Insurers

News & Analysis as of

Anthem-Cigna Mega Merger Likely Problematic for Providers

Anthem announced on July 24, 2015 that it would purchase Cigna, just three weeks after Aetna agreed to buy Human for $37 billion. The deal is valued at $54.2 billion, and would create the United States’ largest health insurer...more

Changes to Virginia UM/UIM Law

Virginia has made changes to its underinsured motorist law that will take effect on July 1, 2015. The changes come with the addition of Va. Code § 8.01-66.1:1, and with amendments to Va. Code § 38.2-2206. The major impact of...more

Duty to Cooperate Ruling Narrows Insurers’ Ability to Foreclose Coverage for Settled Class Action Claims

Insurance policies typically include a cooperation clause, which requires the insured to cooperate with the insurer in the defense of a covered claim. Insurers routinely use this clause as a sword against their insureds by...more

The Pennsylvania Supreme Court Issues Its Landmark Ruling in Babcock

On July 21, 2015, the Pennsylvania Supreme Court issued its much-anticipated decision in Babcock & Wilcox Company, et al. v. American Nuclear Insurers, et al., No. 2 WAP 2014 (Pa. July 21, 2015). The court resolved an issue...more

PA Supreme Court Gives Policy Holders Right to Settle Without Insurer Approval

Insurance coverage counsel have been anxiously awaiting the Pennsylvania Supreme Court's decision in Babcock & Wilcox Co. v. Am. Nuclear Insurers, 2015 Pa. Lexis 1551 (July 21, 2015), since the high court agreed to hear the...more

The Pennsylvania Supreme Court Issues Its Landmark Decision in Babcock

On July 21, 2015, the Pennsylvania Supreme Court issued its much-anticipated decision in Babcock & Wilcox Company et. al. v. American Nuclear Insurers et. al, No. 2 WAP 2014. Reed Smith filed an amicus brief in the case...more

Montana Joins Majority of Courts Holding That Insurers Must Establish Prejudice to Disclaim Coverage Based on an Insured’s Late...

Joining a majority of states that have addressed the issue, the Montana Supreme Court recently held that “an insurer who does not receive timely notice required by the terms of an insurance policy must demonstrate prejudice...more

How is Big Data Impacting the Insurance Industry?

Overall, Big Data is slowly transforming the way insurance companies do business. Insurers use Big Data through analytic technologies and predictive modeling to improve overall performance, obtain more accurate pricing,...more

Connecticut Updates its Data Security Laws, Imposing Stringent New Requirements

On June 30, 2015, the Governor of Connecticut signed into law S.B. 949, “An Act Improving Data Security and Agency Effectiveness." The new law updates Connecticut’s data security laws, including by adding a 90-day hard...more

Insurance Recovery Law - July 2015 #2

California Court: Rejected Demand Within Policy Limits Not Necessary for Bad Faith Claim - Why it matters: Insurers must proceed with caution when they become aware that a settlement within policy limits is possible,...more

It's Curtains for Some Lump-Sum Window Programs

On July 9, the Internal Revenue Service (IRS) released Notice 2015-49 to announce it intends to prohibit retirees who are receiving annuity payments from a defined benefit pension plan from electing a lump sum in lieu of the...more

New York Court Enforces Voluntary Payment Provision

In its recent decision in SI Venture Holdings, LLC v. Catlin Specialty Insurance, 2015 U.S. Dist. LEXIS 89925 (S.D.N.Y. July 10, 2015), the United States District Court for the Southern District of New York had occasion to...more

Is Your Insurance Brokerage Treating Commission Payable Statements as Trade Secrets?

In the modern insurance world, maintaining trade secrets is imperative for commercial success. Misappropriation of trade secrets will often lead to costly and protracted litigation, and can even irreparably harm a business....more

Louisiana Cuts Surplus Lines Tax Rate

Louisiana’s legislature recently enacted House Bill 259, which cuts the surplus lines tax rate from 5 percent to 4.85 percent. The law, which also eliminates the insurance commissioner's authority to enter into the...more

New Jersey Supreme Court Holds Award of Counsel Fees to “Successful Claimant” in Coverage Dispute is Not Contingent Upon Award of...

On May 7, 2015, in Occhifinto v. Olivo Constr. Co., LLC, 2015 N.J. LEXIS 508 (2015), the Supreme Court of New Jersey considered whether a party who prevailed against an insurer in a declaratory judgment coverage but did not...more

Oklahoma Holds Question of Whether Fracking Causes Earthquakes is for the Courts to Decide.

The issue of whether hydraulic fracturing or “fracking” causes earthquakes has first-party insurance implications because policies typically exclude damage from tremors attributable to man-made causes as opposed to purely...more

Florida’s Third District Finds Existence of a Question of Fact Regarding Whether Notice of a Hurricane Claim was Timely Precludes...

In Laquer v. Citizens Property Insurance Corporation, 2015 Fla. App. Lexis 7570 (Fla. 3d DCA May 20, 2015), the Third District reversed a trial court’s order granting partial summary judgment to an insurer because an...more

Florida Supreme Court Holds Insurer Immune from Bad Faith Claims

On May 14, 2015, the Florida Supreme Court held that a government-created insurance company, Citizens Property Insurance Corporation, was immune from statutory first-party bad faith claims. The Florida Legislature created...more

Connecticut Supreme Court Affirms No Coverage under CGL Policy for Damages Arising from Lost Computer Tapes

The Supreme Court of Connecticut recently affirmed the lower court’s finding that no coverage obligation exists for insurers in Recall Total Info. Mgmt. v. Fed. Ins. Co., 2015 Conn. LEXIS 150 (Conn. May 26,...more

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

CMS Finally Releases Proposed Rules for Medicaid Managed Care

On Friday, Mintz Levin Health Law and ML Strategies posted an advisory on CMS’s proposed Medicaid Managed Care rules. This advisory provides contextual background, a helpful overview of the rule’s contents, and an in-depth...more

Investors Should Be Aware of an Interesting Blue Cross Antitrust Case

It was recently reported that Blue Cross and Blue Shield (BCBS), along with the Blue Cross Blue Shield Association, was sued across all states in a class action brought by two types of plaintiffs. One plaintiff class reflects...more

Licensed Insurance Companies Exempt from Maryland Income Tax

Are insurers licensed to do business in Maryland subject to state income tax on profits derived from sources other than insurance policy premiums? That was the question before the Maryland Tax Court in National Indemnity...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

Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers

On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code....more

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