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Results: 1-10 of 526

Insurance contract law reform - responses to Issues Papers 8 and 9 issued

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • May 26 2011

Last year, the Law Commission questioned whether Section 53 of the Marine Insurance Act 1906 (the MIA) should be reformed (Issues Paper 8) and whether Section 22 of the MIA should be repealed (Issues Paper 9

Insurance contract law reform: recent developments and the road ahead

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • March 9 2011

In our September 2010 issue of Insurance and Reinsurance Review, we reported on the Law Commission's proposed amendments to the duty of good faith as set out in Issues Papers 6 and 7

New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 25 2011

A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring

New Massachusetts law permits property carriers to exclude terrorism-caused fire loss

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 24 2011

Massachusetts Governor Deval Patrick has signed H.960 into law

Second Circuit denies cedent's motion for a rehearing in follow the fortunes case

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue

Massachusetts federal court addresses manifest disregard of the law standard, finds that panel’s decision to limit discovery and witness testimony did not provide a basis to vacate award

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

In OneBeacon America Insurance Co. v. Swiss Reinsurance America Corporation, 09-CV-11495-PBS (D.Mass. December 23, 2010), a motion was brought by petitioner OneBeacon to vacate an arbitration award on the basis that the arbitrators were guilty of misconduct for refusing to permit necessary discovery and hear certain evidence

SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme

European Insurance and Occupational Pensions Authority (EIOPA) launched

  • Edwards Wildman Palmer LLP
  • -
  • European Union
  • -
  • January 20 2011

The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting on 10 January 2010 and promptly elected its management board and selected Gabriel Bernardino as its first Chairperson

OFT competition investigation results in formal commitments from motor insurers to limit data exchange

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • January 20 2011

The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered formal commitments to limit the type of information shared through a specialist market analysis tool

High Court considers whether advance payment guarantees issued by insurance company were performance bonds or contracts of suretyship

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • January 19 2011

In Meritz Fire & Insurance Co Ltd v (1) Jan De Nul NV (2) Codralux SA 2010 EWHC 3362 (Comm), the High Court ruled that advance payment guarantees (APGs) issued by the claimant insurance company to the defendants, guaranteeing the repayment of payments made by the defendants under three shipbuilding contracts (the Contracts), were performance bonds or demand guarantees on which the claimant was liable without regard to the Contracts