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On May 3, 2016, the Court of Appeals of New York issued its opinion in In re Viking Pump, No. 59, 2016 WL 1735790, and found that “all sums” allocation and vertical exhaustion applied to the insureds’ claims to excess coverage for the asbestos exposure claims filed against them.
Read More New York’s Highest Court Holds All Sums Allocation And Vertical Exhaustion Applied To Excess Insurance Coverage For Asbestos Claims

On April 29, 2016 it was announced that David Altmaier has been appointed as the new Insurance Commissioner for the Florida Office of Insurance Regulation and will succeed Kevin M. McCarty.

Altmaier has been employed by the Office since 2008 and has been serving as Deputy Commissioner for Property and…
Read More Florida Appoints David Altmaier as Insurance Commissioner

The House unanimously passed legislation yesterday which would open up flood insurance to the private market. As previously reported in this blog, H.R. 2901, the Flood Insurance Market Parity and Modernization Act will lower the barriers for private insurers hoping to offer flood insurance policies. This would allow greater…

Read More Flood Insurance Modernization Measure Passes U.S. House Unanimously

The U.S. District Court for the Northern District of Illinois recently dismissed a complaint filed by a policy beneficiary asserting that her husband’s lapsed life insurance policy was reinstated because she paid the unpaid premiums five days after her husband’s death. The beneficiary argued that the insurer waived the right…
Read More Illinois Federal Court Dismisses Claim That Premium Payment After Insured’s Death Reinstated Lapsed Life Insurance Policy

As reported here, recent amendments to the annual privacy notice requirement under the Gramm-Leach-Bliley Act (the “GLBA”) contained in the Fixing America’s Surface Transportation (“FAST”) Act eliminated the requirement for financial institutions to provide annual privacy notices under GLBA under certain circumstances. At its spring meeting held April 4…

Read More NAIC Gets the Ball Rolling to Streamline GLBA Annual Privacy Notices

A bill that would mandate coverage of breast cancer screenings by breast tomosynthesis is currently pending before Connecticut’s General Assembly. HB 5233 would give female insureds over age 35 the option to have their mammograms done by tomosynthesis, which creates a three-dimensional picture of the breast; a traditional mammogram only…
Read More Bill That Would Mandate Coverage of Certain 3D Mammograms Pending Before Legislature

Celeste Koeleveld, former chief of the Criminal Division at the U.S. Attorney’s Office for the Southern District of New York, has been appointed general counsel at the New York State Department of Financial Services (“Department”). Most recently, Ms. Koeleveld served as executive assistant corporation counsel at the New York City…

Read More Celeste Koeleveld appointed general counsel at New York Department of Financial Services

As we have previously reported here, one of the requirements under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is that the Department of Treasury must report to Congress on the effectiveness of the legislation. In furtherance of this mandate, the Federal Insurance Office (“FIO”) issued a…

Read More FIO issues voluntary TRIA data call; NAIC to proceed with mandatory separate request

Key Legislative Bills Passed by Georgia Assembly in 2016 Legislative Session, which Adjourned March 24, 2016, subject to Governor’s signature or veto by May 9, 2016:

Life Insurance Agent Protection for Advising on Alternatives to Policy Lapse or Surrender HB 193 – amends Georgia Insurance Code by creating new Section…

Read More Key Legislative Bills Passed by Georgia Assembly in 2016 Legislative Session

On December 12, 2015 leaders from 195 countries signed a historic accord which requires countries to submit their long-term emission-cutting plans by 2020 in an effort to limit global warming to no more than two degrees Celsius above pre-industrial levels. The article discusses the fact that insurers not only face…
Read More The NAIC’s Center for Insurance Policy and Research (CIPR) publishes article on the Implications of a Warming World on the Insurance Industry