The Seattle Times recently reported that a settlement “in excess of $200 million” has been reached in a case involving the 2008 demise of the banking giant Washington Mutual. The suit, filed against a number of WaMu’s former directors and officers and a bevy of Wall Street investment banks, concerns WaMu’s allegedly slapdash lending practices and misleading public statements about the bank’s financial health.
Read More Tentative Settlement Worth a Reported $200+ Million Reached in WaMu Securities Class Action
United States
Florida Supreme Court Rules that Attorney Client Privileged Documents Not Discoverable in First Party Bad Faith Action
By Troutman Pepper Locke on
The Florida Supreme Court recently held that the attorney-client privilege applies to an insurer’s written communications and that the insured cannot discover such privileged documents in a first party bad faith action. …
Read More Florida Supreme Court Rules that Attorney Client Privileged Documents Not Discoverable in First Party Bad Faith Action
Reminder: Complimentary Webinar: Hydrofracking Risks and Opportunities: What Insurers and Reinsurers Need to Know
By Troutman Pepper Locke on
This 60-minutes webinar will be presented by EAPD Insurance Attorneys Gregory S. Hoffnagle and Robert W. DiUbaldo. …
Read More Reminder: Complimentary Webinar: Hydrofracking Risks and Opportunities: What Insurers and Reinsurers Need to Know
Arkansas Enacts Legislation to Allow for Domestic Surplus Lines Insurers
By Troutman Pepper Locke on
Late last month, Arkansas enacted Senate Bill 45 (now Act 332, the “Act”), which amends state law to permit surplus lines insurers domiciled in Arkansas to write surplus lines insurance in the state. …
Read More Arkansas Enacts Legislation to Allow for Domestic Surplus Lines Insurers
CMS Releases Proposed ACO Rule
By Troutman Pepper Locke on
Posted in Healthcare, United States
The Centers for Medicare and Medicaid Services (CMS) released its proposed rule for Accountable Care Organizations (ACOs) on March 31. …
Read More CMS Releases Proposed ACO Rule
NAIC Postpones Decision To Endorse Bill Advocating the Exclusion of Producer Commissions From the MLR Calculation
By Troutman Pepper Locke on
Earlier this week, the National Association of Insurance Commissioners (“NAIC”) decided that it needed more time to examine the medical loss ratio (MLR) issue before making a decision on whether it would endorse the Access to Professional Health Insurance Advisors Act of 2011 (H.R. 1206) (the “Act”). …
Read More NAIC Postpones Decision To Endorse Bill Advocating the Exclusion of Producer Commissions From the MLR Calculation
Director of Federal Insurance Office Named
By Troutman Pepper Locke on
Illinois Insurance Commission, Michael T. McRaith, has been selected by the Secretary of the Treasury as the first Director of the Federal Insurance Office (“FIO”), which was created by the Dodd – Frank financial reform legislation instituted last year. …
Read More Director of Federal Insurance Office Named
Kentucky First to Enact SLIMPACT
By Troutman Pepper Locke on
On March 16, 2011, Kentucky Governor Steve Beshear signed into law the Surplus Lines Insurance Multi-State Compliance Compact (“SLIMPACT”). …
Read More Kentucky First to Enact SLIMPACT
Proposed Amendment to Vermont Captive Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Captive Insurance Division of the Vermont Department of Banking, Insurance, Securities and Health Care Administration is proposing changes to its captive insurance law through bill H438. …
Read More Proposed Amendment to Vermont Captive Insurance Law
Chinese Drywall – Florida Federal Court Rules Pollution Exclusion Bars Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
United States District Court Judge K. Michael Moore of the Southern District of Florida has recently ruled that a pollution exclusion bars coverage for personal injuries and property damages associated with Chinese drywall. …
Read More Chinese Drywall – Florida Federal Court Rules Pollution Exclusion Bars Coverage