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Texas moves closer to banning use of discretionary clauses in insurance contracts
  • Locke Lord LLP
  • USA
  • June 1 2010

The Texas Department of Insurance (“TDI”) has officially proposed regulations banning the use of discretionary clauses in insurance contracts


Insurers encourage Green Building
  • Locke Lord LLP
  • USA
  • June 7 2010

Insurers and regulators are addressing Green Building issues at breakneck speed


Lloyd’s syndicates file declaratory judgment action against BP
  • Locke Lord LLP
  • USA
  • June 1 2010

On April 20, 2010, an explosion on the Deepwater Horizon rig in the Gulf of Mexico touched off a subsurface leak in a BP oil well at the ocean's floor


Federal court finds that limit of liability cap in facultative certificate includes a cedent’s defense expenses
  • Locke Lord LLP
  • USA
  • June 1 2010

Pacific Employers Insurance Company ("PEIC") entered into a facultative reinsurance certificate with Global Reinsurance Corporation of America, fka Constitution Reinsurance Corporation ("Global"), which reinsured an umbrella commercial liability insurance policy issued by PEIC to Buffalo Forge Company


Federal funding for temporary high-risk insurance pool program to begin Summer 2010
  • Locke Lord LLP
  • USA
  • June 8 2010

In July 2010, some of the first money allocated by the new health care reform law will start flowing to states that have elected to participate in the federal temporary high-risk insurance pool program


FEMA confirms NFIP coverage applies to certain BP oil spill damage
  • Locke Lord LLP
  • USA
  • June 10 2010

According to media reports, the Federal Emergency Management Agency ("FEMA") has confirmed that damage caused by oil mixed with flood waters is covered under National Flood Insurance Program ("NFIP") policies


PIANY receives approval on draft language regarding producer compensation disclosure
  • Locke Lord LLP
  • USA
  • June 10 2010

As previously discussed here, the New York Insurance Department (the "Department") has put forth a regulation regarding the transparency of insurance producer compensation ("Regulation 194"), which is slated to take effect January 1, 2011


Federal court rules no coverage for Chinese drywall damages under homeowner’s policy
  • Locke Lord LLP
  • USA
  • June 7 2010

On June 3, 2010 Judge Robert G. Doumar of the U.S. District Court for the Eastern District of Virginia found that a homeowner’s policy did not cover damages associated with Chinese manufactured drywall


Court holds coverage for Madoff suits excluded under policy’s insolvency exclusion
  • Locke Lord LLP
  • USA
  • June 8 2010

The US District Court for the District of Connecticut recently dismissed a customer suit against an insurer, based upon its determination that all of the underlying claims were excluded by the policy's Insolvency Exclusion


State lawmakers lobby for a seat at the Financial Stability Oversight Council
  • Locke Lord LLP
  • USA
  • June 14 2010

As negotiations over a final financial reform overhaul draw closer to a conclusion, leadership at the National Conference of Insurance Legislators ("NCOIL") petitioned Senate leadership for membership in the Financial Stability Oversight Council ("FSOC"