After devastating wildfires, California legislators proposed greater wildfire insurance protection, drafting a set of bills.
The most important proposed changes are as follows...more
The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Working Group (Cybersecurity WG) approved Version 6 (Finalized) of its Insurance Data Security Model Law (Model) on August 7 at the NAIC Summer...more
The Florida Legislature passed House Bill 805, regarding insurance policy transfers. If, as anticipated, the governor signs the bill into law, it will allow insurance companies writing personal lines residential and...more
Regulators Demand Third-Party Risk Management -
While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention...more
4/18/2017
/ Article III ,
Clean Shares ,
Elder Abuse ,
Exploitation ,
Fiduciary Exception ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Injury-in-Fact ,
Insurance Industry ,
Insurance Litigation ,
Life Insurance ,
Mutual Funds ,
NAIC ,
Reinsurance ,
Sales Commissions ,
Securities and Exchange Commission (SEC) ,
Securities Settlement Cycles ,
Spokeo v Robins ,
Standing ,
Third Party Funding ,
Third-Party Risk ,
Unfair Competition Law (UCL) ,
Variable Annuities ,
Vulnerable Victims
Rules of the (International) Road -
An Overview -
Going international is a complicated undertaking. Your specific situation and concerns will determine the steps required. The following outlines, very generally,...more
3/22/2017
/ BEPS ,
China ,
Commercial Leases ,
Cuba ,
Insurance Industry ,
Intangible Property ,
International Relations ,
International Travel ,
Investment ,
Multinationals ,
Retail Market ,
Tax Planning ,
Travel Ban ,
Trump Administration
The entire Chinese economy, including its insurance industry, has experienced rapid growth in recent years. Speculative investments have become an inevitable byproduct of this growth. One of the most well-known examples of a...more
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
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial
- Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation
- On The Horizon: Global...more
10/31/2016
/ Administrative Proceedings ,
Annuities ,
Business Continuity Plans ,
CFTC ,
Class Action ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Protection ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
European Economic Area (EEA) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
FSB ,
Gartenberg Factors ,
Healthcare ,
Industry Examinations ,
Insurance Industry ,
Investment Companies ,
Life Insurance ,
Long Term Care Facilities ,
Long-Term Care ,
Meals-Gifts-and Entertainment Rules ,
Mutual Funds ,
NAIC ,
NYDFS ,
Passporting ,
Regulatory Oversight ,
Retirement Plan ,
RICO ,
Risk Assessment ,
Securities ,
Securities and Exchange Commission (SEC) ,
Solvency II ,
UK ,
UK Brexit ,
Unicorns
Following the UK’s historic advisory vote to leave the EU, key questions must be answered before any real change occurs. These include: Must the government implement the advisory vote, and if so, how?
Will the UK...more
10/26/2016
/ Cybersecurity ,
Data Privacy ,
EIOPA ,
EU ,
European Economic Area (EEA) ,
Insurance Industry ,
Member State ,
NAIC ,
Passporting ,
Popular ,
Referendums ,
Solvency II ,
Treaty of Lisbon ,
UK ,
UK Brexit ,
WTO
A U.S. District Court for the Southern District of New York recently enjoined Advanced Micro Devices (AMD), from proceeding with litigation in California against National Union Fire Insurance Company (NUFIC), related to a...more
- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State?
- Rules of the (International) Road: Choosing and Appointing a Distributor
...more
8/26/2016
/ Argentina ,
Authentication ,
Brazil ,
Commercial Insurance Policies ,
Community Trademark ,
Cuba ,
Cybersecurity ,
DaimlerChrysler v Bauman ,
Distributors ,
EU ,
Foreign Corporations ,
General Jurisdiction ,
Hague Convention ,
Health Insurance ,
Infrastructure ,
Insurance Industry ,
Intellectual Property Protection ,
Patent Filings ,
Personal Jurisdiction ,
Popular ,
Project Finance ,
Public Private Partnerships (P3s) ,
Public Projects ,
Sales & Distribution Agreements ,
Solvency II ,
Special Purpose Vehicles ,
Travel Restrictions ,
UK ,
UK Brexit ,
Uniform Commercial Code (UCC)
While much remains to be determined, the recent easing of U.S. restrictions on travel to and trade with Cuba may bring opportunities for U.S. and global insurance companies. However, many questions and obstacles remain. This...more
8/24/2016
/ Cuba ,
Health Insurance ,
Healthcare ,
Insurance Industry ,
Liability Insurance ,
Life Insurance ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Sanctions ,
Travel Restrictions ,
Vessels
Following the UK’s historic vote to leave the EU, numerous questions have arisen, including whether the UK will really leave the EU and whether Scotland and Northern Ireland (both of which voted to remain in the EU) will have...more
7/5/2016
/ Cybersecurity ,
Data Privacy ,
Domicile ,
EU ,
Foreign Corporations ,
Foreign Jurisdictions ,
Insurance Industry ,
Member State ,
Money Laundering ,
Parent Corporation ,
Popular ,
Referendums ,
Risk Management ,
Solvency II ,
UK ,
UK Brexit ,
Value-Added Tax (VAT)
On August 15, 2014, we reported on a Tennessee district court finding unenforceable an arbitration clause in a Reinsurance Participation Agreement (RPA) between an insured and a reinsurer. The insured had filed a lawsuit...more
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
A federal district court refused to reconsider its order staying Allstate’s action to compel arbitration against its insured, A.O. Smith. The case involved a Settlement/Coverage-in Place Agreement between A.O. Smith and...more
A reinsurer that was engaged in a London arbitration against a captive insurer of a defense contractor for the U.S. Navy had obtained documents from the Navy subject to a an agreed confidentiality protective order limiting...more
The dispute involved whether a defense contractor, its owners, and its captive insurance companies (collectively, “OSI”) were entitled to a return of their premiums from a non-party insurer (“PoolRe”) that serviced a risk...more
In a short handwritten ruling, a court recently denied Odyssey Reinsurance Company’s challenge to a replacement arbitrator appointed by its opponents, Certain Underwriters at Lloyds London Syndicate 53 and Reliastar...more
Governor Greg Abbott of Texas has recently signed into law amendments to the Texas Insurance Code broadening the authority of captives. This law is effective as of September 1, 2015.
There are three amendments in this...more
In a dispute involving an earlier arbitration ordering American United Life Insurance Company (“AUL”) to make a commutation payment to The Travelers Indemnity, the parties filed cross petitions for arbitration pursuant to...more
Last week, in a unanimous decision, the Supreme Court of California changed the law governing anti-assignment provisions in liability insurance policies. Twelve years ago, in Henkel Corp. v. Hartford Accident & Indemnity...more
8/27/2015
/ Asbestos ,
Asbestos Litigation ,
Assignments ,
CA Supreme Court ,
Commercial General Liability Policies ,
Declaratory Judgments ,
Fluor ,
Hartford Insurance Company ,
Insurance Industry ,
Liability Insurance ,
Long-Tail Claims ,
Mining
Plaintiffs alleged that AXA Equitable Life Insurance Company violated New York insurance law prohibiting misrepresentations by insurers of their financial condition, because AXA had not disclosed “shadow transactions” in its...more
Gardner Denver, Inc. (“Gardner”), had entered into a settlement agreement with its liability insurer, National Union Fire Insurance Company of Pittsburgh, Pennsylvania (“NUF”) to resolve a dispute over Gardner’s coverage...more