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Results: 1-10 of 96

House passes surplus lines and reinsurance reform bill
  • Locke Lord 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


New York reduces director requirements for domestic insurers
  • Locke Lord LLP
  • USA
  • September 11 2009

As of August 12 2009, in accordance with Chapter 293 of the Laws of New York 2009, the minimum number of directors required for New York domestic insurers has been reduced from thirteen to seven, and the minimum number of New York resident directors required for domestic insurers has been reduced from two to one


New Vermont Captive Insurance Association President
  • Locke Lord 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


Secondhand asbestos lawsuit settled after decision by Tennessee Supreme Court
  • Locke Lord LLP
  • USA
  • September 16 2009

As previously discussed here, and here, the estate of Amanda Satterfield brought suit against Alcoa for her death from mesothelioma at the age of 25


New compensation disclosure requirements proposed for New York insurance producers
  • Locke Lord LLP
  • USA
  • September 15 2009

After months of discussion with industry and consumer groups, the New York Insurance Department (the "Department") released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers


Seventh Circuit rules that challenge to a replacement arbitrator must be made at the time of the appointment and not at the conclusion of the arbitration
  • Locke Lord LLP
  • USA
  • September 10 2009

In a recent decision from the United States Court of Appeals for the Seventh Circuit, WellPoint, Inc. v. John Hancock Life Ins. Co., No. 08-2283 (7th Cir. Aug. 7, 2009), the court ruled that a party seeking to challenge the appointment of a replacement arbitrator must do so at the time of the appointment or else lose its ability to make such a challenge


New York announces public hearing on life insurance and annuity sales practices
  • Locke Lord LLP
  • USA
  • September 15 2009

Yesterday, the New York State Insurance Department ("NYSID") issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices


Anticipated legislative action on financial regulatory reform
  • Locke Lord LLP
  • USA
  • September 15 2009

As President Obama renewed his push for financial services regulatory reform during yesterday’s speech on Wall Street, new reports offered a glimpse of Congress’ potential timeline for action


Connecticut trial court awards judgment in favor of insured and rejects insurer’s theory that insured’s lack of income was motive for loss where insured had other assets
  • Locke Lord LLP
  • USA
  • September 14 2009

A Connecticut trial court recently awarded judgment, following a bench trial, in favor of an insured who sought coverage from her insurance company for her vehicle after it was stolen and destroyed by fire


Eleventh Circuit affirms judgment in favor of contractor’s insurers, finding no bad faith
  • Locke Lord LLP
  • USA
  • September 10 2009

In Fidelity & Deposit Co., et al. v. Douglas Asphalt Co., et al., No. 09-10919 (11th Cir. Jul. 28, 2009), the Eleventh Circuit affirmed the District Court’s judgment in favor of the insurers, who sought to recover from their insured payments made under payment and performance bonds when the insured allegedly defaulted and failed to complete a project