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Restructuring and Insolvency Bulletin Issue 1 - 2017: United States: D&O Insurance Policies – a cautionary tale: the Peril of...

by Dechert LLP on

Directors and officers (D&Os) of troubled companies should be highly sensitive to D&O insurance policies with Prior Act Exclusion. While policies with such exclusion may be cheaper, a recent decision by the U.S. Court of...more

Bank Holding Company Execs Not Entitled to Insurance Coverage

Is a bank holding company that owns and operates banks the same entity both pre- and postbankruptcy filing for the purposes of pursuing directors and officers (D&O) insurance coverage? Yes, the U.S. Court of Appeals, Sixth...more

Deadline to File Liquidated Claims with Lumbermens in Liquidation Extended to 2017

by Reed Smith on

The November 10, 2016, deadline for timely filing liquidated claims in the Lumbermens Liquidation has been extended to November 10, 2017. The November 10, 2016, deadline for timely filing liquidated claims in the...more

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

by Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

Finally A Clear Ruling On A Much Needed Bankruptcy Preference Defense

by Saul Ewing LLP on

The United States Bankruptcy Court for the District of Delaware has finally clarified that the administrative expense claim for goods delivered post-bankruptcy filing may be set off – dollar for dollar – to reduce any open...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

by Foley & Lardner LLP on

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

Germany’s Maple Bank Indemnification: Implications for Creditors

by Reed Smith on

On 12 February 2016, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) declared Maple Bank GmbH (“Maple”) as an indemnification case, meaning that the German deposit...more

Reliance Insurance Company Final Claims Bar Date: March 31, 2016

by Gilbert LLP on

The court overseeing the liquidation of Reliance Insurance Company, one of the largest insurance liquidations in history, has approved the liquidator’s request for a final claims bar date of March 31, 2016. Reliance’s...more

The Impact of Health Insurance Co-Op Liquidations on Providers

by Epstein Becker & Green on

A growing number of health insurance co-ops or “consumer operated and oriented plans” created under the Affordable Care Act (“ACA”) are shutting down on their own initiative or on orders of state regulators because of their...more

Lincoln General Insurance Company Enters Liquidation in Pennsylvania

by Reed Smith on

The Insurance Commissioner of Pennsylvania has placed Lincoln General Insurance Company into liquidation in Pennsylvania. As a result, the Insurance Commissioner as Liquidator takes over the property, business, and affairs of...more

Florida District Court Affirms Bankruptcy Court Bar Order In Favor Of Former Ds & Os

by Carlton Fields on

On September 24, Southern District of Florida District Court Judge James I. Cohn issued an opinion affirming an order approving the settlement of a debtor’s breach of fiduciary duty, corporate waste, and mismanagement claims...more

Title Insurance: When Does a Construction Lender “Create” or “Suffer” a Mechanics Lien?

by Pepper Hamilton LLP on

BB Syndication Services, Inc. v. First American Title Ins. Co., 785 F.3d 825 (7th Cir. 2015) – A construction lender sued a title insurance company seeking defense and indemnification in connection with claims in a...more

Seventh Circuit Limits Construction Lender’s Use of Title Insurance Policy to Cover Construction Liens Created by Lender’s Cutoff...

by Foley & Lardner LLP on

In a recent decision written by Judge Sykes, affirming a decision from the Western District of Wisconsin, in an issue governed by Wisconsin law, the Seventh Circuit ruled that a title insurer has no duty to indemnify a...more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

by Pepper Hamilton LLP on

After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. [See, First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014).] The lender appealed the...more

New Thai insurance acts facilitate foreign ownership of insurers

by DLA Piper on

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

Update: Finding the Earliest and Least Expensive Exit from Financial Services Class Actions

In this Newsletter: - Gather The Facts And Assess The Risk Up Front. - If The Class Action Is Filed In State Court, Think Strategically About Whether To Remove. - Invest Time, Effort And Resources In...more

Navigating the Maze of Medical Cannabis - Uncertainty and the Challenge of Obtaining Banking and Insurance Services for...

by Locke Lord LLP on

The current and two immediate past presidents have smoked it. As one leading expert commented during a congressional hearing, perhaps “marijuana is a gateway drug to the White House?” Medical marijuana is now legal in...more

Municipal Bond Interest Paid By a Bond Insurer After an Issuer’s Bankruptcy Discharge Can Remain Tax-Exempt

In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus...more

Addressing an issue of first impression, Connecticut Supreme Court concludes that Insurance Guaranty Association is not estopped...

by Melito & Adolfsen on

In Connecticut Ins. Guaranty Association v. Joshua Drown, the Connecticut Supreme Court addressed, as an issue of first impression, whether an insurer’s preinsolvency breach of its duty to defend a claim during an underlying...more

Time to File Proof of Claim with Lumbermens in Liquidation

by Reed Smith on

November 10, 2014, is the deadline for filing proof of claims with the Office of the Special Deputy Receiver in Illinois regarding the estates of Lumbermens Mutual Casualty Company, American Manufacturers Mutual Insurance...more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

by Pepper Hamilton LLP on

First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014) – After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. The lender appealed the...more

Bank Regulator Eyes Insurer Capital

The Federal Reserve Board (FRB) has begun a process that will lead to the imposition of new capital requirements on some large insurance companies. Pursuant to Section 171 of the Dodd-Frank Act, the FRB gained authority to...more

Statute of Limitations for Submitting a Claim Against CIGA

by Low, Ball & Lynch on

Statute of Limitations for Submitting a Claim Against CIGA - Court Of Appeal, First Appellate District (September 17, 2014) - The California Insurance Guarantee Association (“CIGA”) has a statutory duty to pay...more

“Blinded By the Light of God and Truth and Right”: Constitutional Arguments Carry the Day Against Zealous Insurance Receiver

by Carlton Fields on

Insurance receivers have the unenviable job of liquidating failed insurance companies: collecting the insolvent insurers’ assets and paying claims against the failed insurers in accordance with a statutory claim priority...more

Avoid the “Insolvency Exclusion” Trap in E&O Policies: Tennessee Federal Court Confirms That Insolvency Exclusion Does Not Apply...

by King & Spalding on

As the wave of litigation spawned by the 2008 financial crisis begins to ebb, insurance-coverage litigation arising out of the credit crisis continues unabated. Financial institutions have successfully pursued insurance...more

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