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Results: 1-10 of 95

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


Treasury Department releases proposal to create Office of National Insurance
  • Locke Lord LLP
  • USA
  • July 24 2009

On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department


The Florida Office of Insurance Regulation enters cooperation agreement with the United Kingdom’s financial regulator
  • Locke Lord LLP
  • USA
  • July 24 2009

On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation ("FLOIR"), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding ("MoU") with the United Kingdom Financial Services Authority ("FSA"), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets


Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund
  • Locke Lord LLP
  • USA
  • July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC


White House proposes SEC registration and oversight of private equity, venture capital and hedge fund advisors
  • Locke Lord LLP
  • USA
  • July 21 2009

The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC


NY appellate court: insurer’s disclaimer timely and proper despite lack of prejudice resulting from insured’s late notice of claim
  • Locke Lord LLP
  • USA
  • July 22 2009

On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 0226008 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law


Massachusetts highest state court: pro-rata “time-on-the-risk” allocation method applies to ongoing environmental pollution occurring over multiple policy periods
  • Locke Lord LLP
  • USA
  • August 4 2009

The Massachusetts Supreme Judicial Court recently held that where an insured "incurs covered costs as a result of ongoing environmental contamination occurring over more than one year and the insurer provided coverage for less than the full period of years in which contamination occurred," the loss should be pro rated among all the insurers on the risk during the relevant period


New York federal court vacates prior order finding that arbitration must start anew
  • Locke Lord LLP
  • USA
  • July 30 2009

In early January, www.insurereinsure.com reported on In the matter of the Petition of Ins. Co. of North America, et al. against Public Service Mut. Ins. Co., No. 08-cv-7003 (S.D.N.Y.), in which the U.S. District Court for the Southern District of New York held that an arbitration must start anew because a member of the arbitration panel resigned for health reasons prior to the rendering of an award


U.S. House votes to extend the NFIP
  • Locke Lord LLP
  • USA
  • August 3 2009

House Financial Services Housing Subcommittee Chairwoman Rep. Maxine Waters (D.-Calif.) and committee chairman Rep. Barney Frank (D.-Mass.) sponsored HR 3139 to temporarily extend the National Flood Insurance Program (the “NFIP”) for a six-month period through March 31, 2010


First Circuit: no coverage for false arrest suit where arrest and conviction occurred prior to the policy period
  • Locke Lord LLP
  • USA
  • August 4 2009

The First Circuit recently upheld a trial court’s ruling that an insurer need not defend or indemnify the defendants in a wrongful conviction claim where the wrongful acts occurred prior to the policy period