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Just because a series of merger documents assert something to be true does not necessarily make it so, particularly when it comes to insurance coverage.  That was the lesson an excess-layer D&O carrier learned when it attempted to assert insured-versus-insured and fraud exclusions to defeat a claim to policy proceeds by the purchaser of a corporation in Wojtunik v. Kealy, No. 03-cv-02161 (D.Ariz. Mar. 31, 2011).  A copy of the court’s decision is available here. …
Read More Arizona Federal Court Permits Garnishment From Defunct Company’s D&O Insurers

This updates our April 2011 Client Advisory and our May 2, 2011 blog post.  Today, New York Governor Andrew Cuomo announced certain nominations and appointments to his administration.  Among them was the nomination of Benjamin M. Lawsky, Cuomo’s current Chief of Staff, to serve as the Superintendent of the new Department of Financial Services (the “DFS”) to be created by legislation enacted as part of the 2011-2012 budget. …
Read More Cuomo Appoints Lawsky to head New York Department of Financial Services

The White House has issued a cybersecurity legislative proposal (the “Proposal”) aimed at improving cybersecurity for American consumers, the U.S. critical infrastructure, and the Federal Government’s own networks and computers.  In issuing the Proposal, the White House stated that the U.S. critical infrastructure, such as the electricity grid, financial sector, and transportation networks, have suffered repeated cyber intrusions, and that cyber crime is on the rise. …
Read More President Obama Proposes Cybersecurity Legislation

The Centers for Medicare and Medicaid Services (CMS) recently released its Fiscal Year (FY) 2012 proposed rule for hospice reimbursements that would provide for a 2.3 percent payment increase. The agency also included a new quality reporting program in its proposed rule – requiring hospices to submit data on two quality measures beginning in 2014 with payment reductions as a penalty for non-compliance. …
Read More Healthcare Update: CMS Releases FY 2012 Proposed Rule for Hospice Payments, Including Face-To-Face Language; CMS Releases Final Value-Based Purchasing Rule; Legislation Introduced Regarding Treatment of Hospice Patients; ACO News

The U.S. Re Under 40s Group’s next event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami? – will take place on May 25 in Swiss Re’s midtown office. …
Read More Don’t Miss the U.S. Re Under 40s Group’s Next Event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami?

Following on the heels of double digit health insurance rate approvals last year, the Connecticut Legislature is considering S.B. 11, An Act Concerning the Rate Approval Process for Certain Health Insurance Policies, which would expand the current rate approval process administered by the Connecticut Department of Insurance (the “Department”). …
Read More Proposed Connecticut Law Requires Public Hearings for Health and Long-Term Care Rate Increases of 10% or More