In Mills v. Foremost Insurance Co., No. 06-16458 (Jan. 4, 2008), the 11th Circuit recently overturned the dismissal of Florida hurricane victims’ class-action lawsuit relating to mobile home damages. The plaintiffs claimed that their insurer underpaid for the damage to their mobile homes.
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House Approves Bill Eliminating Certain NFIP Subsidies
The United States House of Representatives passed H.R. 3959 (the “Bill”) on January 23, 2008, in an attempt to improve the actuarial soundness of the National Flood Insurance Program (“NFIP”). …
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Louisiana Completes First Round of Property & Casualty Incentive Program
By Troutman Pepper Locke on
As previously reported here, Louisiana launched the Insure Louisiana Incentive Program in an effort to attract more property and casualty and increase the private market capacity. The program provides grants ranging from $2 million to $10 million in matching funds to qualified property insurance companies.
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Allstate Suspended from Writing New Business in Florida
By Troutman Pepper Locke on
Posted in Florida Developments, Regulatory
Last week, three Allstate Companies (Allstate Insurance Co., Allstate Indemnity Co. and Allstate Property and Casualty Co., collectively “Allstate”) were suspended from writing new automobile insurance policies in the state of Florida by Florida Insurance Commissioner Kevin McCarty.
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English High Court Sets Date For ‘Trigger’ Litigation with Regard to Mesothelioma Claims and Employer Liability
By Troutman Pepper Locke on
A trial commencement date of 3 June 2008 has been set for the six lead test cases in the employers’ liability ‘trigger’ litigation.
Federal Court Dismisses Subprime Class Action Claims
By Troutman Pepper Locke on
Late last year, the United States District Court for the Central District of California dismissed a securities class action claim against IndyMac Financial, Inc. and several of its officers and directors because the plaintiffs failed to plead scienter.
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Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
A joint study conducted by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently concluded that there were 166 securities class action lawsuits filed in federal courts nationwide last year. This is a 43% increase from 2006. …
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Bermuda Regulatory: Bermuda Monetary Authority Publishes 2008/9 Business Plan
By Troutman Pepper Locke on
The Bermuda Monetary Authority (BMA) has published its 2008/9 Business Plan. The Business Plan sets out the BMA’s goal to become internationally recognised as a leading risk-based financial regulator.
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UK: New FSA Insurance: Conduct of Business Sourcebook
By Troutman Pepper Locke on
On 6 January 2008, the FSA’s new Insurance: Conduct of Business Sourcebook (ICOBS) came into force, replacing the existing ICOB. Insurance companies and intermediaries in the UK have 6 months in which to ensure that their processes and policies (particularly in relation to protection products – see below) meet the new standards.
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Further Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties
By Troutman Pepper Locke on
As we reported on here, in Stoneridge Investment Partners, LLC v.Scientific-Atlanta, Inc., the U.S. Supreme Court recently declined to permit investor suits against third parties who engaged in deceptive acts that contributed to another party’s securities fraud, where the third parties had no duty to disclose their acts to the public, and where their deceptive acts were in fact not communicated to the public. …
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