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Directors and Officers

District Court Blocks Stanford International Bank from Obtaining Defense Funds in Alleged Ponzi Scheme

SEC v. Stanford Int'l Bank

(U.S. Dist. Ct., N. Dist. of Texas, September 28, 2009)

 

Robert Allen, the alleged architect of the Stanford Ponzi scheme, sought to secure up to $90 Million in insurance funds to pay defense costs. Stanford had made an emergency application to an English court seeking the policy proceeds.

 

The court, claiming jurisdiction over the policies at issue entered an order enjoining “Allen Stanford and anyone acting in concert with him, including his attorneys, from taking further steps to …

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Bad Faith and Extra-Contractual Liability

Insurer Seeks to Stay Discovery on “Secondary” Coverage Claims for Bad Faith and Breach of Contract.

Intel Corp. v. American Guarantee & Liability Insurance Co.
(N.D. California, October 1, 2009) 
 
Insurer seeks to stay discovery in anti-trust dispute regarding insured's bad faith and breach of contract claims,  arguing they are secondary to the primary coverage dispute.  Over eight years, the insurer issued excess and umbrella insurance policies totaling $300 million in coverage.  The coverage action stems from what has been called by the insured's counsel as the "largest anti-trust case that has been filed in the United States."  The underlying action
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Reinsurance Review

Reinsurance Review Cases For October Edition

Download Princeton v. Converium Reinsurance Decision

Download Miller v. Connecticut General Life Ins. Co. Decision

Download Svanaca v. Rain & Hail LLC Decision

Download Guarantee Life Trust v. First Student Program Decision

Download PMA Capital v. Platinum Underwriters Decision

Download Executive Risk Indemnity v. Charleston Area Medical Center Decision

Download Ario v. Reliance Insurance Co.

Download Willis Re/CNA Filing

Download Liberty Mutual v. AIG Complaint 

Download NAIC Proposed Legislation on Reinsurance Regulation

To receive the Reinsurance Review directly via email, kindly contact Jeff Kingsley at [email protected]

 …

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Uncategorized

CaseWatch: Insurance Cases for October 2, 2009

Download Allstate Indemnity Company v. Russell

Download Allstate Ins. Co. v. American Home Products

Download Bercier v. State Farm Fire & Casualty Ins. Co.

Download Bovis Lend Lease LMB Inc. v. Garito Contracting, Inc.

Download Bruckmann, Rosser, Sherrill & Co., L.P. v. Marsh USA, Inc.

Download Capitol Specialty Insurance Corp. v. Whitaker

Download Century Surety Co. v. Dewey Bellows Operating Co.

Download Chartrand v. Illinois Union Insurance Company

Download Continental Casualty Co. v. Consolidated Graphics

Download Dunn v. Reed Group, Inc.

Download Herceg v. …

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Life, Health, Disability & ERISA

Seventh Circuit Applies “Arbitrary and Capricious” Standard of Review of Long Term Disability Plan

Black v. Long Term Disability Insurance

(7th Cir. [ Wis.] September 18, 2009)

After being denied coverage under her employer’s long term disability plan, an employee filed an ERISA action for benefits.  The employee argued that the court should review the matter under a de novo standard.  The Seventh Circuit held that the benefits determination was subject to an arbitrary and capricious standard of review rather than de novo because the plan grants the insurer discretion in its benefits determinations.  …

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Industry News

National Association of Insurance Commissioners Government Relations Leadership Council approved proposed legislation intended to modernize regulation of reinsurance by the states for submission to Congress

Last week, the National Association of Insurance Commissioners Government Relations Leadership Council approved proposed legislation intended to modernize regulation of reinsurance by the states for submission to Congress.  The proposed legislation establishes a "Reinsurance Supervision Review Board," which has power to:

"(1) evaluate the reinsurance supervisory systems of the States to determine whether such jurisdictions qualify as Home State Supervisors or Port of Entry Supervisors under standards recommended by the NAIC and adopted by the Board;

(2) evaluate the reinsurance supervisory systems of non-U.S. Jurisdictions …

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Bad Faith and Extra-Contractual Liability

Court Affirms Imposition of Punitive Damages Award For Insurer’s Bad Faith In Rescinding Health Insurance Policy

Mitchell v. Fortis Ins. Co.

(Supreme Court of South Carolina, September 14, 2009)

 

Policyholder brought causes of action for breach of contract and bad faith rescission against his insurance company, and sought actual and punitive damages as a result of the company’s termination of his health care insurance from original issuance on the grounds of a purported material misrepresentation due to a subsequent positive HIV test and mis-dated referral note.  The jury awarded the policyholder $36,000 in actual damages on the breach of …

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Uncategorized

South Carolina Supreme Court Holds Coverage For Advertising Injuries Includes Trademark Infringement Claims

Super Duper, Inc. v. PennsylvaniaNat. Mut. Ins. Co., et. al..

(Supreme Court of South Carolina, September 14, 2009)

As an issue of first impression in South Carolina was whether a policy’s inclusion of an advertising injury also encompassed trademark infringement claims pertaining to educational materials for children.  Mattel Inc. challenged the insured’s registration of four trademarks and the insured subsequently brought a declaratory judgment action in federal district court to determine if its trademark infringed on Mattel’s trademarks.  Super Duper was insured by …

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