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Results: 1-10 of 95

NAIC releases second draft of federal legislation for implementation of reinsurance regulatory modernization framework

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 13 2009

On July 27, 2009, the National Association of Insurance Commissioners (“NAIC”) released a revised draft of the Reinsurance Regulatory Modernization Act of 2009 (the “Act”), which was the result of a proposal adopted at its 2008 Winter Meeting to modernize reinsurance regulation

New Vermont Captive Insurance Association President

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 16 2009

Following a nation-wide search, Michael Bemi, Chair of the Vermont Captive Insurance Association (the "VCIA") Board of Directors, recently announced that the VCIA has selected Richard Smith as the new President of the VCIA

Massachusetts Insurance Commissioner steps down for position in academia

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 18 2009

According to industry reports, Massachusetts Insurance Commissioner, Nonnie S. Burnes, recently announced her plan to resign from the Insurance Department to become a senior university fellow at Northeastern University, where she earned her law degree

Public hearing on Massachusetts information security regulations

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 24 2009

On September 22, 2009, Socheth Sor of Edwards Angell Palmer & Dodge LLP testified at a public hearing before the Massachusetts Office of Consumer Affairs and Business Regulations (“OCABR”) in Boston regarding 201 CMR 17.00, Standards for the Protection of Personal Information of Residents of the Commonwealth

Court gives preliminary approval to Merrill Lynch's settlement of a subprime-related securities class action

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 17 2009

As previously reported on August 8, 2007, a jury convicted ex-Brocade CEO Greg Reyes for violating federal securities laws by failing to properly account for backdated options

House passes surplus lines and reinsurance reform bill

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

Court approves American Home Mortgage's settlement of a subprime securities class action

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 18 2009

On July 30, 2009, the US District Court for the Eastern District of New York approved a $37.25 million settlement of a subprime-related securities class action styled, In re American Home Mortgage Securities Litigation

First Circuit upholds decision to deny insurer recoupment of deductibles following class action settlement

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 31 2009

The First Circuit recently affirmed the decision of the United States District Court for the District of Maine to deny American National Fire Insurance Company’s ("ANFIC") plea for recoupment of a settlement payment made by ANFIC to York County Jail

AIRROC launches expedited binding arbitration procedure for small claims

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

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
  • -
  • USA
  • -
  • 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