Kelly Cruz-Brown

Kelly Cruz-Brown

Carlton Fields Jorden Burt

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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

Court Denies Renewed Attempt To Dismiss Defenses In Reinsurance Dispute Associated With Asbestos-Related Liabilities

In this case, plaintiffs sought leave to renew their motion to dismiss certain retention-related and assignment affirmative defenses based on provisions of certain Loss Portfolio Transfer (LPT) agreements, and to re-argue the...more

7/15/2014 - Asbestos Asbestos Litigation Motion to Dismiss Reinsurance

Colorado Amends Laws Governing Credit For Reinsurance And Receiverships

Colorado has amended its laws regarding credit for reinsurance and receiverships to conform to certain model acts adopted by the National Association of Insurance Commissioners (NAIC). House Bill 14-1315, conforms Colorado...more

6/23/2014 - NAIC Receivership Reinsurance

Assisted Living Facility Reform Likely In 2014

Reform of assisted living facilities (ALFs) has returned for the 2014 Florida Regular Session. The major reforms proposed seek to improve accountability, transparency, and regulation of ALF operations....more

3/28/2014 - Medical Liability Nursing Homes

NAIC's Newly Appointed Unclaimed Life Insurance Benefits Working Group Seeks Comments Before The Spring National Meeting

During its March 13, 2014 conference call, the NAIC's Life Insurance and Annuities (A) Committee appointed an Unclaimed Life Insurance Benefits (A) Working Group charged with "undertaking a study to determine if...more

3/17/2014 - Life Insurance NAIC Unclaimed Life Insurance Benefits Act

Market Conduct Examinations: Are You Prepared?

Market analysis and market conduct examinations provide insurance regulators with information to assess how the insurance marketplace as a whole, and the individual insurance entities that make up that market, are in...more

3/13/2014 - Compliance Enforcement Insurers Investigations NAIC Surveillance

Regulations Affect Health Insurance Exchange Navigators, Mortgage Servicers

At both the federal and state levels, 2013 is proving to be a year of significant activity and regulatory changes for the insurance industry. Originally Published in TortSource - Summer 2013....more

8/14/2013 - Affordable Care Act CMS Health Insurance Exchanges Healthcare HHS Medicare Mortgages

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