Kelly Cruz-Brown

Kelly Cruz-Brown

Carlton Fields Jorden Burt

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Terrorism Risk Insurance Program Reauthorized

On January 12, 2015, the Terrorism Risk Insurance Act Program (“TRIA” or “Program”), which was originally adopted in 2002 to provide a federal backstop to protect insurers from catastrophic claims arising from terrorist...more

1/21/2015 - Insurance Industry Terrorism Insurance TRIA

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

1/16/2015 - Automotive Loans CFTC Class Action Consumer Complaint System Data Breach Divorce Driverless Cars FCC Healthcare HIPAA Insurance Industry Life Insurance Money Market Funds Mortgages NAIC Private Equity Funds STOLI Unsolicited Faxes

Florida Remains a Non-Member of The Interstate Insurance Product Regulation Commission

During the Summer NAIC meeting, the Interstate Insurance Product Regulation Commission (IIPRC) confirmed it does not recognize Florida as having entered the IIPRC Compact because Florida’s Compact Statute contains material...more

1/6/2015 - Interstate Compacts NAIC

New Year, New Disclosures

On December 29, the Florida Department of Financial Services (FDFS) published Proposed Rule 69B-215.090 (the "Proposed Surrender Disclosure Rule") setting forth the disclosures required when a surrender of any cash value life...more

1/2/2015 - Cash Value Department of Financial Services Disclosure Requirements Life Insurance Proposed Regulation

Appeal Dismissed In Instituto Nacional De Seguros V. Hemispheric Reinsurance Group, L.L.C. Et Al.

We have posted on this case filed against two reinsurance brokers several times. Since our last posting regarding this case, which reported on the results of the trial, an appeal was filed in Florida’s Third District Court...more

12/11/2014 - Appeals Dismissals Insurance Brokers Reinsurance

Court Reverses Denial Of Petition To Compel Arbitration

In Mahmud v. Ralph’s Grocery Company, No. B237636 CA 2/4 (Nov. 10, 2014), the California Second Appellate District reversed and remanded a trial court denying the petition of an employer (Ralph’s) to compel arbitration of a...more

12/8/2014 - Arbitration Class Action Class Certification Former Employee NLRA Ralphs Reinsurance Remand Wage and Hour

Maryland Insurance Administration Prohibits Use of Price Optimization to Rate Property & Casualty Insurance Policies

On October 31, the Maryland Insurance Administration (MIA) issued Bulletin 14-23 (the "Bulletin") to property and casualty insurers. It prohibits the use of price optimization in setting rates for policies issued in Maryland....more

11/14/2014 - Casualty Insurance Insurance Rates Insurers Property Insurance

California Legislation Regarding Credit For Reinsurance Signed Into Law

On September 16, 2014, Assembly Bill No. 2734 (“AB 2734”) was signed into law. AB 2734 authorizes trusteed surplus to be reduced to not less than 30% of the assuming insurer’s liabilities attributable to reinsurance ceded by...more

10/31/2014 - Escrow Accounts Insurers New Legislation Reinsurance

Commonwealth Court Of Pennsylvania Approves Reinsurance Commutation Agreement

On September 4, 2014, the receivership court for the Reliance Insurance Company (“Reliance’) estate (the “Reliance Estate”) approved a settlement agreement allowing the Liquidator to terminate and commute the obligations...more

10/28/2014 - Judicial Settlement Agreements Receivership Reinsurance Reliance Standard Life Insurance

Florida Modifies Its Annuity Suitability Rule

On October 1, the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, "Suitability and Disclosures in Annuity Contracts – Forms Required" (the Suitability Rule). This amendment...more

10/9/2014 - Annuities Department of Financial Services Life Insurance

Court Determines Reinsurer Obligation To Pay For Combined Loss And Expense Capped At The Dollar Amount Stated In The Reinsurance...

The United States District Court for the Southern District of New York granted partial summary judgment to plaintiff reinsurer seeking a declaration that the dollar amount stated in the “Reinsurance Acceptance” section of...more

10/8/2014 - Damage Caps Insurance Certificates Reinsurance

Rhode Island Division Of Insurance Amends Credit For Reinsurance Regulation

Effective September 2, 2014, Insurance Regulation 59 entitled “Credit for Reinsurance” is amended to update the regulation to the current version of the National Association of Insurance Commissioners (NAIC) Model Regulation...more

10/7/2014 - NAIC Reinsurance

State Regulators Eye Complex Products Marketing

Joseph P. Borg, Director of the Alabama Securities Commission, and James R. Mumford, First Deputy Insurance Commissioner in Iowa, raised state securities and insurance regulatory concerns at this summer’s Insured Retirement...more

9/29/2014 - Complex Financial Products Fraud IRA Marketing REIT Securities Fraud

NAIC Unclaimed Life Insurance Benefits Working Group Recommends Development of Model Law and Comment Letter to Uniform Law...

