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Results: 1-10 of 197

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered
  • Locke Lord LLP
  • USA
  • November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010


Prudential test case relating to UK dividend taxation adjourned
  • Locke Lord LLP
  • United Kingdom
  • November 24 2010

Prudential Assurance Co Ltd & Ors v Revenue & Customs Commissioners 2010 EWHC 2811 (Ch) concerned the UK's former rules on the taxation of dividends received by insurance companies resident in the UK on shareholdings in foreign companies which were held as investments in their pension and life assurance business


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
  • Locke Lord 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


New Jersey appellate court affirms denial of coverage for attorneys' failure to disclose potential malpractice claim
  • Locke Lord LLP
  • USA
  • December 28 2010

The Superior Court of New Jersey, Appellate Division, recently affirmed a trial court's decision to deny coverage to an attorney and his law firm who had been sued in an underlying malpractice action


High court refuses compensation for exaggerated claim
  • Locke Lord LLP
  • United Kingdom
  • June 17 2010

In Farid Yeganeh v Zurich Plc and Zurich Insurance Company 2009 Folio 244, the High Court found that Zurich did not have to pay any compensation to Mr Yeganeh as he had breached a condition of his insurance policy by making fraudulent claims for property lost in a house fire


Ninth Circuit reverses district court’s vacatur of arbitration award
  • Locke Lord LLP
  • USA
  • August 5 2010

Zev Lagstein, M.D. filed a claim for benefits under a disability policy issued by Certain Underwriters at Lloyd’s London (“Lloyd’s”) after he developed heart disease and other ailments


Federal court finds that fraud claim is not arbitrable
  • Locke Lord LLP
  • USA
  • August 4 2010

In a decision by the United States District Court for the Southern District of New York, AXA Versicherung AG v. New Hampshire Ins. Co., 05 Civ. 10180 (JSR) (S.D.N.Y. 2010), the court held that certain fraud claims were not a matter of contract interpretation and, therefore, not arbitrable under a provision in a facultative reinsurance agreement that provided for arbitration of disputes “arising out of the interpretation of this agreement.”


Iowa Supreme Court upholds denial of coverage to life insurer for failure to disclose applicants’ HIV positive status
  • Locke Lord LLP
  • USA
  • June 7 2010

In Farm Bureau Life Insurance Co. v. Chubb Custom Insurance Co. et al., the Iowa Supreme Court affirmed the district court’s ruling that Farm Bureau was not entitled to liability coverage in its disputes with two applicants that were HIV positive


Federal court in Ohio recognizes cause of action for insurer bad faith outside claim handling context
  • Locke Lord LLP
  • USA
  • June 8 2010

"Although Ohio courts have generally found independent tort liability only in cases of improper processing and handling of claims," the U.S. District Court for the Northern District of Ohio held that a claim predicated on an insurer’s failure to refund unearmed premiums can support an independent claim for bad faith


Second Circuit: distinguishing between policy definitions subject to NY Insurance Law 3420(d)(2)’s timely disclaimer requirement as an exclusion and those that are not
  • Locke Lord LLP
  • USA
  • June 16 2010

In a decision issued on February 1, 2010, the United Stated Court of Appeals for the Second Circuit confirmed that under New York law some policy provisions, although placed outside of the policy's "Exclusions" section, may nonetheless be considered an exclusion and, therefore, subject to the timely disclaimer and denial requirement of NY Insurance Law 3420(d)(2