LexisNexis® Legal Newsroom
Joaquin Ruiz Echauri
Latin America – Regulatory and Legislative Developments – September, 2009

FASECOLDA RESUME FINANCIAL REFORM ASPECTS IN INSURANCE SECTOR Regarding the new financial reform, known as Law 1328 dated 15 July 2009, the Colombian Association of Insurers, FASECOLDA, has specified those new aspects which will affect the insurance...

Luis Alfonso Fernandez
Spain – Recent Cases and Regulatory and Legislative Developments – September, 2009

UNDERINSURANCE AND APPLICATION OF AVERAGE PRINCIPLE Article 30 of the Spanish Insurance Contract Act sets out an "average rule" which states that if at the time of a loss the sum for which the interest is insured, is less than the actual...

Silke Justen and Thomas Gadtke
Germany – Regulatory and Legislative Developments – September, 2009

D&O-INSURANCE: ACT ON THE APPROPRIATENESS OF MANAGEMENT BOARD REMUNERATION INTRODUCES A DEDUCTIBLE FOR BOARD MEMBERS On 18 June 2009, the German Federal Parliament passed the Act on the Appropriateness of Management Board Remuneration ( Gesetz...

Silke Justen and Thomas Gadtke
Germany – Recent Cases – September, 2009

FEDERAL COURT OF JUSTICE PROHIBITS THE USE OF CUSTOMER DATA BY AN AGENT AFTER TERMINATION OF AGENCY AGREEMENT The court held that, in principle, insurance agents and their employees must not use customer data regarding the insureds for their own purposes...

Sebastian Gros and Jean-Baptiste Pessey
France – Recent Cases – September, 2009

CONVENTIONAL SUBROGATION DOES NOT REQUIRE INSURER'S PAYMENT TO RESULT FROM CONTRACTUAL OBLIGATION Goods were stolen en route to a buyer. The manufacturer and sender of the goods was indemnified by its insurer for the theft of the transported goods...

Jonathan Glusman
US – Recent Cases – September, 2009

ARBITRATION CLAUSE SURVIVES ASSIGNMENT OF REINSURANCE CLAIMS BY LIQUIDATOR A federal district court rejected an argument that reinsurance arbitration clauses are not enforceable against a company that takes an assignment of claims from a state liquidator...