News & Analysis as of

Applications Insurance Industry

Eversheds Sutherland (US) LLP

United States Treasury Department-approved surety bond insurers: Will you be ready to take advantage of the new reduced collateral...

What You Need to Know About the New Classes of Treasury-Authorized Reinsurers in Advance of the August 9, 2024 Implementation Date - As we reported in our June 24, 2024 Legal Briefing, the US Department of the Treasury...more

Miller Nash LLP

[Webinar] Insurance Applications: Best Practices and the Consequences of Missteps - May 23rd, 9:00 am - 10:30 am PDT

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Insurance applications are emerging as the first place insurers look to deny coverage. These often-contentious coverage fights are avoidable and, given their increasing frequency, emphasize the need for risk managers and...more

Bradley Arant Boult Cummings LLP

Preparing a Cannabis Application: Five Things I Learned

Bob Seger’s “Against the Wind” is an anthem to love and growing old. Among its many great lines is “wish I didn’t know now what I didn’t know then.” Can you tell I recently turned 40? But I write today not about what I...more

Carlton Fields

When Hidden Truths Become Material Misrepresentations

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A 2021 survey by Finder.com reveals that roughly 15% of Americans admit to lying on a life insurance application. While significantly lower than the incidence of lying when procuring other types of insurance (auto, 29% and...more

Foley & Lardner LLP

How to Start an Insurance Company in California Using an Organizational Securities Permit

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For those considering forming an insurer domiciled in California, a key question arises: “What is an Organizational Securities Permit Application, and how do I draft it?” This Article provides an overview of the Application...more

Mitchell, Williams, Selig, Gates & Woodyard,...

LEGAL ALERT: Big Licensing Changes for Texas Insurance Professionals

On September 1, 2021, Texas HB 4030 went into effect, bringing with it several significant changes for Texas licensed (resident and non-resident) insurance professionals. As summarized below, HB 4030 implements several...more

Hogan Lovells

Insurance regulatory news, June 2021 #3

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Resolution powers and planning: IAIS application paper The International Association of Insurance Supervisors (IAIS) has published an application paper on resolution powers and planning. In this paper, the IAIS provides...more

Bradley Arant Boult Cummings LLP

11 Legal Considerations When Starting a Hemp Business in Mississippi

Now that Mississippi has enacted legislation legalizing the cultivation of hemp, you want to start a hemp company. You have your big idea and a business plan ready, but you begin to wonder whether you should be thinking about...more

King & Spalding

Insurers Now Offering PPP Loan Insurance

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As additional and conflicting guidance on Paycheck Protection Program (PPP) loans is released by the Small Business Administration (SBA), uncertainty about eligibility and loan forgiveness has persisted. In connection with...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

Bricker Graydon LLP

Application deadline for BWC group-rating programs is fast approaching

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The Bureau of Workers’ Compensation (BWC) announced that private employers that are interested in the Deductible, Individual-Retrospective-Rating or One Claim programs must file an application by January 31, 2020, for the...more

Carlton Fields

New York Federal Court Confirms Arbitration Award In Credit Insurance Dispute Over Material Misrepresentations Based, In Part, On...

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The Southern District of New York federal confirmed an arbitral award related to a credit insurance policy claim over claims of manifest disregard of the law related to the materiality of misrepresentations in the insurance...more

Polsinelli

Kansas Insurance Department TPA Renewal Deadlines

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The Kansas Insurance Department (“Department”) sent out an e-mail recently reminding TPAs that due to recent revisions to Kansas TPA statutes, any TPAs who held a Kansas TPA license as of March 2017 must submit either a...more

Carlton Fields

Federal Court In Puerto Rico Voids Marine Insurance Policy Based Upon Misrepresentation In Insurance Application

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QBE Seguros brought a successful action declaring a marine insurance policy was void ab initio under the doctrine of uberrimae fidei and the breach of the warranty of truthfulness in the application for insurance....more

Carlton Fields

See Something, Say Something – Especially on Your Application for Insurance Coverage

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When is a misrepresentation material on an application for insurance coverage? The Ninth Circuit affirmed a decision from the Central District of California, finding that an answer on an application for D&O insurance was a...more

Bradley Arant Boult Cummings LLP

5 Best Practices For Minimizing Rescission Risk

Recent court decisions across a variety of industries highlight the importance of submitting accurate and complete insurance applications and renewals. When submitting an insurance application, the applicant should accurately...more

Robinson+Cole Property Insurance Coverage...

Missing Millions, An Armored Car Conspiracy, And A Fraudulent Connecticut Insurance Application

In determining whether or not to provide insurance to a particular applicant, one thing that insurance companies typically rely on is the insurance application submitted by the prospective insured. The application is designed...more

Cozen O'Connor

When is Rescission Based Upon Material Misrepresentations The Proper Course of Action?

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Carriers rely on application representations regarding the existence of potential claims. Sometimes, the carrier learns after the fact that an applicant may not have reported all known potential claims. What can/should the...more

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