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October 18, 2012

Edwards Wildman Speakers:  Richard J. McCarthy, Eric B. Hermanson

It has now been two months since the California Supreme Court handed down its long-awaited ruling in California v. Continental Ins. Co. (the Stringfellow case): rejecting pro rata allocation, and affirming “all sums with stacking” as the preferred method of allocation in long-tail environmental claims under general liability policies. …
Read More COMPLIMENTARY EDWARDS WILDMAN WEBINAR: Life After Stringfellow: All Sums With Stacking Under California Law

The Office of Fair Trading (OFT) had today referred the private motor insurance market to the Competition Commission (CC) for an in-depth market investigation under the Enterprise Act 2002, on the basis that it had reasonable grounds to suspect that there are features of the market that prevent, restrict or distort competition. …
Read More UK: OFT refers private motor insurance market to the CC

In a victory for Massachusetts premises owners and their insurers, the Massachusetts Superior Court recently dismissed all claims against a group of twenty-three premises owners whom the Plaintiff alleged were liable (under both strict liability and negligence theories) for the development of the decedent’s asbestos-related mesothelioma. …
Read More Recent Ruling Dismisses Claims Against Massachusetts Premises Owners For Asbestos Liability

HOUSE COMMITTEE APPROVES MEDICAL LOSS RATIO BILL
On September 20, the House Energy and Commerce Committee approved a bill that would exclude brokers’ commissions from the calculation of a health insurance plan’s medical loss ratio (MLR). …
Read More Healthcare Update: House Committee Approves Medical Loss Ratio Bill; New York Court Dismisses Challenge to Wage Parity Law

Edwards Wildman Palmer LLP is pleased to announce that Reactions, a leading insurance publication, has named the firm “Best Global Law Firm of the Year” at its Global Awards. The awards were presented at the Reactions Global Awards Gala Dinner on September 19 in New York. …
Read More Edwards Wildman Honored as ‘Best Global Law Firm of the Year’ by Reactions

On September 14, 2012, California Assembly Bill 2084, relating to Blanket Insurance Policies, was signed into law. The measure will become effective on January 1, 2013. The new law modernizes outdated provisions of the California Blanket Insurance Policy Law, which limited the classes of persons who could be covered by blanket insurance. Click here for a copy of AB 2084, as of September 14, 2012.
Read More California Legislature Amends Blanket Insurance Policies Law

In a case challenging the California Department of Insurance’s (CDI) accusation against life and health insurers of multiple unfair and deceptive practices in violations of the California Insurance Code and the Fair Claims Practices Regulations (FCPR), an administrative law judge ruled that the CDI had overstepped its powers deriving from the Fair Claims Settlement Practices Regulations, and particularly Section 790.03 of Insurance Code. …
Read More California Judge Spares Insurers Heavy Fines for Alleged Unfair Acts Violations

Among the far-reaching reforms included in the Dodd-Frank Act (the “DFA”) was a comprehensive new regulatory framework for derivatives.  Title VII of the DFA authorizes the Commodity Future Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) to require that certain “swaps” (regulated by the CFTC) and “securities-based swaps” (regulated by the SEC) be cleared through a clearing organization as to swaps or a clearing agency as to securities-based swaps. …
Read More Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry

On September 12, 2012, the National Association of Insurance Commissioners (NAIC) issued a press release announcing adoption of a new model law, the Risk Management and Own Risk Solvency Assessment Act. The requirements of this Act will become effective on January 1, 2015. …
Read More NAIC Announces Adoption of Risk Management and Own Risk Solvency Assessment (ORSA) Model Act