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  • Willis will shortly discover whether its role as an adviser to the Stanford Financial Group will result in a formal class action.
  • Nearly 18 months after The Insurance Insider first revealed that the directors' and officers' (D&O) cover for Stanford Financial Group (SFG) was placed in the London financial institutions market, the dispute over whether the insurers are liable for the mounting defence costs finally began last week.
  • Nearly all insurance regulators monitor the industry-wide health of the sector but the standards of their surveillance range "often substantively" from authority to authority, a survey from the International Association of Insurance Supervisors (IAIS) shows.
  • Discontinuation of the US Terrorism Risk Insurance Act (TRIA) would have an adverse effect on the long-term availability and affordability of terrorism insurance, according to Marsh.
  • UK watchdog the Financial Services Authority (FSA) last week levied a record £2.275mn fine on Zurich Insurance's UK branch for failing to keep client data secure.
  • London and international market (re)insurers are set to be questioned as part of a new European Commission (EC) investigation into possible anti-competitive activity among the 13 shipowner mutuals of the International Group of Protection and Indemnity (IG) clubs.
  • Leading insurance-linked securities (ILS) investor Clariden Leu last week unveiled a $20mn a "cat bond lite" transaction that saw it transform an industry loss warranty (ILW) contract into tradable cat bond notes.
  • A raft of planned ILS funds were announced last week as well as the official launch of Horizon21 spin-off Twelve Capital, The Insurance Insider's sister publication Trading Risk reported.
  • The World Trade Center (WTC) Captive Insurance Co has extended its deadline for plaintiffs to consider opting in to its $700mn+ settlement scheme by two months until 8 November.
  • Lloyd's (re)insurer Amlin leads the cover on the passenger plane that crashed in the Heilongjiang province of China on 23 August, The Insurance Insider revealed last week.