Jurisdictions

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The National Council on Compensation Insurance (NCCI) proposes rates for workers’ compensation insurance in many states.  Owing to a significant drop in claims frequency and reductions in the costs of claims, NCCI proposed to reduce the cost of workers’ compensation in Florida by 14.1 percent effective January 1, 2009.  The increased reduction would save employers in Florida more than $610 million during 2009. 

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Read More Florida Insurance Commissioner Rejects Workers’ Compensation Rate Filing

A New York federal court recently held that a coverage action between former television producers and their insurers should be transferred from New York to California because the events involved in the underlying action occurred and a majority of the witnesses and evidence is located in California. 

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Read More SDNY Judge Transfers Coverage Dispute to California Based on Location of Witnesses and Events in the Underlying Action

A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter. …
Read More New York State Court: Insurer Waives Denial Grounds Not Specifically Asserted in its Notice of Disclaimer

A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy. 

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Read More Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy

The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the “Program”) for insured losses at $100 billion. 

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Read More Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program

Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete.  H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
Read More Representative Neal Introduces Reinsurance Tax Legislation

BP Corporation North America Inc. Savings Plan Investment Oversight Committee and BP Corporation North America Inc. Investment Committee (the “BP Plan Committees”), named fiduciaries of various BP employee pension and savings plans, recently brought suit against Northern Trust Investments, N.A. and The Northern Trust Company (“Northern Trust”).  The suit alleges that Northern Trust conducted excessive and inappropriately risky securities lending leading to substantial losses in the Plans’ accounts. …
Read More BP Employee Plan Committees File Lawsuit Over Securities Lending

On October 23, 2008, Pfizer announced that it had reached a $60 million settlement with regulators from 33 states and the District of Columbia regarding allegations that it promoted painkillers Celebrex and Bextra for “off-label” uses not approved by the United States Food & Drug Administration. …
Read More Pfizer Reaches a $60 Million Settlement with State Regulators over Alleged Off-Label Marketing

In July 2007 the Law Commission published a Consultation Paper that made provisional proposals and asked questions in relation to both business and consumer insurance on the specific issues of misrepresentation, non-disclosure and breach of warranty.  The Law Commission has now published a summary of the responses it received to the Consultation Paper in so far as they relate to the reform of business insurance law. …
Read More UK: Law Commission Publishes Summary of Responses Regarding Reform of Business Insurance Law