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Delaware court: right to advancement of defense costs for defamation suit can be modified based on changes in factual circumstances

Edwards Wildman Palmer LLP
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USA
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July 28 2009

In a short letter-to-counsel opinion, Vice Chancellor John Noble of the Delaware Chancery Court held that a prior order granting advancement to two officers and directors can be modified based on changes in factual circumstances

House passes surplus lines and reinsurance reform bill

Edwards Wildman Palmer LLP
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USA
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September 10 2009

On September 9, 2009, the U.S. House of Representatives passed the Non-admitted and Reinsurance Reform Act of 2009, H.R. 2571 (the “NRRA”), marking the third time the House has passed a version of the NRRA

AIRROC launches expedited binding arbitration procedure for small claims

Edwards Wildman Palmer LLP
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USA
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October 9 2009

The Association of Insurance and Reinsurance Run-Off Companies ("AIRROC") has announced the formal launch of the Dispute Resolution Procedure ("DRP"), an expedited binding arbitration procedure especially designed for small and less-complicated claims

D&O insurers seek relief from automatic stay in order to assert coverage defense counterclaims against investment firm insureds

Edwards Wildman Palmer LLP
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USA
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August 7 2009

Two D&O insurers have asked the U.S. Bankruptcy Court for the District of Minnesota to lift an automatic stay in a bankruptcy proceeding pending against their insureds so that the insurers can pursue their coverage defenses as counterclaims against the insureds in a pending declaratory judgment action

N.Y. Insurance Department issues opinion prohibiting contingent annuity contracts

Edwards Wildman Palmer LLP
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USA
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July 29 2009

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance

Massachusetts highest state court: pro-rata “time-on-the-risk” allocation method applies to ongoing environmental pollution occurring over multiple policy periods

Edwards Wildman Palmer LLP
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USA
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August 4 2009

The Massachusetts Supreme Judicial Court recently held that where an insured "incurs covered costs as a result of ongoing environmental contamination occurring over more than one year and the insurer provided coverage for less than the full period of years in which contamination occurred," the loss should be pro rated among all the insurers on the risk during the relevant period

SEC Task Force to investigate life settlements

Edwards Wildman Palmer LLP
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USA
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September 21 2009

According to industry reports, the US Securities and Exchange Commission has formed a multidisciplinary task force (“Task Force”) to investigate life settlements (i.e. the sale of life insurance products by policyholders to third-party investors

Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund

Edwards Wildman Palmer LLP
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USA
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July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC

Insured bears burden of proving allocation of jury award between covered and non-covered claims unless insurer controls defense

Edwards Wildman Palmer LLP
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USA
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August 4 2009

The West Virginia Supreme Court recently answered the following question certified from the U.S. District Court in that state: Does the insured bear the burden of showing that a jury awarded damages for covered, as opposed to non-covered, claims when the answer is not clear from the award itself?

Massachusetts investigates rating of life settlements

Edwards Wildman Palmer LLP
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USA
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October 5 2009

The Massachusetts Secretary of the Commonwealth, William Galvin, recently announced an investigation into how credit rating agencies evaluate and rate the securitization of life settlements (i.e. life insurance policies sold by the insured to a third party

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