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Locke Lord LLP | USA | 2 Jul 2010

Ninth Circuit affirms ruling that reinsurer has no duty to contribute to settlement payment where reinsured excess policy was not triggered

Texas Farmers Insurance Company ("Texas Farmers") issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4999-4900, 4900-4901, and 4901-4902.


Locke Lord LLP | China | 24 Jun 2010

The People's Bank of China announce the renminbi will no longer be pegged to the US dollar

The People's Bank of China (the POBC) announced on 19 June 2010 that the renminbi (RMB) was to exit the peg to the US dollar.


Locke Lord LLP | USA | 18 Jun 2010

European Commission consults on short selling

On 14 June 2010, the European Commission published a consultation document on the options for dealing with short selling.


Locke Lord LLP | United Kingdom | 23 Apr 2010

High Court rules on the presence of double insurance

In National Farmers Union Mutual Insurance Society Limited v HSBC Insurance (UK) Limited Gavin Kealey Q.C., sitting as a Deputy High Court Judge, ruled that the National Farmers Union (NFU) were not entitled to a contribution from HSBC (UK) Limited (HSBC) in relation to a payment that they had made to an insured, as this was not a case of double insurance.


Locke Lord LLP | Hong Kong | 12 Mar 2010

Rising demand for yuan policies

Chan Kin-por, legislator representing the insurance sector in Hong Kong's Legislative Council, recently told the South China Morning Post that many customers and insurance agents have urged him to seek a regulatory change to help the launch of yuan-denominated policies as many people believe that the yuan will appreciate in value over the next few decades and yuan life insurance policies may bring policyholders 20 to 50 growth in terms of investment returns and valuation gains.


Locke Lord LLP | United Kingdom | 25 Jan 2010

ABI position paper on executive remuneration

The Association of British Insurers (ABI) has published a paper on executive remuneration, to help remuneration committees understand how shareholders expect companies to apply the ABI's influential guidelines on executive remuneration in the current economic climate.


Locke Lord LLP | China | 11 Jan 2010

New accounting standards for insurance companies

The Chinese Ministry of Finance (MoF) and the China Insurance Regulatory Commission (CIRC), the insurance industry regulator in the People's Republic of China, have jointly issued detailed rules requiring insurance companies to adopt new accounting standards in compiling their 2009 financial reports.


Locke Lord LLP | USA | 9 Nov 2009

Southern District grants motion to dismiss in F-Cubed securities class action

On October 5, 2009, the U.S. District Court for the Southern District of New York granted the defendants' motion to dismiss in Cornwell v. Credit Suisse on subject matter jurisdiction grounds.


Locke Lord LLP | USA, El Salvador | 3 Nov 2009

New York State Insurance Department announces cooperation agreement with El Salvador

On Tuesday, October 29, 2009, New York State Insurance Department ("NYSID") Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding ("MoU") with the Superintendencia del Sistema Financiero de El Salvador ("SSF"), El Salvador’s insurance regulator.


Locke Lord LLP | USA | 4 Sep 2009

The Eleventh Circuit finds subject matter jurisdiction over “F-Cubed” plaintiffs

The Eleventh Circuit Court of Appeals has found that the district court has subject matter jurisdiction over securities claims brought by “F-Cubed” plaintiffs i.e., a foreign investors who purchased shares in a foreign company on a foreign stock exchange.

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