Insurance Industry

News & Analysis as of

IREG Update - California Commissioner calls for divestiture from carbon-based investments

California Commissioner calls for divestiture from carbon-based investments - California Insurance Commissioner Dave Jones calls for insurance industry divestment from thermal coal and announces a new requirement for...more

Property Insurance Claims? Insurance Attorney Offers Simple Yet Vital Guidelines

Suffering a loss to personal or business property can be a stressful situation. To make things worse, the process of reporting, submitting, and presenting your insurance claim can be complex. This article shares a few...more

UK Financial Regulatory Developments - February 2016 #4

ESRB approves expansion of macroprudential policy framework - ESRB has published two recommendations relating to expanding the European macroprudential policy framework. The first concerns the counter-cyclical buffer...more

Liquidation Court Grants Receiver’s Application For Authority To Enter Into Reinsurance Settlements With Three Reinsurers

A Texas court presiding over the liquidation of Santa Fe Auto Insurance Company approved an application by the Special Deputy Receiver for the liquidating company (“SDR”) to enter into a reinsurance settlement with three...more

Recoupment of Defense Costs: An Ohio Court Weighs in on the Debate

An Ohio appellate court recently addressed the much-debated issue of recoupment of defense costs, holding in a 2–1 decision, and on very narrow grounds, that an insurer could recoup nearly $12 million it expended on the...more

New York Rescission Law Strikes Again: Lessons Learned From the Voiding of Heinz’s Product Contamination Insurance Policy

An increasingly popular tool in the insurer’s toolset is attempted rescission of the policy. This tool is particularly sharp if the law applicable to the construction of the policy is that of New York. Earlier this week, the...more

Insurance Commissioner Calls For Thermal Coal Divestment And Disclosure

Late last month, California’s Insurance Commissioner announced that he had “asked all insurance companies doing business in California to voluntarily divest from their investments in thermal coal”. Thermal coal, also known...more

Common Sense Prevails: State of Collapse Nonexistent Thirteen Years before Discovery of Decay

For years, property insurance policies that exclude rot damage have been called upon to cover rot because the policies extend coverage to “collapse”—an undefined term—caused by hidden decay, even if the structure remains...more

Do Your Assignment of Benefits Clauses Need a Check-up? Recent Southern District of Florida Decision Highlights the Importance of...

A frequently litigated issue in reimbursement cases brought by in- and out-of-network healthcare providers against insurers under the Employee Retirement Income Security Act of 1974 (“ERISA”) is provider standing. Because...more

Cedent Is Not Required To Minimize Its Reinsurance Recovery In Order For The “Follow The Fortunes” Doctrine To Apply

On December 9, 2014 and August 20, 2015, we reported on the reinsurance dispute between Utica Mutual Insurance Company and Clearwater Insurance Company. In a recent ruling, the court rejected Clearwater’s argument that the...more

Poland: Wealth Tax on Bank and Insurance Assets Effective from 1 February 2016 - On 15 January 2016, the Polish parliament passed...

At the same time, the legislator decreed that this new wealth tax will not affect the terms and conditions governing the rendering of financial and insurance services under contracts concluded prior to 1 February 2016....more

Contractors Beware: Subcontractor Exception to “Your Work” Exclusion May Not Save the Day

Commercial general liability (CGL) coverage for a general contractor is not guaranteed, even if property damage is all a subcontractor’s fault. Consider the following example: A general contractor builds a stadium for which a...more

IRS Revokes Ruling That Imposed Excise Tax On Wholly Foreign Reinsurance Transactions

The Internal Revenue Service recently revoked a 2008 ruling that a 1% excise tax under section 4371(3) of the Internal Revenue Code applied to “reinsurance premiums paid by one foreign insurer or reinsurer to another.” The...more

Too Little, Too Late: The Harsh Bright Line of Suit Limitation Provisions

Approximately twenty percent of Americans have been classified as chronic procrastinators, which means one in five policyholders faces a potential problem when suing for coverage. While the statute of limitations for breach...more

UK Financial Regulatory Developments - February 2016 #2

FCA writes to CEOs on CFD compliance - FCA has written a Dear CEO letter following its review of new client procedures for firms offering contracts for difference (CFD) products on a non-advised basis. FCA carried out...more

Court Holds that Following Form Excess Policy Wording Does Not Also Include Underinsured Motorist Coverage of Primary Policy

In Haering v. Topa Insurance (No. B260235; filed 2/3/16), a California appeals court held that an excess liability insurance policy that “followed form” to an underlying primary policy providing uninsured...more

When Indemnitor Is Off the Hook For Contractual Indemnity

Contractual indemnification clauses are among the most overused and misunderstood rights that parties argue over and negotiate for. Although nothing in Illinois law prohibits parties from specifically contracting to provide...more

Proposal Calls for CA Insurers to Divest From Coal

On January 25, 2016, California Insurance Commissioner Dave Jones asked California insurers to voluntarily divest their investments in the thermal coal industry. In addition, beginning in April 2016, California insurers...more

Don’t Let Coverage Issue Delay Settlement

There are a number of steps in-house counsel can take to increase the likelihood of mediation while working with outside counsel on cases defended by carriers. Some mediations directly involve insurance, such as those...more

Washington Adopts New Rules Regarding Credit For Reinsurance

The Office of the Insurance Commissioner for Washington State recently adopted rules that amend the existing Credit for Reinsurance rules within the state. In addition, that office adopted new rules to conform Washington’s...more

Property Insurance Diminution in Value Class Action: Georgia Federal Court Dismisses Declaratory Judgment Claim

A while back, I wrote about a Georgia Supreme Court decision, Royal Capital Development LLC v. Maryland Casualty Co., that held that diminution in value of real property is potentially covered under a property insurance...more

Uber-Complicated: Insurance Gaps for Rideshare Vehicles Can Create Uncertainty for Passengers and Drivers

Many of us have come to enjoy the convenience of summoning a ride via our Smartphones with a rideshare service company such as Uber, Lyft, or Sidecar. However, significant issues exist over whether rideshare vehicles have...more

California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments

On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to...more

European Supervisory Authorities Request Response from European Commissioner to Inconsistencies in Cross-Selling Legislation

On 26 January 2016, the Chairpersons of the European Supervisory Authorities (ESAs) (i.e. EBA, EIOPA and ESMA) sent a letter to the European Commissioner for the Directorate General Financial Stability, Financial Services and...more

Georgia Appellate Court Holds Malpractice Coverage Suit Must Be Arbitrated

The Court of Appeals of Georgia recently affirmed a trial court’s ruling compelling arbitration in a malpractice coverage dispute. McLarens Young International Inc. (McLarens) and American Safety Casualty Insurance Company...more

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