Insurance Companies

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Red Notice Newsletter - August 2015

Welcome to the August 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more

A Guide for Insurers on Creating and Maintaining a Cybersecurity Plan

The intersection of valuable and personally identifiable digitized information and the increasing incidence of cybersecurity breaches makes the creation and maintenance of a cybersecurity plan one of the most pressing...more

UK Insurers Probed for Cyber Risk

The UK's Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to...more

California Adopts NAIC Corporate Governance Annual Disclosure Requirements

On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along...more

Blog: States Strengthen Laws Addressing Health Information Handling and Breach Response

Connecticut and Oregon were recently added to the increasing list of states adopting stricter laws addressing the handling of health information and penalties in connection with breaches of health information. Both states...more

Resolving Inconsistent Jurisdiction Clauses And Limits To Fiona Trust Presumption

In Trust Risk Group SpA v AmTrust Europe Ltd [2015] EWCA Civ 437, 30 April 2015, the Court of Appeal held that when resolving competing jurisdiction clauses in two different agreements where one is entered into at a later...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

“Continuous” Trigger is Alive and Well in Pennsylvania

In recent years, insurers have attempted to avoid their coverage obligations for their policyholders’ asbestos personal injury claims by challenging longstanding trigger of coverage rulings from the 1980s and 1990s. Although...more

California Insurance-Related Bills Meet Deadline for Passage in 2015

The deadline for Assembly bills to be passed by the California Assembly and for Senate bills to be passed by the California Senate was June 5. Bills that met the deadline are eligible for enactment this year. Bills that...more

Colorado Supreme Court: Indefinite, Future Assignment of Insurance Proceeds Unenforceable Against Insurer

It is not uncommon for injured persons to assign their rights to insurance proceeds to a third party, and the enforceability of those assignments has been the subject of frequent litigation around the country. In the most...more

Insurance Holding Company Laws: What providers need to know as they dive into insurance market waters

As providers continue to develop innovative ways to deliver coordinated care while controlling costs, many are looking to develop their own managed care plans or purchase an existing plan as part of these new care models....more

IVASS measure no. 30 of 24 March 2015 - New rules in the matter of complaints' handling

By order no. 30 of 24 March 2015, IVASS issued new rules regarding insurance undertakings when concerned with compliance of the recently enacted EIOPA guidelines. The new rules have been introduced as amendments to the...more

Florida High Court Finds State Insurer Immune From Statutory Bad Faith Claims (updates article posted on Oct. 31, 2014)

After its property was damaged by a hurricane, Perdido Sun Condominium Association filed an insurance claim with Citizens Property Insurance Corp., a state-created entity that provides property insurance. Perdido Sun was not...more

Insurance Recovery Law - June 2015

New Jersey Supreme Court Rules Claimants May Be Entitled to Recover Attorneys’ Fees in Coverage Cases Even Without Establishing Liability in the Underlying Action - Why it matters: The New Jersey Supreme Court recently...more

Pennsylvania Supreme Court’s decision in Politsopoulos represents victory for policyholders across Pennsylvania

The Pennsylvania Supreme Court recently issued a long-awaited decision in Mutual Benefit Insurance Company v. Politsopoulos, No. J-85-2014, delivering the insured in that case, and policyholders across Pennsylvania, a big...more

SEC Sanctions Insurance Company for Variable Contract Pricing Violations

The Securities and Exchange Commission (the “SEC”) recently charged a life insurance company with violating the pricing requirements under Rule 22c-1 of the Investment Company Act of 1940 in respect of purchase and redemption...more

Commerce Department Extends Deadline for BE-10 Reports and Important Clarifications for Asset Managers and Insurance Companies

On Thursday, May 28, the Bureau of Economic Analysis (BEA) issued an automatic one month extension to all first time filers of the BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The extension grant, coming one day...more

Global Trends in Insurance M&A in 2014 and Beyond

Looking back on 2014: The return of the billion dollar transactions - In recent years, insurance companies have largely focused on improving their performance by cutting costs amidst a slow post-global financial crisis...more

Blog: Senator Grassley Requests Information Related to Potential Medicare Advantage Fraud

Senator Grassley issued letters this week to the Centers for Medicare and Medicaid Services (CMS) and Department of Justice (DOJ) related to potential fraud in the Medicare Advantage program. Citing news articles, DOJ...more

This Week In Securities Litigation

The Commission filed and insider trading case in tandem with the Manhattan U.S. Attorney’s Office against a father and son based on repeated trades in advance of deal announcements even after FINRA initiated an investigation...more

Plain and Simple: Maryland Tax Court Holds Insurance Company is Exempt from Corporate Income Taxes

Although taxpayers often complain that complying with the tax laws imposed by the numerous state and local taxing jurisdictions that exist in the United States is a burdensome process, many of these tax statutes also provide...more

Federal Court Changes the Playing Field on ‘Agreed’ Civil Penalties in Regulatory Proceedings

The very recent decision of the Full Court of the Federal Court (handed down on 1 May 2015) in Director, Fair Work Building Industry Inspectorate v CFMEU [2015] FCAFC 59 has changed the law in relation to the Court’s approach...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Sorry, But Your Reservation Has Been Cancelled: How an Insurance Company’s Failure To Give Proper Notice of Its Reservation of...

Most courts hold that an insurance company will not be estopped from denying coverage, even if the insurance company participates in the defense, provided it gives timely notice to the policyholder through a reservation of...more

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