A Florida based insurance agent educator asked me for my thoughts about how arbitration clauses harm policyholders and provide less coverage. He was referencing my earlier post this week, Arbitration Clause Requiring New York Law and New York Arbitration Cited as Avoidance of Florida Lawsuit—Another Instance of Surplus Lines Insurer Abuse in Florida.…
A little under two years ago, we wrote about the fatal Oxford comma—you know, the one that comes before “and” in a list—and the impact of its omission on a court’s interpretation of a Maine employment statute. The court effectively gave a $10 million lesson in grammar and ambiguity, but its holding was not revolutionary to a coverage attorney. When faced with insurance coverage interpretation questions, such as ambiguities or undefined terms, courts consistently…
Last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the “Decree”). The final version of the Decree is expected to be issued soon and will enter into force upon the publication on the Official Journal. Amendments in the final version of the Decree cannot be excluded at this stage, but significant deviations from the below are not expected as the Decree…
There is no private right of action under the Foreign Corrupt Practices Act. However, regulatory enforcement actions under the FCPA by U.S. government authorities can and often does result in massive fines and penalties. When companies subject to FCPA enforcement are compelled to pay these penalties they often then hit with follow-on civil lawsuits arising out of or based on the anti-corruption enforcement action. In the most recent example of this anti-corruption enforcement and follow-on…
Insurance Law360 is part of my daily reading and it tipped me off to a case which raises the same problem about arbitration, I noted in Should Insurance Agents Get Sued for Selling Insurance Which Requires Arbitration in a Far Away Location and Deprives Their Customers of Consumer Protection Laws? and Arbitration Is an Increasing Trend Found Within Property Insurance Policies, and Arbitration is Not Appraisal.…
Once in a while an insurance company learns that its insured did not accurately portray its risk when applying for the insurance policy.  In many cases, the insurance company will just cancel the policy, but sometimes the insurance company will want to rescind the policy so that no claims can be filed for the period between policy issuance and cancellation.  If an insurance company learns that the application was not accurate, and decides to rescind…
Ren Gulong and Yang Anshu With the further opening-up of China’s financial market and the continuous progress of the internationalization of Renminbi in recent years, more and more foreign entities choose to issue renminbi-dominated bonds in mainland China (for the purpose of this article, excluding Hong Kong, Taiwan and Macao). In accordance with international practice, renminbi-denominated bonds issued in China by foreign organizations was named as “Panda Bonds”. China’s onshore bond markets comprises the interbank…
Ren Gulong and Zhang Jiaqi In mid-February, the European Commission adopted its new list of 23 high-risk countries for money laundering. As a result of the listing, banks and other entities covered by the European Union anti-money laundering rules will be required to apply increased checks on financial operations involving customers and financial institutions from these countries. China, as a member of FATF, has also devoted to fight against money laundering. One of the recent…
On March 18, 2019 a Panola County jury rendered a $40,000 verdict in Griffin v. Hartman. The rear bumper of Plaintiff’s vehicle was “bumped” by the front bumper of Defendant’s vehicle, resulting in dislocation or loosening of the rear bumper.  The low impact collision was in a parking lot in Batesville in March 2017. Plaintiff sustained permanent chronic lumbar sprain strain according to her family physician, Dr. Johnny Cummings. Dr. Cummings opined that she would…