UBS has agreed to pay $4.4 million in return for a consent judgment resolving the Massachusetts Attorney General’s investigation of UBS’s sales of auction rate securities (ARS) to Massachusetts municipalities and state agencies.
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Insolvent Insurer Ordered to Produce Documents Related to its Reinsurance
By Troutman Pepper Locke on
Midwest Employers Casualty Company (“MECC”) filed suit against Legion Insurance Company in the United States District Court for the Eastern District of Missouri seeking a declaration with respect to its liability under forty-three reinsurance contracts issued to Legion.
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Ninth Circuit Rejects Sony’s Play at PlayStation 2 Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Ninth Circuit recently held that Sony, maker of the PlayStation 2 (“PS2”) video game system, does not have coverage under its CGL or media E&O policies for a class action suit in which plaintiffs alleged that their video games and movies skipped or froze.
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The New York Insurance Department and New York Attorney General Held their Second and Third Joint-Hearings Regarding Insurance Producer Compensation
By Troutman Pepper Locke on
On Wednesday, July 23rd and Friday, July 25th, the New York State Insurance Department and the New York Attorney General held the second and third public hearings in a series of three hearings concerning producer compensation and disclosure of fee arrangements to consumers.
Fifth Circuit Affirms Coverage for Property Damage Caused by Knowing Misconduct
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Fifth Circuit Court of Appeals recently affirmed a decision of the U.S. District Court for the Southern District of Texas holding that a jury’s finding of knowing misconduct on the part of an insured does not preclude the finding of a covered “accident” resulting from such misconduct.
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Connecticut Attorney General Files Complaints Against Rating Agencies
The Connecticut Attorney General, Richard Blumenthal, recently filed separate complaints against The McGraw-Hill Companies, Inc. (as the parent of Standard & Poor’s), Moody’s Corp., and Fitch, Inc. The complaints were filed in the Connecticut Superior Court, Judicial District of Hartford. Each complaint contains a single count for violation of Connecticut’s Unfair Trade Practices Act (CUTPA).
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Crist Resists Florida Homeowners Insurers’ Request for Rate Increases
By Troutman Pepper Locke on
State Farm and the Florida Farm Bureau insurance companies have asked Florida state regulators to approve rate increases for homeowners’ policies. State Farm’s company spokesman has reported that, since 2000, for every dollar in premiums collected the company spent $1.20 in claims and other expenses, including salaries and profits.
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UK: The Financial Service Authority (FSA) has Published a ‘Quick and Easy’ Regulatory Guide for Small Firms
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has published a ‘quick and easy’ six-page guide to FSA regulation for small firms. (See: Quick Guide For Small Firms). The guide highlights key aspects of FSA regulation relevant to small firms and provides links to further information on the FSA website. (Click here to review the highlights). …
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FSA Publishes Statement Regarding Use of the Term ‘Consequential Loss’
By Troutman Pepper Locke on
The FSA has published a statement regarding the use of the term ‘consequential loss’ in general insurance contracts.
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August 28 EAPD Webinar: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
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