Seven years ago, Hurricane Katrina made landfall in New Orleans. In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind. We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics.
Read More Sandy: Déjà Vu?
Jurisdictions
Long-term Care Insurance Act Passed in Massachusetts
By Troutman Pepper Locke on
Effective January 1, 2013, Massachusetts long-term care insurance (“LTCi”) policies must comply with Senate Bill 2359, legislation that establishes a new chapter 176S in the General Laws that sets forth statutory standards specifically for LTCi. Previously, LTCi statutory standards were set by reference to the accident and health provisions of Chapter 175 of the General Laws of the Commonwealth. …
Read More Long-term Care Insurance Act Passed in Massachusetts
Are Mutual Fund Investors Seeking an End Run Around Ameriprise Financial v. Gallus?
By Troutman Pepper Locke on
Posted in D&O Liability, United States
Investors in various mutual funds managed by Principal Financial Group filed a derivative action under Section 36(b) of the Investment Company Act of 1940 in Iowa federal court in late October, alleging that the company charged excessive fees. The complaint in Curran et al. v. Principal Management Corporation & Principal Funds Distributor, Inc., S.D. Iowa No. 12-513, is available here. …
Read More Are Mutual Fund Investors Seeking an End Run Around Ameriprise Financial v. Gallus?
“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
On Remand from First Circuit, District Court Upholds Summary Judgment Ruling Discharging Insurers’ Duty to Defend
By Troutman Pepper Locke on
Posted in United States
The District of Massachusetts has issued a decision in Vicor v. Vigilant Ins. Co. et al., after getting the case back on remand from the First Circuit. …
Read More On Remand from First Circuit, District Court Upholds Summary Judgment Ruling Discharging Insurers’ Duty to Defend
Complimentary Edwards Wildman Webinar – LIBOR Litigation: Spotlight on Insurance Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Edwards Wildman Speakers: John D. Hughes, Mary-Pat Cormier, Charles Proctor
This program will briefly address the origins of the LIBOR isue and the background facts allegedly supporting the LIBOR claims brought in the US; then the nature of those claims, the defendants, and the defenses asserted by those defendants; and then finally the types of insurances policies implicated by these claims; and the coverage issues which these claims will raise with respect to these policies. …
Read More Complimentary Edwards Wildman Webinar – LIBOR Litigation: Spotlight on Insurance Coverage
UK: Court of Appeal Rules ‘Follow the Settlements’ Clause Not Sufficient to Permit a Stay of Proceedings
By Troutman Pepper Locke on
Posted in Reinsurance, United Kingdom
In Amlin Corporate Member Ltd v Oriental Assurance Corporation [2012] EWCA Civ 1341, the Court of Appeal upheld the decision of the court of first instance in refusing a stay of English proceedings brought by reinsurers to seek to establish that they were not liable under a contract of reinsurance. …
Read More UK: Court of Appeal Rules ‘Follow the Settlements’ Clause Not Sufficient to Permit a Stay of Proceedings
UPDATE: Supreme Court Will Not Hear Appeal of 401(k) Fee Suit Involving Insurers’ ERISA Plans
By Troutman Pepper Locke on
Posted in United States
On Monday, October 29, the Supreme Court declined a petition for certiorari from a Third Circuit decision in Santomenno v. John Hancock Life Insurance Company in which Ms. Santomenno and her fellow former plan beneficiaries brought claims against John Hancock under ERISA and the ICA, claiming that John Hancock charged their retirement plans excessive fees on annuity insurance contracts offered to plan participants. …
Read More UPDATE: Supreme Court Will Not Hear Appeal of 401(k) Fee Suit Involving Insurers’ ERISA Plans
UK: Court Throws Out PPI Claim, Favouring Contemporaneous Evidence Over Claimant Witness Statements
By Troutman Pepper Locke on
Posted in Payment Protection Insurance, United Kingdom
In Stuart Goodman and Margaret Goodman v Central Capital Limited [2012] EWHC B8 (Mercantile), the court considered a claim brought by the claimants (the Goodmans) in respect of their purchase of a Payment Protection Insurance (PPI) policy through Central Capital Limited (CCL) in relation to a loan agreement. …
Read More UK: Court Throws Out PPI Claim, Favouring Contemporaneous Evidence Over Claimant Witness Statements
Hong Kong: Public Consultation on Key Legislative Amendments to the Insurance Companies Ordinance
By Troutman Pepper Locke on
Posted in Hong Kong
The Government launched on 26 October 2012 a three-month public consultation on key legislative amendments to the Insurance Companies Ordinance (Cap.41) (ICO) for the establishment of an independent Insurance Authority (IIA). …
Read More Hong Kong: Public Consultation on Key Legislative Amendments to the Insurance Companies Ordinance