In Zaki & Ors v Credit Suisse (UK) Ltd [2013] EWCA Civ 14, the Court of Appeal upheld the decision of the High Court in finding that Credit Suisse (UK) Ltd (the Respondent) was not liable for financial losses suffered as a result of alleged breaches of its statutory duty.
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Regulatory
New Jersey issues Order to Speed Up Processing of Superstorm Sandy Claims
By Troutman Pepper Locke on
On February 5, 2013, the New Jersey Department of Banking and Insurance (“DOBI”) issued Order No. A13-104 (the “Order”) requiring insurers to expedite their response to claims complaints resulting from Superstorm Sandy. Insurers must now respond to inquiries from DOBI within five business days of receipt of a DOBI claim inquiry, and may only request one extension for an additional five business days in which to respond. …
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Florida Bill would Allow Policyholders to Use Viatical Settlement Proceeds to Pay for Medicaid-Covered Long-Term Care
By Troutman Pepper Locke on
On January 24, 2013, Florida Representative Jimmy T. Patronis (R) filed House Bill 535 (the “Bill”), which, among other things, would allow owners of certain life insurance policies to use viatical settlement contracts to cover the cost of Medicaid long-term care services. If adopted, the Bill would alter existing law, which requires exhaustion of a person’s assets, including allowing any in-force life insurance policies to lapse, before paying out Medicaid benefits. …
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EU: European Commission Publishes Competition Study on Co(re)insurance and the Subscription Market
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The European Commission (Commission) has published a study conducted by Ernst & Young on potential competition issues relating to the operation of co(re)insurance pools and ad hoc co(re)insurance agreements on the subscription market. …
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NAIC Fall National Meeting Foreshadows More Flexibility for Life Insurers
By Zachary Lerner & Troutman Pepper Locke on
The National Association of Insurance Commissioners (“NAIC”) held its Fall National Meeting (the “Meeting”) from November 29th through December 2, 2012. Among the topics discussed was the need to address the perceived “XXX and “AXXX” reserve redundancies applicable to life insurers. …
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Insurance of Ships Using Bunker Oil Produced From Iranian Crude May Not Violate Sanctions
Posted in European Union, Regulatory
On January 29, 2013, the International Group of P&I Clubs (IGP&IC) released Frequently Asked Questions relating to Council Regulation (EU) No. 1263/2012. For the IGP&IC FAQs click here and for the E.U. council regulation click here. …
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HHS Broadens Notification Obligations in Final Data Breach Notification Rule
As we reported here, the U.S. Department of Health and Human Services (“HHS”) recently issued final regulations (the “Final Rule”) implementing changes to HIPAA mandated by the HITECH Act. The long awaited Final Rule addresses a number of privacy and security topics, including breach notification. …
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BMA Announces Solvency II Will Not Apply to Captives
Joining Guernsey and the Cayman Islands, Jeremy Cox, CEO of the Bermuda Monetary Authority, announced that Bermuda will not apply Solvency II to captives. Mr. Cox’s remarks came during his presentation of the BMA’s 2013 Business Plan on January 29, 2013. Click here for the BMA’s press release. …
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Will 2013 be the year of ILS?
The New Year seems to be starting with a bang for the ILS industry. On January 23rd, KKR announced it had taken a 24.9% stake in Nephila. Earlier in the month Validus reported a $400 million capital raise to fund investments in collateralized reinsurance and ILS. In a transaction on which Edwards Wildman Palmer LLP advised Transatlantic Re, Transatlantic Re in December acquired a minority interest in Pillar Capital Management and announced a strategic partnership with Pillar, a manager of funds investing in collateralized reinsurance and ILS. …
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After the Event Insurance–A Drink at the Last Chance Saloon
By Troutman Pepper Locke on
This is the first in a series of notes explaining a number of fundamental changes to the rules relating to funding of legal proceedings in England presently expected to come into force in April 2013. We will describe in later notes the new opportunities which will become available at that time. …
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