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Recent Posts from InsureReinsure.com

• Completion of Financial Regulatory Overhaul Delayed in House, Federal Reserve Auditing Provision Added

  After weeks of debate on the various legislative pieces of a large-scale financial regulatory overhaul, the House Financial Services Committee was expected to complete its work this week.  However, a committee vote to approve the…

• Life Settlement Legislation Approved by New York Legislature

  Earlier this week, the New York Legislature passed a bill establishing a comprehensive statutory framework for the regulation of life settlements.  The legislation is based on a model law drafted by the National Association of Insurance…

• NY Court of Appeals Applies Pennsylvania Law to Bar Coverage For Malpractice Claim Pursuant To Prior Knowledge Exclusion

  Reversing the intermediate appellate court, New York’s highest court recently granted summary judgment in favor of two excess insurers based upon their policies’ prior knowledge exclusion.  In Executive Risk Indemnity Inc. v. Pepper Hamilton LLP,…

• NY Lower Court Holds That Insurance Law § 3420(a) Applies to Lawyer’s Claims-Made Malpractice Policy

  The New York Supreme Court, Erie County, recently held that a lawyers’ professional liability policy constitutes a “policy or contract insuring against liability for injury to person” within the meaning of Insurance Law § 3420(a)(3)-(4).…

• UK: English High Court Refuses to Enforce a Canadian Arbitration Award Which Failed to Give Effect to Mandatory EU Regulations

  In Accentuate Limited v Asigra Inc (A company incorporated under the laws of Canada) [2009] EWHC 265, the English Court was asked to overturn the earlier decision of a District Judge which set aside an…

• UK: Court of Appeal Decides Both English and French Law Are Relevant in Dispute Between English Claimants and French Insurers

  We have previously reported on the first instance decision of Maher v Groupama Est [2009] EWHC 38 (QB) in which the English Court considered two preliminary issues in proceedings brought by English claimants in London, against…

• Proposed Financial Regulation Bill Would Allow Investors to Sue "Aiders and Abettors"

  Section 984 of the "Discussion Draft" of the new financial regulation legislation sponsored by Senate Banking Committee Chairman Christoper Dodd (D-Conn) proposes to amend the Private Securities Litigation Reform Act of 1995 ("PSLRA") to allow…

• UK: Court of Appeal Holds that a Cause of Action May Arise Upon Inception of an Insurance Policy

  A cause of action in tort may accrue at the time an insurance policy was issued, and not when a claim could eventually be made under that policy, if a negligent failure led to the…

• EU: Revised Draft Block Exemption Regulation (BER) for Insurance Sector - End of Consultation Period Looming

  As previously reported here, the European Commission (the Commission) published its revised draft BER for the insurance sector on 5 October 2009.  Regular followers of the blog will recall that the draft regulation proposes to…

• UK - High Court Sanctions Trimark Solvent Scheme of Arrangement

  On 11 November the High Court sanctioned the solvent scheme of arrangement of the Trimark Pools, which had been in run-off for over 40 years. The schemes involved London market reinsurance business written by 48…