A federal court in Florida recently adopted the now well-developed consensus that data breach losses are not covered under standard Commercial General Liability (CGL) policies....more
Insurers are a prime target for hackers as a result of the vast stores of valuable data they maintain. Not all information is created equal, and it varies in value. Hacker services and software, illegal drugs, cyberweapons...more
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers
- New Wave of COI Rate Increase Lawsuits Hits the Industry
- STOLI Policies Cancelled, Insurers Retain Premium
-...more
8/29/2016
/ Administrative Proceedings ,
Capital Requirements ,
Cybersecurity ,
Data Breach ,
Death Master Files ,
Domain Names ,
Electronic Data Transmissions ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Florida ,
Insurance Industry ,
Life Insurance ,
Mutual Funds ,
NAIC ,
National Technical Information Service (NTIS) ,
Pensions ,
Popular ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
STOLI ,
Unclaimed Property
IN THE SPOTLIGHT -
- SEC Sanctions Unregistered EB-5 Investments Broker
SECURITIES -
- FINRA to Assess Member Firms’ Culture
- SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more
7/26/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Debt Buyers ,
Department of Justice (DOJ) ,
EB-5 ,
Electronic Data Transmissions ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Federal Pilot Programs ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Immigrant Investor Program ,
Individual Accountability ,
Inpatient Billing ,
Insurance Industry ,
Investment ,
Job Creation ,
Payday Loans ,
Pensions ,
Popular ,
Property Damage ,
Property Insurance ,
Securities ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Spokeo v Robins ,
Student Loans ,
Two-Midnight Rule ,
Whistleblower Awards ,
Whistleblowers
The computer network of a Five Guys Burger franchise, RVST Holdings, LLC (RVST), was hacked. Customers’ credit card information was stolen and used to make numerous fraudulent charges. Trustco Bank brought an action against...more
7/18/2016
/ Commercial General Liability Policies ,
Corporate Counsel ,
Credit Cards ,
Cyber Attacks ,
Cyber Insurance ,
Data Breach ,
Denial of Insurance Coverage ,
Electronic Data Transmissions ,
Fraudulent Charges ,
Hackers ,
Insurance Industry ,
Personally Identifiable Information ,
Popular ,
Property Damage ,
Restaurant Industry ,
Summary Judgment
A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more
6/27/2016
/ Commercial General Liability Policies ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Debit and Credit Card Transactions ,
Insurance Industry ,
Liability Insurance ,
PF Chang's ,
Popular ,
Restaurant Industry ,
Risk Management
Both the number of cases under the Telephone Consumer Protection Act (TCPA) and the types of practices that those cases challenge have mushroomed within the last several years. Yet a dedicated form of insurance against TCPA...more
In late June, the New York Court of Appeals affirmed a trial court ruling that there was no coverage for a health insurance company policyholder, under a “Computer Systems Fraud” rider issued by its insurer, for an underlying...more
10/9/2015
/ Appeals ,
Commercial Insurance Policies ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Data Security ,
Fraud ,
Fraudulent Wire Transfers ,
Hackers ,
Health Insurance ,
Insurance Industry ,
Medicare Advantage ,
National Union ,
Oil & Gas ,
Phishing Scams ,
Popular
Spurred by the prescient reporting found in this space (and, just maybe, by the Anthem data breach, which occurred a week later), insurance regulators have recently engaged in a flurry of regulatory activity relating to cyber...more