Last year, the Law Commission questioned whether Section 53 of the Marine Insurance Act 1906 (the MIA) should be reformed (Issues Paper 8) and whether Section 22 of the MIA should be repealed (Issues Paper 9).
In our September 2010 issue of Insurance and Reinsurance Review, we reported on the Law Commission's proposed amendments to the duty of good faith as set out in Issues Papers 6 and 7.
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.
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").
Massachusetts Governor Deval Patrick has signed H.960 into law.
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.
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.
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.
In OneBeacon America Insurance Co. v. Swiss Reinsurance America Corporation, 09-CV-11495-PBS (D.Mass. December 23, 2010), a motion was brought by petitioner OneBeacon to vacate an arbitration award on the basis that the arbitrators were guilty of misconduct for refusing to permit necessary discovery and hear certain evidence.
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.