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Results: 1-10 of 297

Ninth Circuit confirms arbitration award, holds that panel’s ex parte meeting with certain expert witnesses did not justify vacatur
  • Locke Lord LLP
  • USA
  • January 20 2010

Petitioner United States Life Insurance Company (“U.S. Life”) reinsured workers’ compensation policies issued by five insurers domiciled in California


NAIC announces new cooperation agreement with Taiwan
  • Locke Lord LLP
  • Taiwan, USA
  • October 4 2010

On September 28, 2010, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Insurance Bureau of the Republic of China (Taiwan), the official organization that regulates the insurance industry in Taiwan


BP spill update: GCCF issues protocol for interim and final claims
  • Locke Lord LLP
  • USA
  • December 1 2010

The Gulf Coast Claims Facility ("GCCF") -- the agency responsible for doling out the $20 billion fund that was set up by BP as a result of the April 20, 2010 Deepwater Horizon incident (the "Spill") -- has issued its Protocol for the submission and resolution of Interim and Final Claims


District court denies motion to stay, holds that potential for unnecessary arbitration-related expenses does not constitute irreparable harm or clear hardship
  • Locke Lord LLP
  • USA
  • January 22 2010

Plaintiff B.D. Cooke & Partners Limited, as Assignee of Citizens Casualty Company of New York (in Liquidation) (“Cooke”), filed a lawsuit against defendant Certain Underwriters at Lloyd’s, London (“Underwriters”


New Jersey enacts amendment - producers must notify insurance commissioner of FINRA and other disciplinary actions
  • Locke Lord LLP
  • USA
  • January 25 2010

An amendment was signed into law on January 17, 2010 which requires insurance producers to notify the Commissioner of the New Jersey Department of Banking and Insurance of disciplinary actions taken against them by the Financial Industry Regulatory Authority (FINRA) or other similar non-governmental regulatory authorities that have statutory authority to create and enforce industry standards of conduct


Connecticut Appellate Court affirms summary judgment holding that insurer had no duty to defend or indemnify its insured in negligence claim brought by stabbing victim
  • Locke Lord LLP
  • USA
  • January 25 2010

The Connecticut Appellate Court recently affirmed a trial court’s summary judgment holding that an insurance company had no duty to defend or indemnify its insured in a negligence action brought by a women who was stabbed twenty-four times by the insured


Connecticut proposes new regulation to protect seniors
  • Locke Lord LLP
  • USA
  • January 25 2010

The Connecticut Insurance Department issued a proposed regulation (the "Proposed Regulation") relating to use of senior-specific certifications and professional designations in the sale of life insurance and annuities


Third Circuit rules that clear and unambiguous intent is required to opt out of the removal provision and vacatur standards of the FAA and convention
  • Locke Lord LLP
  • USA
  • October 4 2010

A recent decision of the Third Circuit Court of Appeals, Ario, Insurance Commissioner of the Commonwealth of Pennsylvania, in his official capacity as the statutory liquidator of Legion Insurance Company (in liquidation) v. The Underwriting Members of Syndicate 53 at Lloyd’s for the 1998 Year of Account, No. 09-1921, 09-2989 and 09-2991 (3d Cir. 2010), involved a dispute between the Liquidator of Legion and Villanova, as cedents, and The Underwriting Members of Syndicate 53 at Lloyd’s for the 1998 Year of Account, as reinsurers, which concerned whether the cedents had properly underwrote the business described in the reinsurance placement materials


Treasury Department proposes a plan that would require US banks to report all overseas money transfers
  • Locke Lord LLP
  • USA
  • September 29 2010

On September 29, the Washington Post and New York Times reported that the United States Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States


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