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Locke Lord LLP | USA | 27 Jul 2010

Federal regulation of the insurance industry: we are living in interesting times

The week of July 19, 2010 was an interesting week for the insurance industry with developments affecting the industry as a whole and a proposal to regulate life settlements as securities at the federal level.


Locke Lord LLP | USA | 21 Jul 2010

ERISA litigation: an update from the ALI-ABA conference on financial and insurance litigation

ERISA litigation, once considered a dull backwater of the law, has been gaining increased interest and attention in recent years: the result of an aging population and an increasingly sophisticated and aggressive plaintiffs' bar.


Locke Lord LLP | USA | 19 Jul 2010

Changes in securities & insurance regulation affecting enforcement strategies ALI-ABA conference on insurance & financial services litigation

Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme.


Locke Lord LLP | USA | 16 Jul 2010

Financial reform package preserves the role of state insurance departments in regulating indexed annuities

In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011.


Locke Lord LLP | Hong Kong | 21 Jun 2010

Hong Kong: launch of yuan-denominated policies in Hong Kong

In order to tap investor expectations of a rising yuan (RMB), insurers are preparing to launch yuan-denominated policies as a new product offering for insurers in the Hong Kong market.


Locke Lord LLP | USA | 18 Jun 2010

State insurance commissioners make their case for inclusion in the Financial Stability Oversight Council

In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC").


Locke Lord LLP | USA | 14 Jun 2010

State lawmakers lobby for a seat at the Financial Stability Oversight Council

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").


Locke Lord LLP | USA | 10 Jun 2010

Court denies Wells Fargo’s motion to dismiss on statute of limitations grounds

The United States District Court for the Northern District of California recently granted in part and denied in part motions to dismiss a class action brought by a class of purchasers of mortgage pass-through certificates.


Locke Lord LLP | USA | 8 Jun 2010

Court holds coverage for Madoff suits excluded under policy’s insolvency exclusion

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.


Locke Lord LLP | USA | 18 May 2010

SDFL judge finds for Wachovia in unique auction rate securities suit

A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities ("ARS") originally purchased through Wachovia.

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