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On December 29, 2008, the New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) issued an opinion setting forth its position with respect to NYID Circular Letter No. 27 (2008) (the “Circular Letter”) that addressed the issue of whether same-sex marriages from jurisdictions outside of New York are covered under group long-term disability, group short-term disability and group term life insurance issued in New York.  We previously reported here on the Circular Letter. …
Read More New York Insurance Department: Legally Married Same-Sex Couples Should be Recognized with Respect to Certain Types of Health and Term Life Insurance Issued Under New York Law

The Chairman of the FSA, Lord Adair Turner, gave a speech on 21 January 2009 setting out his views of  the causes of the current financial crisis and outlining the future of financial regulation. Although the speech was about banking regulation, the key areas of future regulatory focus – capital adequacy and liquidity – are likely also to be applied to insurers. …
Read More UK: FSA Chairman Outlines Future of Financial Regulation

The Connecticut Insurance Department issued an Order for Default Judgment (the “Order”) and a $5.9 million fine against a marketer of hole-in-one golf contests for engaging in the business of insurance without a license, falsely representing that it is authorized to engage in the business of insurance, and engaging in various unfair insurance practices. …
Read More Hole-in-One Golf Marketer Fined $5.9 Million for Operating an Insurance Company Illegally

A California federal court recently held that the consent provision in an insurance policy obligates the insured to notify the insurer and obtain its consent before settling, offering to settle or otherwise incurring a contractual obligation. 

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Read More Insurer’s Denial of Indemnification of Insured’s Settlement with Claimants Upheld Where Insured Settled Without Insurer’s Consent

The Boston Globe has reported that the Attorney General for the Commonwealth of Massachusetts, Martha Coakley, has launched an investigation into Blue Cross Blue Shield of Massachusetts and Partners HealthCare.  Partners HealthCare owns several Massachusetts hospitals, including Massachusetts General Hospital and Brigham and Women’s Hospital. …
Read More Massachusetts Attorney General Investigates Health Insurer and Provider

The United States District Court for the District of Massachusetts recently held that delivery of a policy is not a prerequisite to the enforcement of its terms unless a policy so explicitly states.  The court also held that an insurer can deny coverage for the failure to satisfy “claims made and reported” policy prerequisites without first investigating the claim. 

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Read More Delivery of a Policy is not a Prerequisite to the Enforcement of its Terms; Insurer Can Deny Coverage Based on “Claims Made and Reported” Prerequisites Without First Investigating the Claim

The Missouri Court of Appeals, Eastern District recently held that a nurse’s professional liability insurer was not liable for contribution to her employer’s professional liability insurer after the latter settled a wrongful death claim involving the nurse. 

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Read More Missouri Court of Appeals Finds No Right of Equitable Contribution Based on Other Insurance Clauses

The Washington Supreme Court recently held that a cause of action for bad faith claims handling is not dependant on whether the insurer breached its duty to defend, settle, or indemnify, either in the third-party context under the common law, or under the Washington Consumer Protection Act (“CPA”). 

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Read More Washington Supreme Court Holds that Procedural Bad Faith Claims Are Not Dependant on an Insurer Breaching its Duty to Defend, Settle, or Indemnify

On January 20, 2009, Maiden Holdings, Ltd. (“Maiden Holdings”), a Bermuda based holding company, completed a private placement of trust preferred securities with a face amount of $260MM through Maiden Holdings North America, Ltd. (“Maiden NA”), wholly-owned subsidiary of Maiden Holdings. 

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Read More Maiden Holdings Completes Private Placement of Trust Preferred Securities

In John Foster Emmott (Emmott) v. Michael Wilson & Partners Limited (MWP) [2009] EWHC 1 (Comm) the Court had to consider two applications brought by Emmott pursuant to the Arbitration Act 1996 (AA): (1) for an order requiring MWP to comply with a peremptory order (an order to do something within a particular time period) made by an arbitration tribunal (section 42 AA); (2) for a freezing order (section 44 AA). 

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Read More UK: Court Considers its Supervisory Powers Over Arbitration