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Locke Lord LLP | USA | 25 Jan 2011
New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring
A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring.
Locke Lord LLP | USA | 25 Jan 2011
FTC requests comment on privacy framework
The Federal Trade Commission (the "FTC") recently released a preliminary staff report entitled Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Businesses and Policymakers, proposing a normative framework for company protection of consumers' privacy (the "Proposed Framework").
Locke Lord LLP | USA | 24 Jan 2011
New Massachusetts law permits property carriers to exclude terrorism-caused fire loss
Massachusetts Governor Deval Patrick has signed H.960 into law.
Locke Lord LLP | USA | 24 Jan 2011
Healthcare news from Capitol Hill and the Department of Health and Human Services - January 24, 2011
On January 7, the Centers for Medicare and Medicaid Services (CMS) released a proposed rule to establish a value-based purchasing (VBP) program to reward hospitals for providing safe, high-quality care.
Locke Lord LLP | USA | 21 Jan 2011
Second Circuit denies cedent's motion for a rehearing in follow the fortunes case
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.
Locke Lord LLP | USA | 21 Jan 2011
SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
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.
Locke Lord LLP | European Union | 20 Jan 2011
European Insurance and Occupational Pensions Authority (EIOPA) launched
The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting on 10 January 2010 and promptly elected its management board and selected Gabriel Bernardino as its first Chairperson.
Locke Lord LLP | United Kingdom | 20 Jan 2011
OFT competition investigation results in formal commitments from motor insurers to limit data exchange
The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered......
Locke Lord LLP | USA | 19 Jan 2011
New York federal judge provides interesting insights regarding arbitration and “manifest disregard of the law"
In Goldman Sachs Execution & Clearing, L.P. v. The Official Unsecured Creditors' Committee of Bayou Group, LLC, et al., Slip Copy, 2010 WL 4877847 (S.D.N.Y. 2010), the court denied petitioner’s motion to vacate a $20.580 million award obtained in a FINRA arbitration by The Official Unsecured Creditors' Committee of Bayou Group.
Locke Lord LLP | United Kingdom | 19 Jan 2011
High Court considers whether advance payment guarantees issued by insurance company were performance bonds or contracts of suretyship
In Meritz Fire & Insurance Co Ltd v (1) Jan De Nul NV (2) Codralux SA [2010] EWHC 3362 (Comm), the High Court ruled that advance payment guarantees (APGs) issued by the claimant insurance company to the defendants, guaranteeing the repayment of payments made by the defendants under three shipbuilding contracts (the Contracts), were performance bonds or demand guarantees on which the claimant......