On September 17, 2014, the NAIC's Unclaimed Life Insurance Benefits (A) Working Group (Working Group) discussed its recommendations to the Life Insurance and Annuities (A) Committee (the (A) Committee) concerning unclaimed...more

9/23/2014 - Life Insurance NAIC Proposed Legislation Unclaimed Life Insurance Benefits Act

Defamation Action Regarding Fraudulent Accounting Claim Withstands Motion To Dismiss

Action by Greenberg against Spitzer for defamation based on public statements by Spitzer about Greenberg’s stewardship of AIG regarding, among other things, Spitzer’s assertion that Greenberg engaged in fraudulent accounting....more

9/19/2014 - Accounting Defamation Fraud Motion to Dismiss

Louisiana Issues Advisory Letter Regarding Use of the Social Security Administration's Death Master File

On September 4, the Louisiana Department of Insurance issued Advisory Letter 2014-04 (the "Advisory") to advise all life and annuity insurers licensed in Louisiana regarding use of the Social Security Administration's Death...more

9/17/2014 - Annuities Death Master Files Life Insurance Social Security Social Security Adminstration

Court Denies Motion To Dismiss For Lack Of Subject Matter Jurisdiction

In prior proceedings, Glory Wealth obtained an England arbitration award against Industrial Carriers, Inc. (ICI) and a confirmation of the award in the United States District Court for the Southern District of New York....more

9/17/2014 - Arbitration Awards Insurers Subject Matter Jurisdiction Vessels Waterborne Freight Transportation

Florida Proposes Rule for Annuity and Life Insurance Surrender Disclosures

On September 4, the Florida Department of Financial Services (the "Department") published a Notice of Rule Development for Proposed Rule 69B-215.090, Florida Administrative Code (the "Proposed Rule") setting out disclosure...more

9/9/2014 - Annuities Life Insurance

Court Grants Motion For Partial Judgment On The Pleadings In RESPA Class Action Regarding Private Mortgage Insurance

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

8/29/2014 - Equitable Estoppel Equitable Tolling Mortgage Insurance Putative Class Actions Reinsurance RESPA

Maryland Adopts Credit For Reinsurance Regulations

The Maryland Insurance Commissioner adopted regulations regarding Credit for Reinsurance effective August 18, 2014. The regulations will implement changes made to Title 5, Subtitle 9 of the Maryland Insurance Article, and are...more

8/27/2014 - Insurers New Regulations Reinsurance

California Appellate Court Upholds Delegation Clause In Arbitration Agreement

The issue before the California Appellate Court was whether the trial court erred in enforcing a delegation clause in an arbitration agreement governed by the Federal Arbitration Act (“FAA”), and granting the defendant’s...more

8/7/2014 - Arbitration Arbitration Agreements Delegation Clauses FAA

Office of the Commissioner of Insurance of Georgia Proposes New Regulation Governing Protection of Trade Secret Information

The Office of the Commissioner of Insurance of Georgia ("OCI") has proposed a new rule concerning procedures to be followed by persons or entities asserting trade secret protection of information filed with the OCI to comply...more

8/4/2014 - Insurers Judicial Review Proposed Regulation Trade Secrets

New York Department Of Financial Services (“NYDFS”) Adopts Emergency Regulation Regarding Excess Line Placements Governing...

The Emergency Regulation, effective April 21, 2014, conforms 11 NYCRR 27 to the requirements of the Non-Admitted and Reinsurance Reform Act of 2010 (“NRRA”). The amendments make the following changes to Insurance Regulation...more

8/4/2014 - Department of Financial Services E-Filing Excess Policies NRRA Reinsurance

Dodd-Frank Does Not Bar Arbitration Of Claims If Arbitration Agreement Does Not Exempt Dodd-Frank Whistleblower Claims

The Fourth Circuit affirmed order from the United States District Court for the Eastern District of Virginia compelling arbitration of former employee’s federal claims under the Age Discrimination in Employment Act (ADEA),...more

7/16/2014 - ADEA Arbitration Discrimination Dodd-Frank Employment Contract ERISA FMLA Former Employee Hiring & Firing Whistleblowers

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