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Results: 1-10 of 286

New York federal court vacates arbitration award based on evident partiality

  • Locke Lord LLP
  • -
  • USA
  • -
  • April 26 2010

Scandinavian Reinsurance Company Limited (“Scandinavian Re”) and St. Paul Fire & Marine Insurance Company, St. Paul Reinsurance Company, Ltd. and St. Paul Re (Bermuda) Ltd. (collectively “St. Paul”) entered into a retrocessional agreement under which St. Paul ceded a portion of its casualty reinsurance portfolio to Scandinavian Re

Delaware Department of Insurance establishes Captive Bureau

  • Locke Lord LLP
  • -
  • USA
  • -
  • August 19 2009

On August 4, 2009, Delaware Insurance Commissioner Karen Weldin Stewart announced that the Department of Insurance (the "Department") has established the new Bureau of Captive and Financial Insurance Products (the "Bureau") to dedicate more resources to the regulation of captives and make the regulatory process more efficient

Third Circuit holds that professional services exclusion in general liability policy applies to all allegations arising out of architect’s work and insurers had no duty to defend

  • Locke Lord LLP
  • -
  • USA
  • -
  • January 6 2010

The Court of Appeals for the Third Circuit, applying New Jersey law, recently held that all claims against an insured architectural firm arising out of the firm’s architectural work on a parking garage that later collapsed are not covered under its general liability policies due to professional services exclusions

New York state court finds that follow the settlements doctrine does not apply

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2010

In American Home Assurance Co. v. American Re-Insurance Co., No. 60248506 (N.Y. Sup. Ct. May 27, 2010), the plaintiffs, several ceding companies, brought a declaratory judgment action against certain reinsurers (collectively, the “Reinsurers”) seeking reimbursement for portions of a settlement plaintiffs made with their insured, Monsanto Corporation

Georgia Federal District Court finds that hot tub water is “intended for bodily consumption”

  • Locke Lord LLP
  • -
  • USA
  • -
  • November 11 2009

The United States District Court for the Northern District of Georgia recently held that an insurer had a duty to defend under a CGL policy and umbrella policy against claims relating to a hotel guest’s alleged contraction of Legionnaire’s Disease from a dirty hot tub

California federal court holds that D&O insurer is permitted to rescind policy based on nondisclosure in application

  • Locke Lord LLP
  • -
  • USA
  • -
  • November 11 2009

In a recent decision by the United States District Court for the Northern District of California, the court held that an insurer does not have to provide D&O insurance coverage to a group of bondholders who took on the responsibilities of the bankrupt insured

Connecticut jury awards $14.7 million against insurer for violation of Unfair Trade Practices Act in auto body shop class action lawsuit

  • Locke Lord LLP
  • -
  • USA
  • -
  • February 8 2010

In a class action lawsuit brought by various auto body shops and the Auto Body Association of Connecticut, a Connecticut jury recently rendered a $14.7 million verdict against an insurance company for allegedly violating the Connecticut Unfair Trade Practices Act

Connecticut District Court: insurer's default judgment does not necessarily preclude litigation in subrogation action

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 12 2010

A Connecticut District Court recently held that plaintiffs, who brought a subrogation action to recover a judgment entered in their favor in an underlying legal malpractice action against their attorneys, were entitled to litigate coverage issues even though the attorneys' insurer obtained a default judgment against the attorneys in a separate coverage action

Treasury Department sends systemic risk regulation proposal to Congress, and other financial regulatory overhaul news

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 24 2009

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council the Financial Services Oversight Council to identify and manage emerging risks

New York State Insurance Department reminds licensees of compliance obligations under federal laws

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 28 2009

The New York State Insurance Department (the "Department") recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. 5311-5330 ("BSA"); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. 78dd-1-78dd-3 ("FCPA"); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. 313(a)(6)(c) ("OFAC", collectively with BSA and FCPA, the "Federal Laws"