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Insurance and Reinsurance Newsletter: Italy - April 2014

1. IVASS (ITALIAN INSURANCE SUPERVISORY AUTHORITY) – NEW REGULATIONS ON COMPLAINTS MANAGEMENT - On 1 April 2014, the draft measure containing amendments to ISVAP (former Italian Insurance Supervisory Authority)...more

Orion and London & Overseas Announce Plan to Propose Amending Scheme that Will Include a Bar Date

On January 20, 2014, the scheme administrators (the “Scheme Administrators”) for two insolvent London Market Insurers, The Orion Insurance Company PLC (“Orion” ) and The London and Overseas Insurance Company Limited (“L&O”)...more

It’s a Matter of Trust: The Garlock Decision as an Impetus for Increased Transparency Legislation in the Asbestos Trust Arena

On January 10, 2014, a bankruptcy court judge considered the estimated asbestos liability for Garlock Sealing Technologies, LLC (Garlock), ultimately determining that liability to be $125 million, a fraction of its previously...more

Delaware Decision Makes It Increasingly Difficult for Insurers to Evade Coverage for Dissolved Corporations

Can an injured plaintiff obtain compensation from a dissolved company with unexhausted insurance policies and force the insurer to pay? The Delaware Supreme Court says yes—in certain circumstances. Originally published...more

Fannie Mae Issues Numerous Servicing Guide Announcements

Over the past week, Fannie Mae has announced numerous servicing policy changes through a series of Servicing Guide Announcements. In SVC-2013-25, Fannie Mae updated allowable bankruptcy attorney and foreclosure attorney fees,...more

Delaware Supreme Court Defines Unexhausted Insurance Policies as Property of Dissolved Corporations

The Supreme Court of the State of Delaware recently reversed a Court of Chancery decision declining to appoint a receiver for a dissolved Delaware corporation, Krafft-Murphy Company, Inc. (Krafft). The Chancery Court...more

Insurers Seek Enforcement Of State Law Protections For City Of Detroit GO Bonds

On November 8, 2013, three monoline insurers of the City’s general obligation bonds commenced adversary proceedings in the City of Detroit bankruptcy case. Through these actions, the monoline insurers seek to compel...more

Illinois Supreme Court Holds Guaranty Fund's Indemnity Payments Not Limited By Statutory Cap

In Illinois (as in every other state), when an insurance company becomes insolvent and an order of liquidation is entered, the Illinois Insurance Guaranty Fund steps in and pays claims that the insolvent carrier could not...more

And then the insured went into liquidation … but that's not the end of the story

In Toongabbie Collision Pty Ltd (In Liquidation) (Trading as Autoworks Collision Centre) v CGU Insurance Limited [2013] NSWSC 1409, the Supreme Court of New South Wales granted leave to the director of the liquidated company...more

Following Chapter 9 Plan, Monoline Insurer Must Continue to Make Payments on Old Bonds

Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more

Court Finds ACA Financial Guaranty Must Back Pre-Bankruptcy Bonds

Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more

Insuring Your Business - September 2013

In This Issue: “Wrongful Acts” and the Jerry Sandusky Scandal and Insurance Spotlight: Management Liability Insurance Excerpt from “Wrongful Acts” and the Jerry Sandusky Scandal - It has been said that...more

Insurance Spotlight: Management Liability Insurance

If a company files for bankruptcy, allegedly as a result of mismanagement, are claims brought by the bankruptcy trustee against the former management of the company covered by insurance? The answer is yes, if the...more

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection by Joel R. Glucksman on August 20, 2013 Railroad company Montreal, Maine & Atlantic Ltd., which has recently been in the media spotlight for...more

United States v. Susquehanna Bank

Memorandum Opinion

Maryland's federal district court rejected the IRS contention that internal IRS regulations wipe out state recording statutes and the "relation back" principle that gives deeds an effective date prior to actual recording. The...more

Chartis Case

“Limited Judicial Discretion: The Superior Court Refuses to Compel an Insurer to Renew to Provide Coverage in the Context of Liquidation.”...more

Municipal Bankruptcies: An Overview and Recent History of Chapter 9 of the Bankruptcy Code

The City of Detroit filed for protection under chapter 9 of the Bankruptcy Code on July 18, 2013,[1] becoming the largest municipality to ever file for bankruptcy. Detroit’s bankruptcy filing presents numerous complicated...more

Business Litigation Report -- June 2013

In This Issue: - Three Landmark Decisions for Insurers and RMBS Investors - Shedding Light on a Bankruptcy Safe Harbor: Defining the Reach of Section 546(e) - Practice Area Updates: ..Patent...more

Is That Covered? Management Liability Insurance

If a company files for bankruptcy, allegedly as a result of mismanagement, are claims brought by the bankruptcy trustee against the former management of the company covered by insurance?...more

Second Circuit Restricts Zeig to First-Party Context, Requiring Actual Payment of Underlying Limits

The U.S. Court of Appeals for the 2nd Circuit recently eliminated the foundation for policyholders’ arguments in favor of “functional exhaustion.” In Ali v. Federal Insurance Co., No. 11-5000-cv (2d Cir. June 4, 2013), the...more

Weekly Law Resume - May 23, 2013: Insurers May Exercise the Attorney-Client Privilege On Behalf of Dissolved Corporate Insured

Mary Melendrez et al., v. Superior Court of the State of California, County of Los Angeles - COURT OF APPEAL, SECOND APPELLATE DISTRICT (April 30, 2013) - Petitioners and Plaintiffs Mary Melendrez, individually and...more

Second Circuit confirms excess insurance is triggered only upon actual payment of all underlying limits

This week Federal Insurance Company achieved an important victory in a long-standing insurance coverage litigation concerning the proper trigger of excess directors and officers insurance. DLA Piper represented Federal, a...more

Illinois Supreme Court to Decide Interplay Between Dram Shop Act and Insurance Guaranty Fund Act

In the final days of the Illinois Supreme Court's recently concluded May term, the Court allowed petitions for leave to appeal in five new civil cases. Today, we begin our detailed previews of those cases, discussing the...more

Am I liable for an accident caused by my friend when he was driving my car with my permission?

If you are facing possibly liability for the actions of another person, such as a person driving your car or maybe living in your house, you will want to read this post! Contact: Attorney George E. Bourguignon,...more

Historical Tort System Claim Values Cannot Be Reduced By "Nuisance" Settlements and "Implicit Defense Costs" To Determine Present...

Delaware Bankruptcy Judge Judith Fitzgerald in the bankruptcies of Specialty Products Holding Corp. (a/k/a RPM, Inc.) and Bondex International, Inc. rejected the Debtors’ “novel” claim estimation approach that reduced from...more

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