or material omissions. 

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Read More California Federal Court: Off-Label Promotion: State Law Consumer Fraud Claims and Federal RICO Claims Are Not Necessarily Preempted by Food, Drug and Cosmetics Act

The United States Court of Appeals for the Second Circuit recently reversed the dismissal of a lawsuit alleging that drug manufacturer Pfizer, Inc. violated the Federal Alien Tort Statute (“ATS”) and certain state statutes by conducting a medical experimentation on humans without their informed consent or knowledge. 

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Read More Federal Appeals Court Reverses Dismissal of Africa Drug Testing Case Against Pfizer

This updates our January, 15, 2009 posting.  On February 4, 2009, President Obama signed into law the Children’s Health Insurance Program Reauthorization Act of 2009 (H.R. 2) (the “Act”).  The Act extends the State Children’s Heath Insurance Program (“SCHIP”) through the 2013 fiscal year and expands SCHIP to cover an estimated 4 million additional children. …
Read More UPDATE: SCHIP Extension Signed Into Law

BN Americas reports that Latin America was the fastest-growing region in terms of net premiums for Zurich-based insurance and reinsurance group Ace, outpacing Asia and other regions, where performance was mixed.  Although exact numbers have not been released, Ace CEO Evan Greenberg reportedly stated that Ace’s property and casualty and accident and health premiums each grew by double digits in Latin America in 2008. 

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Read More Report: Latin America is Ace’s Fastest-Growing Region in 2008