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Massachusetts investigates rating of life settlements
  • Locke Lord LLP
  • USA
  • October 5 2009

The Massachusetts Secretary of the Commonwealth, William Galvin, recently announced an investigation into how credit rating agencies evaluate and rate the securitization of life settlements (i.e. life insurance policies sold by the insured to a third party


Court finds that New York law governs reinsurance agreement, denies insured’s statutory claim for punitive damages and penalties against reinsurer
  • Locke Lord LLP
  • USA
  • October 6 2009

Plaintiff Callon Petroleum Company ("Callon") commenced an action against National Indemnity Company ("NICO") to recover for a judgment Callon obtained against NICO’s cedent, Frontier Insurance Company ("Frontier"


PCI compliance survey finds companies need improvement
  • Locke Lord LLP
  • USA
  • October 2 2009

The Ponemon Institute recently published a survey on Payment Card Industry Data Security Standards ("PCI DSS") compliance


Michigan's House Insurance Committee advances “bad faith” legislation
  • Locke Lord LLP
  • USA
  • August 25 2009

On August 19, 2009, Michigan's House Insurance Committee advanced the package of "bad faith" bills (House bills 4244, 4844, 4858, 5020, 5144-5151) by voting to toughen penalties for insurance companies that deny or delay valid claims


Financial regulatory reform outlook
  • Locke Lord LLP
  • USA
  • October 1 2009

Though currently shadowed by healthcare reform efforts that have dominated the congressional schedule this fall, the push to enact a financial regulatory overhaul has been making steady progress in Congress


New York appellate court: claims against manufacturer of ear protectors
  • Locke Lord LLP
  • USA
  • September 29 2009

Earlier this month, a New York appellate court held that claims against the manufacturer of protective devices for ears were barred by the three-year statute of limitations governing actions to recover damages for personal injury


Virginia issues guidance on information security program requirement
  • Locke Lord LLP
  • USA
  • October 2 2009

The Virginia State Corporation Commission Bureau of Insurance (the "Bureau") recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties


Federal judge issues default against Chinese drywall manufacturer
  • Locke Lord LLP
  • USA
  • September 29 2009

A federal judge in New Orleans has defaulted a defendant, Taishan Gypsum Company, in a products liability class action lawsuit


AIRROC launches expedited binding arbitration procedure for small claims
  • Locke Lord 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


P&C insurers to submit copies of consumer notices in connection with credit scoring to New Jersey Department of Banking and Insurance
  • Locke Lord LLP
  • USA
  • October 5 2009

On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment, divorce or identity theft, to name a few