Insurance Industry

News & Analysis as of

Reservation of Rights Requirements Adopted by South Carolina Supreme Court

The South Carolina Supreme Court’s recent decision in Harleysville Group Insurance v. Heritage Communities, Inc., Appellate Case Nos. 2013-001281 and 2013-001291, 2017 WL 105021 (S.C. Jan. 11, 2017) affirms what is and is not...more

Second Time Lucky: In Phantom Vehicle Cases, Ohio Insureds Can Now Corroborate Their Own Testimony

Hit-and-run drivers don’t always hit; some motorists recklessly cause accidents without making contact, then vanish from the scene. Victims in such cases can often obtain coverage under the uninsured motorist (UM) provisions...more

Obamacare in the Cross Hairs — but Procedural Hurdles Loom

President-elect Trump and congressional Republicans have promised to “repeal and replace” the Affordable Care Act (ACA), but there is deep division regarding which provisions will be rescinded and around the details of the...more

New Year - New Insurance Law

In an earthquake related judgment issued in late December 2016, the High Court (Court) found a mutual duty of good faith applied to parties to an insurance contract, including during the claims handling process. A breach of...more

New guidance note on reinsurance for Hong Kong insurers

A new guidance note on reinsurance for Hong Kong insurers (“GN17“) came into effect on 1 January 2017. GN17 contains a number of general requirements with regard to the management and monitoring of reinsurance...more

Virginia Court Dismisses RICO Claim Against WYO Flood Insurer and Its Adjusters

The preemptive effect of the National Flood Insurance Program (NFIP) on overlapping claims asserted by policyholders based on federal and state common law theories of liability is well established. “Numerous courts have held...more

State Insurance Regulatory Actions Serve as Warning

Recent regulatory actions against Zenefits, a cloud-based software company, demonstrate the importance for companies to be properly licensed where they are conducting business. Zenefits has reached regulatory settlements with...more

Real Property & Title Insurance Update: Week Ending January 13, 2017

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

The US and EU finalize a Covered Agreement on insurance and reinsurance regulation

On January 13, 2017, the US Treasury reported to Congress that Treasury and the US Trade Representative (USTR) had successfully concluded negotiations with the EU on a Covered Agreement (the Agreement) that would presumably...more

New corporate governance requirements in Hong Kong

New corporate governance standards for insurers authorised in Hong Kong came into effect on 1 January 2017. Hong Kong incorporated insurers and overseas insurers with a certain threshold of Hong Kong business must comply with...more

Court Approves Direct Payment Of Reinsurance To Insured In Reliance Insurance Company Liquidation

The court handling the liquidation of Reliance Insurance Company has approved an application for the direct payment of reinsurance proceeds by United Insurance Company to Reliance’s insured, Hoechst Celanese Corporation, with...more

US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

On January 13, 2017, the US Department of the Treasury and the Office of the US Trade Representative (USTR) announced they have negotiated a “covered agreement” on behalf of the United States (US) with the European Union...more

Safeguarding Every Veteran's Benefits: Lessons From Bruce V. Mcdonald, 2017 WL 57172

On January 5, 2017, the United States Court of Appeals for Veterans Claims rejected the assertion by the Veteran’s Administration (VA) and the Board of Veterans Appeals (the Board) that a service member who requested a...more

The Anthem Breach – A Retrospective

Many people and news outlets have opined, weighed in, and informed the public about the 2015 Anthem breach. It is still a hot topic in January 2017, because it currently lines up with other hot stories about hacking ordered...more

NY Bankruptcy Court Trumps Insurers Seeking to Compel Arbitration

The United States Bankruptcy Court for the Southern District of New York recently held a group of insurers in contempt for violating a temporary restraining order (“TRO”) aimed at preventing the insurers from using a Bermuda...more

The Obama Administration Eases Sanctions Against Sudan

On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

Court Grants Motion Compelling 30(B)(6) Deposition Testimony On Reinsurance From Insurance Company Following Liquidation

In a discovery dispute following the liquidation of Western Insurance Company (“Western”), a Utah federal district court granted a motion to compel a 30(b)(6) deposition testimony regarding Western’s reinsurance agreements....more

Florida 4th DCA Reiterates Insurers Negligence Not Enough to Sustain Bad Faith Claim

Directs Judgment to be Entered in Favor of Insurer - In GEICO v. Harvey, (Fla. 4th DCA Jan. 4, 2017), Florida’s Fourth District Court of Appeal held that the trial court erred in denying the insurer’s motion for directed...more

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

NYDFS Issues Circular Letter Pertaining to Deferred-to-Immediate Annuity Contract Replacements

On December 8, 2016, the New York State Department of Financial Services (the “Department”) issued a Circular Letter to provide guidance in response to the alleged failure of certain life insurance producers and life insurers...more

Ohio Supreme Court Determines That The Independent Corroborative Evidence Necessary To Prove An Uninsured Motorist Vehicle Claim...

In order to present an uninsured motorist claim when an accident is caused by an unidentified vehicle, a claimant must present independent corroborative evidence demonstrating that the accident was caused by the negligence of...more

Retail Hospitality Newsletter - Late Fall 2016

Sudden cardiac arrest (“SCA”) is the largest cause of natural death in the United Statesand is responsible for approximately half of all heart disease deaths. SCA, however, is not a “heart attack” (i.e. an artery blockage)...more

What Is An Offer of Judgment And Can It Really Lower the Cost of or Shorten Litigation?

Insurance coverage litigation today is often time consuming and expensive. Many cases include claims for “bad faith” damages, and some cases seek punitive damages. To support their allegations, litigants will usually seek a...more

Minnesota Discovers Limits To Its Regulator’s Power Over Insurers

In Minnesota, the Commissioner of the Department of Commerce regulates the insurance industry, and he has a statutory right to conduct investigations “related to the duties and responsibilities entrusted to” him. Last month,...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

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