On March 23, 2023, the Florida Legislature passed HB 837, a bill enacting major reforms to Florida tort law. Gov. Ron DeSantis wasted no time, signing the bill into law shortly after the bill was presented to him the next...more
Between 2017 and 2022, 11 property & casualty insurers domiciled in Florida were declared insolvent and placed into liquidation. In an attempt to restore stability to the marketplace, Governor Ron DeSantis issued a...more
Between 2017 and 2022, 11 property and casualty insurers writing mainly homeowners insurance in Florida, where they were domiciled, were declared insolvent and placed in liquidation. This does not include any potential...more
A California court recently held that an investment advisory firm’s losses stemming from its alleged copying and distribution of Oil Daily, an energy industry publication, to the firm’s advisers were not covered by investment...more
The Eastern District of Pennsylvania has transferred a lawsuit filed against Applied Underwriters Inc. and its subsidiaries to the District of Nebraska. The dispute involved a workers’ compensation insurance program issued by...more
The U.S. District Court for the Eastern District of Pennsylvania ruled that an insurance policy issued by Federal Insurance Co. excluded coverage for the transmission of $1.3 million by the insured in response to an email...more
The Florida Legislature wrapped up its special session on property insurance reform yesterday, overwhelmingly passing legislation to reform the property insurance market and unanimously passing reforms to enhance the safety...more
The Florida special session on property insurance reform kicks off today. Below are highlights of some of the proposals lawmakers will consider....more
The Florida Legislature adjourned the 2022 session on Monday, March 14. Though the Legislature was unable to reach a consensus on a major property insurance reform bill, it did pass a handful of insurance-related bills, which...more
The Eleventh Circuit Court of Appeals affirmed a decision that an insurer had a duty to defend its insureds under a commercial general liability policy in an action arising out of a catastrophic explosion at a pyrotechnics...more
The Fifth Circuit Court of Appeals recently reversed a ruling that a directors and officers liability policy provided no coverage for an insured financial services firm that fell for a scam involving a fraudulent direction to...more
In a dispute over whether an international insurance policy provided coverage for losses resulting from a fire that destroyed the insured property, the U.S. District Court for the District of Puerto Rico determined that the...more
The Southern District of Texas held that New York Marine and General Insurance Co. had no duty to defend its insured under a legal professional malpractice insurance policy for claims stemming from the firm’s efforts to...more
In 2015, Ocwen Financial Corp. was sued for its attempts to collect on a mortgage loan that had been discharged in bankruptcy. It tendered the defense to Zurich American Insurance Co., but Zurich asserted that two exclusions...more
In Balfour Beatty Construction, LLC v. Liberty Mutual Fire Insurance Company, No. 19-20216 (August 3, 2020), the Fifth Circuit determined that Liberty Mutual’s policy does not cover a construction company’s claim for window...more
Capitol Life Insurance Co. moved the Court of Appeals for the Fifth District of Texas for rehearing of the court’s prior affirmance of summary judgment against Capitol in favor of MetLife Insurance Company USA, MetLife...more
The “Consumer Information Notification Requirement Act” (H.R. 6743) was passed out of the House of Representatives Committee on Financial Services one week after being introduced and is now headed to the floor for...more
Effective July 24, 2018, New Mexico adopted the NAIC Credit for Reinsurance Model Regulation. New Mexico adopted the Model Rule as “part of a broad effort to modernize reinsurance regulation and to conform with the...more
On July 31, 2018, President Trump signed the National Flood Insurance Program Extension Act of 2018. The act extends the duration of the National Flood Insurance Act to November 30, 2018, updating both the “Financing” (42...more
We previously reported on the Texas Legislature’s passage in 2017 of Senate Bill 1070, which reduced collateral requirements for foreign reinsurers in order for domestic insurers to receive credit for the reinsurance on their...more
President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law on May 24, 2018. Section 211 of the law requires the Secretary of the Treasury, Board of Governors of the Federal Reserve...more
A Brazilian mining and steelmaking company (Companhia Siderurgica Nacional, S.A. (“CSN”)), a Brazilian insurance company (IRB Brazil Resseguros, S.A. (“IRB”)), and an American insurance company (National Indemnity Company...more
West Virginia House Bill 4230, approved by Governor Justice on March 27, amends the statutory requirements relating to when an insurer may claim credit for reinsurance to conform to the NAIC model law....more
The court applied a two-part “intertwined-ness test” to determine whether an arbitration agreement allowed a non-signatory to invoke equitable estoppel to compel arbitration....more
In Certain Underwriters at Lloyd’s of London v. Federal Deposit Ins. Corp., No. 16-16702 (11th Cir. Jan. 23, 2018), the Eleventh Circuit concluded that a “prior acts” exclusion in a D&O policy did not bar coverage where the...more