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On a call held this morning, the Captives and Special Purpose Vehicle Use (E) Subgroup of the Financial Condition (E) Committee of the National Association of Insurance Commissioners (“NAIC”) adopted a draft of the Captives and Special Purposes Vehicles White Paper. The White Paper is now being referred to the Financial Condition (E) Committee for review and further consideration. …
Read More NAIC Subgroup Approves Draft White Paper On Life Insurers’ Use of Captives and SPVs for Reinsurance Transactions

Earlier this month, Prudential Financial, Inc. and American International Group, Inc. confirmed that they received notice of a proposed determination by the Financial Stability Oversight Council (“FSOC”) that they should be subject to stricter prudential regulatory standards and supervision by the Board of Governors of the Federal Reserve System as systemically important financial institutions (“SIFIs”), pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read More FSOC Closer to Formal Designation of SIFIs

In Osbourne Renfrow v. Redwood Fire and Casualty Ins. Co., et al., 288 F.R.D. 514 (D. Nev. 2013), the U.S. District Court, District of Nevada recently denied an insurer’s motion to bifurcate breach of contract and bad faith claims into two separate proceedings. The court ruling arose out of an underinsured motorist (UIM) claim involving Plaintiff Osbourne Renfrow, who was involved in an accident with an underinsured motorist, causing injuries to Renfrow’s neck, back and shoulders. …
Read More Court Denies Insurer’s Motion to Bifurcate Breach of Contract and Bad Faith Claims

CMS Releases SHOP Program Rule

On May 31, the Centers for Medicare & Medicaid Services (CMS) released a final rule on the Small Business Health Options Program, part of the Affordable Care Act (ACA), as well as simplified application forms for the program. The final rule was published in the Federal Register on June 4. …
Read More Healthcare Update: CMS Releases SHOP Program Rule; White House Memorandum Updates Exchange Progress

Last month, Representatives Gary Miller (R-Calif.) and Carolyn McCarthy (D-N.Y.) introduced a bill that would prohibit the Board of Governors of the Federal Reserve System (the “FRB”) from imposing additional capital standards on insurers that are designated as systemically important financial institutions (“SIFIs”). …
Read More Proposed Limitations on Fed’s Power Over Nonbank SIFIs

Four members of our Insurance and Reinsurance Department recently conducted a webinar in which they addressed potential claims arising from the Boston Marathon bombings as well as possible insurance implications related to those claims. They discussed a variety of issues, focusing on who will likely bear financial responsibility for the resulting losses and the availability of insurance coverage for both the victims injured by the blast and the scores of businesses impacted by the bombings. …
Read More Webinar Replay – Potential Claim and Insurance Implications of the Boston Marathon Bombings

When a claim relates to loss or injury in a geographic area where the governor has declared a disaster emergency, New York lawmakers are considering a bill that would establish a private right of action against an insurer for engaging in unfair insurance settlement practices. …
Read More New York Legislation Pending for Proposed Private Right of Action Against Insurers

On May 29, 2013, Property Claims Services (“PCS”) released its third re-survey of Superstorm Sandy insurance industry loss estimates based on information gathered from affected insurers. The updated loss estimate was $18.75 billion, which remains unchanged from PCS’s first and second re-survey loss estimates released in January and March 2013, respectively. PCS’s first loss estimate related to Superstorm Sandy, released in November 2012, was $11 billion. …
Read More Industry Loss Estimates for Superstorm Sandy Remain at $18.75 Billion

The New York Department of Financial Services (“DFS”) sent “308 Letters” to the largest insurers it regulates yesterday, requiring information on their cyber security, according to a press release issued by New York Governor Andrew Cuomo. …
Read More NY Demands Info on Insurers’ Cyber Threats