The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile's Code of Commerce.

Two companion decisions by the state's highest court held that, in addition to recovering policy proceeds, policyholders may recover consequential damages resulting from an insurer's breach of a policy, at least in certain circumstances where the insurer is found to have breached its duty of good faith and fair dealing and the damages were foreseeable and quantifiable.

In the last year, the overall Latin American insurance market has continued to experience robust growth, estimated at 7.4% by Fundacion Mapfre for the first half of 2009 over the first half of 2008.

A Connecticut jury recently awarded nearly $15 million to a class of automotive body shop plaintiffs based on the jury’s finding that the insurance company defendant violated the Connecticut Unfair Trade Practices Act.

Non-parties to the reinsurance agreement are often in a unique position to provide important information to cedents and reinsurers engaged in arbitration.