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Neles-Jamesbury Inc. v. Pohjola Ins. Co. Ltd. involved a breach of contract action between a Massachusetts-based insurer, Neles-Jamesbury, Inc. (“NJI”) and a Finnish reinsurer, Pohjola Ins. Co. Ltd. (“Pohjola”). Pohjola provided worldwide reinsurance coverage for Metso Oy, a Finnish corporation, and its subsidiaries. NJI was acquired by Metso Oy, and Metso Oy requested that Pohjola provide gap coverage for NJI during the acquisition period. …
Read More Massachusetts District Court Grants Reinsurer’s Motion to Dismiss for Lack of Personal Jurisdiction

Earlier this month, Representatives Charles Boustany (R-La.) and John Larson (D-CT) introduced the Medical FSA Improvement Act of 2011 (the “Act”) in the House of Representatives.  The Act aims at increasing participation in medical flexible spending accounts (“FSAs”). …
Read More House Representatives Aim at Abolishing “Use It or Lose It” Rule for Flexible Spending Accounts

This updates our May 13, 2010 blog posting.  Last month, the New Jersey legislature passed the “Reinsurance and Surplus Lines Stimulus and Enhancement Act” (A2670, the “Act”).  The Act amends state law to permit surplus lines insurers domiciled in New Jersey to write surplus lines insurance in the state.  This would make New Jersey the second state in the U.S. after Illinois to allow its domestic surplus lines companies to write insurance in the home state’s surplus lines market. …
Read More New Jersey Passes Legislation to Ease Restrictions on Surplus Lines and Credit for Reinsurance

Nikolaus von Bomhard, chief executive of Munich Re AG the world’s largest reinsurer, views insurance protection against the risk of nuclear incidents as unaffordable for insurers and power plant operators, according to a recent interview he gave in the German national Sunday newspaper Welt am Sonntag. …
Read More Nuclear Risk Too Expensive To Underwrite?

Insurance Commissioner Kevin McCarty of the Florida Office of Insurance Regulation (FOIR) has announced the appointments of Al Willis, Steve Szypula and Toma Wilkerson to new positions within the FOIR.  Willis will now be the acting Deputy Commissioner for Property & Casualty.  Previously he was the Director of Life & Health Financial Oversight.  Szypula will now be the acting Director of Property & Casualty Financial Oversight. …
Read More Florida Insurance Commissioner Announces New Staff Appointments

The U.S. Department of Health and Human Services has approved more than 1,000 one-year waivers of the Patient Protection and Affordable Care Act (PPACA) provision that restricts annual limits for essential benefits.  Through February 28, 1,040 waivers had been approved for plans that cover more than 2.6 million insureds.  Most of the affected plans are limited medical benefit (“mini-med”) plans, which are generally offered to low-wage, part-time or seasonal employees. …
Read More More Than 1,000 Waivers of PPACA Provision Granted