As we previously reported here, President Obama has proposed a broad overhaul of the federal financial regulatory system. Click here to see the Treasury Department’s report on the proposal. The proposed reforms if adopted by Congress would have far-reaching impacts upon the U.S. financial system, including new regulation of hedge funds, over-the-counter derivatives, rating agencies and securitizations and enhanced regulation of banks, investment banks and bank holding companies.
Read More The Potential Impact of the Proposed Financial Regulatory Overhaul on the Insurance and Reinsurance Industry
Reinsurance
House Financial Services Subcommittee Holds Hearing Regarding the Federal Regulation of Insurance and Systemic Risk
By Troutman Pepper Locke on
On June 16, 2009, the United States Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing regarding how to improve oversight of the insurance industry in order to protect insurance consumers and prevent insurance companies from posing a systemic risk to the American financial system.
E.D.N.Y Rules that Party Waived Right to Arbitrate in China
By Troutman Pepper Locke on
In a recent decision of the United States District Court for the Eastern District of New York, Apple & Eve, LLC v. Yantai North Andre Juice Co., Ltd., No. 07-CV-745 (JFB)(WDW) (E.D.N.Y. April 27, 2009), the Court found that the defendant had waived its right to arbitration, thereby rendering the arbitration clause null and void under Article II of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”).
…
Read More E.D.N.Y Rules that Party Waived Right to Arbitrate in China
Fifth Circuit Hears En Banc Oral Argument on whether New York Convention Is “Reverse Preempted” by Louisiana Statute
By Troutman Pepper Locke on
On May 21, 2009, the United States Court of Appeals heard en banc oral argument on its ruling in Safety National Casualty Corp. v. Certain Underwriters at Lloyd’s of London, No. 06-30262 (5th Cir. Sept. 29, 2008) that the New York Convention overrides a Louisiana statute prohibiting arbitration clauses in insurance contracts.
U.S. Supreme Court Finds that a Nonsignatory to an Arbitration Agreement May Invoke Section 3 of the FAA to Stay an Action in Favor of Arbitration, and is Entitled to an Interlocutory Appeal of an Order Denying Such a Motion
By Troutman Pepper Locke on
Certain entities (“Petitioners”) provided Respondents with advice to minimize taxes from the sale of their company. See Arthur Andersen LLP, et al. v. Carlisle, et al., 129 S.Ct. 1896 (May 4, 2009). As part of the tax shelter that was ultimately created to accomplish this goal, certain Respondents entered into investment-management agreements with Bricolage Capital LLC, which specified that “[a]ny controversy arising out of or relating to [the agreements] or the breach thereof, shall be settled in arbitration conducted in New York, New York.”
Representative Ron Klein (D-FL) Reintroduces the Homeowners’ Defense Act
By Troutman Pepper Locke on
On May 21, 2009, Representative Ron Klein (D-FL) reintroduced the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”), which would allow states to join a national catastrophe insurance pool and would potentially reduce the cost and improve the availability of homeowners’ insurance in Florida and in other states. As we reported here, the Act is similar to the legislation previously passed in the House, but failed to gain Senate support in 2007 and 2008.
…
Read More Representative Ron Klein (D-FL) Reintroduces the Homeowners’ Defense Act
Congress Reintroduces Legislation Affecting the Insurance Industry
On May 21, 2009, three important pieces of insurance industry legislation, which failed to pass in previous years, were reintroduced in the United States House of Representatives. …
Read More Congress Reintroduces Legislation Affecting the Insurance Industry
Half- day Insurance and Reinsurance Seminars
By Troutman Pepper Locke on
EAPD is delighted to announce that it will again this year host a half-day insurance seminar which will be repeated in Bermuda, New York and Boston. …
Read More Half- day Insurance and Reinsurance Seminars
New York Federal Court Compels Party to Arbitrate, Despite the Fact that Party Claimed to be a Nonsignatory to the Relevant Arbitration Agreement
By Troutman Pepper Locke on
Utopia Studios, Ltd., a New York corporation, retained Earth Tech, Inc., a California corporation with offices worldwide, to provide engineering and consulting services in connection with the development of a property. The parties’ relationship was governed by a Master Services Consulting Agreement (“MSA”) that included, among other terms, a broad arbitration provision.
Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009
Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. …
Read More Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009