The Delaware Chancery Court recently held that a corporation could unilaterally amend its by-laws to limit or repeal a director’s advancement right, provided that the director’s advancement right had not already vested prior to such amendment.
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U.S. Reinsurance Under 40s Spring Event to Take Place on May 29 in New York
By Troutman Pepper Locke on
Please join the U.S. Reinsurance Under 40s Group for its Spring Event on May 29 in New York.
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Senate Extends NFIP Without Windstorm Coverage
By Troutman Pepper Locke on
On May 13, 2008, the Senate passed its version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”) that would extend the National Flood Insurance Program (“NFIP”) through 2013. The NFIP is set to expire in September unless renewed.
EU/US: European and US Insurance Bodies Call for Bilateral Forum
By Troutman Pepper Locke on
On 12 May 2008 the Comité Européen des Assurances (CEA) and the American Council of Life Insurers (ACLI) issued a joint statement calling for the formation of an E.U.-U.S. bilateral forum on insurance and reinsurance issues.
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UK: Regulatory: The Financial Services Authority (FSA) Calls for Fairness in Insurance Comparison Websites
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
As the general insurance comparison website industry has expanded in recent years, the FSA has carried out a fresh review into general insurance comparison websites (the review). This fresh review comes in light of a study, commissioned by the British Insurance Brokers’ Association (BIBA), which showed potential for serious consumer detriment across insurance comparison websites.
UK: High Court to Decide Which Policies Should Respond to Asbestos Claims
By Troutman Pepper Locke on
In a crowded court room of the High Court on Friday 2 May, the pre-trial review for six lead test cases in the employers’ liability trigger litigation was heard by Mr Justice Burton. The trial date has been set for 3 June 2008 and the trial is scheduled to end by the beginning of August. …
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Bermuda Issues Draft Legislation Relating to Anti-Money Laundering and Counter Terrorism Financing
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Government of Bermuda has reinforced its commitment to ensuring that Bermuda has a strong, robust and effective regime for the combating of money laundering and terrorist financing by issuing, for consultation and comment, draft legislation and other related documents relating to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF).
Wells Fargo Sanctioned by Bankruptcy Court for Subprime Lending Role
By Troutman Pepper Locke on
A federal bankruptcy judge has ordered Wells Fargo to pay $250,000 in sanctions for its role as a trustee for a pooled subprime mortgage trust.
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Launch of Large ReTakaful Company Announced
By Troutman Pepper Locke on
ACR Capital Holdings, the parent of Asia Capital Reinsurance, a Singapore-based reinsurer, has announced the formation of ACR ReTakaful Holdings Limited, a Dubai-based retakaful company. ACR ReTakaful will be a joint venture among ACR Capital and Malaysian and Dubai investment companies. …
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UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)
By Troutman Pepper Locke on
The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
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