News & Analysis as of

Insurance Industry

TDI Reports 670,000 Insurance Claims from Hurricane Harvey

by Winstead PC on

In January 2018, the Texas Department of Insurance (“TDI”) presented Hurricane Harvey data to the Texas Senate Business and Commerce Committee. After the hurricane, TDI requested monthly reports from the insurance industry,...more

See Something, Say Something – Especially on Your Application for Insurance Coverage

by Carlton Fields on

When is a misrepresentation material on an application for insurance coverage? The Ninth Circuit affirmed a decision from the Central District of California, finding that an answer on an application for D&O insurance was a...more

Data Privacy + Cybersecurity Insider - February 2018 #3

by Robinson & Cole LLP on

As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

Don’t Let a Transaction Void Your Coverage: Understanding Change of Control Provisions in D&O Policies

by Polsinelli on

Financial analysts report that corporate and private equity executives are anticipating an increase in mergers & acquisitions activity in 2018, both in the number and size of Transactions. ...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Cybersecurity and Insurers

Whether it is a data breach of a corporation's computer systems or alleged hacking by foreign governments, Cybersecurity and Privacy issues seem to bombard us daily. As counsel for insurance companies, it is important to stay...more

Will partisan assault on Obamacare also rack up costs of car insurance?

Although Congressional Republicans and the Trump Administration may not want to stop their relentless assault on the Affordable Care Act, aka Obamacare, there may be other reasons to persuade them to do so....more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 9, 2018

by Carlton Fields on

Misrepresentation/Concealment: genuine issues of material fact remained in dispute regarding whether board-certified real estate attorney committed fraudulent or negligent misrepresentation or concealment by falsely assuring...more

Lengthy summary order affirms an order of restitution

In a 12-page summary order issued on February 9, 2018, the Second Circuit affirmed an order of restitution in United States v. Quatrella, 17-1786. The order is interesting primarily because it addresses the question of when...more

Wyoming Enacts Legislation And Adopts New Regulations Governing Credit For Reinsurance And Term And Universal Life Insurance...

by Carlton Fields on

New regulations relating to credit for reinsurance and term and universal life insurance reserve financing took effect in Wyoming on November 30, 2017. The regulations implement amendments to Wyoming statutes that took effect...more

Costs of Some New Long-Term Care Insurance Policies Going Down in 2018

While long-term care insurance costs are up in general, some policies are going down in 2018, according to the 2018 Long Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care...more

Recent New York Decision Offers Hope for Long-Overdue End to Resolute’s Free Pass

by Reed Smith on

In a promising development for policyholders, a New York state trial court recently signaled a potential end to the free pass courts often have provided to third-party claims administrators (TPAs), such as Resolute...more

Late Notice Under Claims-Made Policy Torpedoes Claim

by Nexsen Pruet, PLLC on

A recent ruling by a North Carolina federal district court highlights the different treatment the courts give to the late notice defense under a claims-made liability insurance policy versus an occurrence-based policy. The...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

Gold Dome Report - February 2018 #6

Lawmakers hit the ground running today with Legislative Day 19, riding on good news on tax revenues that emerged late last week. On Friday, Governor Deal announced that the state’s tax revenues for the month of January were...more

Insurance Receiver’s Preemption Argument Under Mccarran-Ferguson Fails To Avoid Arbitration Of Reinsurance Dispute

by Carlton Fields on

The receiver for Gramercy Insurance Company sought to avoid arbitration of a reinsurance dispute with Contractor’s Bonding, Ltd., by arguing the FAA was reverse preempted under the McCarran-Ferguson Act....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As we hold our breaths at the opening bell to see if last week’s volatility continues, we consider the impact of computer-driven index funds on that market rollercoaster....more

State Ahead: The NAIC’s Plan for Staying Ahead of a Rapidly Evolving Industry

by Locke Lord LLP on

On February 7, the NAIC released “State Ahead,” the organization’s strategic plan for the next three years. Michael F. Consedine, NAIC CEO, stated that “an important part of State Ahead is making the organization more nimble...more

Washington Court of Appeals Confirms Insurers Need Not Pay Defense Costs Pending Determination of Reasonableness and Late Notice...

by Lane Powell PC on

For many years, Washington courts have offered insurers little guidance about how to handle disputes about late notice or the reasonableness of defense costs while defending under a reservation of rights. In a recent...more

D.C. Circuit Court Affirms the Legality of Captive Reinsurance Arrangements

by Pepper Hamilton LLP on

While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more

Corporate Insurance Newsletter – January 2018

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for January has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please...more

Proving Loss for Business Interruption a Cautionary Tale and a Bad Press

by Reed Smith on

The recent decision in Contact (Print and Packaging) Limited v. Travelers Insurance Company Limited [2018] EWHC 83 (TCC), handed down on 23 January 2018, serves as a salutary reminder that an insured pursuing an indemnity in...more

In Alabama, An Insurer’s Refusal To Honor $220,000 Scriveners Error Does Not Amount To Bad Faith

In anticipation of his mother’s death, a son called Metropolitan Life Insurance Company (MetLife) to request a copy of his mother’s life insurance policy, which he knew existed, but had never seen. A MetLife representative...more

No Coverage For Hole-In-One Contest, Says Fore-th Circuit Court of Appeals

by Carlton Fields on

They say a bad day on the golf course is better than a good day at work. For Old White Charities, Inc., a non-profit that conducted a hole-in-one contest during the Greenbrier Classic Pro-Am golf tournament, this could not be...more

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Cybersecurity

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