Decisions, decisions…..

And we some hard choices to make for our nominees to the LexisNexis Insurance Law Center 2008 Person of the year:

The LexisNexis Insurance Law Center is now receiving nominations for the Center’s “Insurance Law Persons of the Year” award. The award, like similar awards in other fields, seeks to identify and recognize people who have been a major force in the insurance law during the preceding year. We anticipate that the awards will continue to be given each year.

The Insurance Law Center will select the following:

Policyholder Attorney of the Year – the attorney who did the most in 2008 to effectively advance policyholder positions and improve insurance law from the perspective of policyholders.

Insurer Attorney of the Year — the attorney who did the most in 2008 to effectively advance insurer positions and improve insurance law from the perspective of insurers. Continue reading “Decisions, decisions…..”

Speaking of lobbying – NFIP pays insurance company legal fees in flood claims disputes!

We are pleased to transmit to you the Federal Insurance Administration’s (“FIA”) new Guide for Write Your Own Counsel. This Guide provides important information on the policies and procedures to be followed by Write Your Own Companies (“WYO Companies”) and their counsel in litigation involving the National Flood Insurance Program (“NFIP”)…

Since the inception of the WYO Program in October 1983, defense of lawsuits based on the SFIP has generally been handled smoothly and effectively. We stand ready to continue to offer support to WYO Companies in all litigation matters concerning the NFIP in our ongoing spirit of partnership.

Can you believe it? I can not – but google search results for “NFIP litigation” offered a copy.

This Guide for Write Your Own Counsel (“Guide”) has been developed by the Federal Insurance Administration (“FIA”) and the Federal Emergency Management Agency (“FEMA”) Office of General Counsel (“OGC”) to assist Write Your Own (“WYO”) Companies and their counsel defending National Flood Insurance Program (“NFIP”) litigation.

So much for thinking it is the deep pockets of the insurance industry that put most NFIP policyholder-plaintiffs at a financial disadvantage in litigation – those deep pockets are in Uncle Sam’s pants!

The FIA and WYO Company share a unique and common interest in the defense of cases related to the NFIP. Among other factors that give rise to this shared interest are the fiduciary responsibilities of the Company, the statutory and regulatory basis for the NFIP, the Federal government’s administrative and oversight responsibilities for the program, the need to share privileged information, and the fact that Federal funds are at risk. Accordingly, through the Arrangement, the FIA and the WYO Company have entered into a joint defense agreement to implement FEMA’s oversight responsibilities for the purpose of any litigation related to or arising under the NFIP to enable the free flow of information between the FIA, FEMA OGC, the WYO Company, and its legal counsel.

“Unique” is not exactly what I’d call the the government’s “common interest” with the insurer defendants in Katrina litigation.  I wonder if Judge Senter had a better word in mind in the “opinion” he would not “venture” in his December 12, 2008 Order in Gagne v State Farm. Continue reading “Speaking of lobbying – NFIP pays insurance company legal fees in flood claims disputes!”

Yep we done went and did it. Senator Chris Dodd, welcome to Slabbed

I’ll be honest and say this could be the end result of several straight 16 hour work days but I sent our current favorite US Senator here at slabbed a cyber greeting card last night over at HIG, which is getting killed agian today in trading. But then Steve called my youtube vid and raised the pot in a way that would make certainly make Brother Bennett proud so we’ll begin with it.

[youtube=http://www.youtube.com/watch?v=zgjmD93pTVE]

And now the one I left for the Senator: Continue reading “Yep we done went and did it. Senator Chris Dodd, welcome to Slabbed”

News from the cat house……

Time is short so I’ll not offer much analysis and what analysis I offer is in the form of the questions I asked myself while reading it?

  • What money “made the market” and how and to whom are the bonds placed (ie sold)? See this lengthy post I did a week or so back to understand why that question is important.
  • What role is TARP playing in financing this deal? Inquiring minds in policymaking positions what to know. (See first bullet point)
  • Who are the players making money from the act of doing the deal and how is it structured to avoid past mistakes?

Reuters has the story:

LONDON, Feb 27 (Reuters) – Standard & Poor’s has assigned a preliminary BB rating to U.S. insurer Liberty Mutual’s planned $200 million catastrophe bond, to be issued via special purpose vehicle Mystic Re II, the credit rating agency said.

In a pre-sales report published late on Thursday, S&P said Mystic Re II’s Series 2009-1 notes will transfer some potential losses by Liberty Mutual and affiliates from U.S. hurricanes and earthquakes to capital markets investors. Continue reading “News from the cat house……”