This panel offered the insights of a federal district court judge, defense counsel and plaintiffs' counsel regarding Class Action Procedure, focusing on trends regarding the class certification process.
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.
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.
The U.S. District Court for the District of Minnesota recently dismissed a directors and officers liability coverage suit, rejecting plaintiffs' argument that an underlying suit had to be brought by the insured in his capacity as an insured in order to implicate the policy's insured vs. insured exclusion.
On 25 June 2010, the Securities and Futures Commission of Hong Kong (the SFC) published the new SFC handbook (the Handbook), which came into immediate effect.
This panel offered a history of class action litigation involving life insurance and annuity products.
California State Senator Ron Calderon introduced Senate Bill 1242 (“SB 1242”) to amend California’s life settlement law which went into effect July 1, 2010.
On 8 July, the Financial Services Authority (FSA) banned Timothy Higgins, Clifford Felstead and Ralph Brunswick (who were found guilty in June 2008 of conspiring to defraud Markel, QBE and Amalfi Underwriting) from working in regulated financial services.
In addition to the panel on class actions (which we blogged about here), we attended an interesting panel this morning about a less publicized outgrowth from the Madoff litigation -- insurance coverage litigation.
On 14 July 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its draft advice on equivalence assessments to be undertaken in relation to three areas of the Solvency II directive, being reinsurance, group supervision and group solvency.