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Results: 1-10 of 297

Third Circuit affirms district court’s vacatur of arbitration award, finding that the panel exceeded its powers by awarding relief not sought by either party
  • Locke Lord LLP
  • USA
  • November 18 2010

The U.S. Court of Appeals for the Third Circuit recently affirmed a District Court’s vacatur of an arbitration award because the arbitration panel exceeded its authority in ordering relief not sought by either of the parties and removing from the parties’ reinsurance agreement a material provision


U.S. Senate fails to extend National Flood Insurance Program
  • Locke Lord LLP
  • USA
  • April 15 2010

As we previously reported here, the Senate voted to end floor debate on a bill that includes reinstating the National Flood Insurance Program ("NFIP") on Monday, April 12, 2010


Virginia court follows First Circuit’s Genzyme reasoning, rejects carrier’s bid to recoup $15mm D&O payout
  • Locke Lord LLP
  • USA
  • December 17 2010

Following the reasoning of the First Circuit in its Genzyme decision, a federal court in Virginia has granted summary judgment to an insured whose carrier had sued to recoup a $15 million settlement under a D&O policy


Chinese drywall - manufacturers still refusing to compensate U.S. homeowners
  • Locke Lord LLP
  • USA
  • January 12 2011

Inez Tenenbaum, the head of the U.S. Consumer Product Safety Commission, said this week that the U.S. has not been able to persuade Chinese officials to agree to compensate U.S. homeowners for losses associated with Chinese manufactured drywall


Chinese drywall - Florida federal district court finds no coverage under CGL policy
  • Locke Lord LLP
  • USA
  • January 12 2011

In Amerisure Mutual Insurance Co. v. Albanese Popkin the Oaks Development Group L.P., 2010 U.S. Dist. LEXIS 125918 (Nov. 30, 2010), Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida ordered that the developer’s insurer has no duty to provide coverage or a defense for claims related to Chinese drywall, which were made against the developer


NAIC adopts model regulation for final medical loss ratios
  • Locke Lord LLP
  • USA
  • November 4 2010

On October 21, 2010, the Executive and Plenary committees of the National Association of Insurance Commissioners ("NAIC") voted to adopt a model regulation containing the definitions and methodologies for calculating medical loss ratios as stipulated under the Patient Protection and Affordable Care Act ("PPACA"


Ambac Financial Group Inc. files for Chapter 11 bankruptcy
  • Locke Lord LLP
  • USA
  • November 10 2010

Ambac Financial Group Inc., parent of the troubled Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief on November 8, 2010


SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
  • Locke Lord LLP
  • USA
  • January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme


Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”
  • Locke Lord LLP
  • USA
  • January 19 2011

In Council Tower Ass’n v. Axis Specialty Ins. Co., No. 09-3900, 2011 WL 31519 (8th Cir. 2011), the Eight Circuit considered whether, under Missouri law, the falling of seven stories of a twenty-six-story exterior brick veneer was a covered “collapse” of a building


Second Circuit denies cedent's motion for a rehearing in follow the fortunes case
  • Locke Lord LLP
  • USA
  • January 21 2011

We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue