On May 30, the US Supreme Court, in National Rifle Ass’n of Am. v. Vullo, 602 US __ (2024), unanimously held that the National Rifle Association (NRA) plausibly alleged in a complaint that it filed in federal court that...more
PHL Variable Insurance Company (PHL) and its subsidiaries, Concord Re, Inc. and Palisado Re, Inc., have been placed into rehabilitation as of May 20, by order of the Superior Court of the State of Connecticut, Judicial...more
On February 21, Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) unveiled a proposed regulation, 11 NYCRR 38.
If adopted, this regulation, would establish network adequacy...more
3/1/2024
/ Centers for Medicare & Medicaid Services (CMS) ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Health Care Providers ,
Health Insurance ,
Healthcare ,
Insurance Industry ,
Mental Health ,
NYDFS ,
Proposed Regulation ,
Substance Abuse
On September 15, 2023, New York Governor Kathy Hochul signed into law legislation (S.5959-B/A.5718-B), which allows out-of-state “risk retention groups” registered in New York State to offer automobile insurance coverage to...more
The New York State Department of Financial Services (DFS) has set forth a revised proposed second amendment to 11 NYCRR Part 500, the regulation regarding cybersecurity requirements for financial services companies (the...more
Almost all states promulgate regulations regarding “diligent efforts” that licensed excess line brokers must perform while wishing to offer permissible coverage from unlicensed insurance companies in that state’s market, when...more
On March 17, 2023, the US Department of Housing and Urban Development reinstated a 2013 discriminatory effects rule regarding liability under the Fair Housing Act (42 U.S.C. 3601 et seq.). In doing so, HUD rescinded a 2020...more
On October 20, 2022, the New York Court of Appeals ― the highest court in New York ― issued its opinion in In the Matter of Independent Insurance Agents and Brokers of New York Inc., et al. v. New York State Department of...more
On May 25, 2022, in Grossman v. GEICO Cas. Co. (No. 21-278), the Second Circuit Court of Appeals affirmed the District Court’s dismissal of an attempted class action by two automobile policyholders alleging that GEICO...more
Under legislation signed on December 31 by Governor Kathy Hochul, (S.3762/A. 1396; L2021, ch. 828), all pharmacy benefit managers operating in New York State will be required to register with the State Department of Financial...more
In a recent notice to the industry the Federal Insurance Office (“FIO”) set forth a series of requests to both life and property/casualty insurers for information as to the impact of climate change on both their insurance...more
9/23/2021
/ Casualty Insurance ,
Climate Change ,
Dodd-Frank ,
Executive Orders ,
Federal Insurance Office ,
Federal Reserve ,
FSOC ,
Global Warming ,
Insurance Industry ,
Joe Biden ,
Life Insurance
On June 25 the federal Department of Housing and Urban Development announced that it would re-codify its 2013 regulation subjecting the practices and policies of homeowners insurers to scrutiny under a disparate impact...more
The New York Department of Financial Services (DFS) became the first US financial regulator to issue climate-related guidance intended to require insurers to manage the complex financial risks of climate change.
The...more
On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2 (2021) to all authorized property and casualty insurers in New York, outlining a “Cyber Risk Framework” that all authorized...more
In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal...more
1/29/2021
/ AIG ,
Biden Administration ,
Civil Monetary Penalty ,
Consumer Protection Act ,
Dodd-Frank ,
Executive Orders ,
Fair Housing Act (FHA) ,
Federal Reserve ,
Financial Institutions ,
Homeowner's Insurance ,
HUD ,
Insurance Industry ,
MetLife ,
Prudential Insurance ,
Regulatory Oversight ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Title VII
On January 19, 2021, the U.S. District Court for the Northern District of Ohio Eastern Division ruled in Henderson Road Restaurant Systems, Inc. dba Hyde Park Grille, et al. v. Zurich Am. Ins. Co., No. 1:20-cv-01239, that a...more
In our November 11, 2020 Alert covering COVID-19 Business Interruption Insurance, we reported on The Financial Conduct Authority v. Arch Insurance (UK) and Others, a case in which the High Court of Justice in England ruled...more
Congressional Rep. Carolyn Maloney of New York has introduced a bill, H.R. 7011, titled the Pandemic Risk Insurance Act of 2020 (the Act).
The purpose of the Act is to establish a Federal program, including a Pandemic Risk...more
A number of state legislators in New York, New Jersey, Ohio, and Massachusetts have proposed bills which would require insurers on some business interruption policies—those covering businesses with less than a specified...more
4/1/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Federal Loans ,
Financial Stimulus ,
Health Care Providers ,
Lenders ,
Medicaid ,
Medicare ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
In some of our previous Legal Alerts concerning insurance coverage for coronavirus related issues, we have highlighted some of the types of coverage that could apply to a COVID-19 related loss, such as business interruption,...more
As noted in our previous Legal Alerts concerning insurance coverage for coronavirus related issues, as businesses are forced to close, travel is restricted, and supply chains are disrupted, COVID-19 insurance claims will...more
On March 10, 2020, the New York Department of Financial Services issued Insurance Circular Letter No. 5, titled “Guidance to Department of Financial Services Regulated Insurance Entities and Request for Assurance Relating to...more
Employers and workers’ compensation insurers face a potentially huge number of claims for coverage by employees sickened with the coronavirus. State workers' compensation statutes, however, will erect significant evidentiary...more
Commercial property policies may include coverage for losses caused by the forced closure of property by a civil authority. The coverage generally applies when an insured is unable to access its property due to a government...more
We previously reported that New York and New Jersey have taken extraordinary measures. The New York Department of Financial Services recently mandated insurers to provide a COVID-19 “Explanation of Benefits” for all business...more