Insurance Companies

News & Analysis as of

Bad Faith Sentinel - January 2015

In This Issue: - District of South Carolina: No Support For Award of Punitive Damages Where Insured Failed To Prove Recklessness by Insurer - Supreme Court of Missouri Reverses Grant of Summary Judgment for...more

Florida Implementing New Insurance Agency Licensing Law

In 2014, the Florida Legislature enacted a law that makes significant changes to the way insurance agencies are licensed in Florida. The new law amends Florida’s insurance agency licensure law, and is intended to streamline...more

OFAC Sanctions Compliance Provisions in Various Agreements

Due to costly settlements secured by U.S. regulatory agencies, banks, insurers, and corporations are increasingly inserting rigorous OFAC sanctions compliance language into their credit agreements, insurance policies,...more

Florida’s Claims Administration Statute – Use It or Lose Your “Coverage Defense”

Any Insurer issuing liability policies in Florida should be aware of the requirement of Florida’s Claims Administration Statute, § 627.426, or risk waiving viable “coverage defenses.” The definition of “coverage defense”...more

U.K. Court Approves Insurance Business Transfer Scheme

A court in the United Kingdom has approved the transfer of the entire long-term insurance business of Prudential Annuities Limited (PAL) to The Prudential Assurance Company Limited (PAC). The transfer’s purpose was to...more

5th Circ. Highlights Importance Of Claim Investigation

Any insurance lawyer practicing in Texas knows that in order to show an insurance company has breached its duty of good faith and fair dealing to its insured, the insured must show “there is no reasonable basis for denial of...more

FSOC, At It Again, Places Asset Managers in Its Crosshairs

In seeking comment on potential risks to the U.S. financial system created by asset managers, the Financial Stability Oversight Council (FSOC) again places asset managers in its crosshairs. This crusade potentially can lead...more

Insurance Industry Wins Temporary FLSA Exemption for Insurance Adjusters in CRomnibus

On Tuesday, we discussed Congress’s passage of the Consolidated and Further Continuing Appropriations Act, 2015, nicknamed CRomnibus in the waning days of the 2014 legislative session. The omnibus spending bill avoided...more

Connecticut Revises Financial Reporting Requirements

The Connecticut Insurance Department has issued two Bulletins revising certain financial reporting requirements for certain insurers. Bulletin FS-4AR-14 (November 25, 2014) revises the annual financial filing requirements...more

Several Large Insurance Industry Mergers Announced as 2014 Comes to a Close

As 2014 came to a close, several significant insurance industry transactions were announced that, if completed, will likely reshape several segments of the insurance industry in 2015. Each of them, of course, will require...more

Proposed Anti-Inversion Regulations Would Affect Foreign Insurers

For decades American companies have used so-called “corporate inversions” to lower their tax burdens on foreign-earned income. Typically, the American company is acquired by a foreign company located in a tax-favorable...more

Insurance Antitrust Legal News: Volume 4, Number 1

Verisk/EagleView Merger Derailed by FTC Challenge - On December 16, Verisk Analytics, a leading provider of data analytics and related services to the insurance industry, including rooftop aerial measurement products,...more

California’s Insurance Fraud Prevention Act: 3 unsettled issues the health sector should understand

California’s Insurance Frauds Prevention Act, Ins. Code §§ 1871 et seq. (IFPA), is an unusual false claims statute. It allows “interested persons” (aka whistleblowers or relators) to file false claims lawsuits based on the...more

APRA releases Insight report on the life insurance and general insurance markets

APRA has released its second Insight report into the life insurance and general insurance markets for 2014. In terms of the general insurance markets, APRA makes a number of interesting observations....more

Italian Government Enacts Innovative Measures to Support Access to Finance

A new decree expands the types of entities allowed to provide loans beyond banks and financial intermediaries. Introduction - The Italian Government enacted law decree No. 91, of June 24, 2014, published on...more

Regulators Target Insurance Company Acquisitions by Private Equity Funds

Private equity firms and hedge funds have stepped up efforts to acquire insurance companies in recent years. This has prompted regulators to increasingly air their own unease with the risks they perceive associated with such...more

Policyholders Must Be Vigilant for Construction Defect Exclusions, Including For Impaired Property to Combat Insurance Companies’...

Continuing the most recent trend in coverage litigation, insurance companies are increasingly engaging “Big Law” firms to develop legal arguments for narrower interpretation of their policies when troublesome claims threaten...more

FIO Focus, Issue No. 51: Legislation Introduced to Clarify Collins Amendment

Concerns that minimum leverage and risk-based capital requirements required under section 171 of the Dodd-Frank Act would be applied to insurance companies have been addressed in S. 2270, sponsored by Susan Collins (R-ME),...more

Florida, Georgia And Texas Appraisal Update: Is Causation A Coverage Question For The Court Or A Damages Question For The Panel?

In most jurisdictions, underlying coverage issues must be resolved prior to invoking appraisal in a first-party property claim. The question of what constitutes a coverage issue (typically reserved for a court’s judicial...more

Don’t Lose Insurance Coverage Because You Fail to Provide Proper Notification

Most businesses have a variety of insurance coverage that they hope never to have to utilize. If and when the time does come to exercise one’s rights to the benefit of such a policy, however, the last thing any in-house...more

Only Arbitrator, Not Federal Court, Can Determine Preclusive Effect Of Confirmed Arbitration Award

In a case of first impression in the First Circuit, Employers Insurance Company of Wausau and National Casualty Company (“Wausau”), two of three reinsurers under identical agreements with OneBeacon American Insurance Co....more

Ongoing Or Completed Operations? Fifth Circuit Finds No Duty To Defend Contractor Under Additional Insured Endorsement

In Woodward, L.L.C. v. Acceptance Indemnity Insurance Company, WL 535726 (5th Cir. 2014), the Fifth Circuit Court of Appeals held the insurer had no duty to defend the contractor named as an additional insured under a...more

Ceding Reinsurer’s Disclosure Deficiencies Insufficient To Support Retrocessionaire’s Rescission Claim

A federal district court recently made findings of fact and conclusions of law following a nine-day bench trial upholding a ceding reinsurer’s right to receive certain payments from a retrocessionaire under two retrocession...more

Camp Goes All-In with Comprehensive Tax Plan: Highlights, Tax Reform Status and Impact on Taxpayers

On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”). That proposal seeks to cut marginal tax rates...more

Fourth Circuit Rules “Direct” Not Ambiguous; No Coverage for Contingent Business Interruption Loss

In a rare case interpreting insurance coverage for contingent business interruption (CBI), the Fourth Circuit recently held that the term “direct” is not ambiguous as it relates to determining who is a “direct” supplier of...more

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