Representative Biggert (R-IL) is set to unveil draft legislation to overhaul the U.S. National Flood Insurance Program (the “NFIP”). The NFIP provides coverage to over 5 million homes for flood damage. It is sold through more than 90 companies that collect premiums on behalf of the Federal Emergency Management Agency (“FEMA”) for a fee. The premiums go to FEMA and are used to pay for claims.
Read More Overhaul for National Flood Insurance Program on the Horizon
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EAPD Attorney to Speak at Conference on Data Protection: Global Compliance Management
Of special interest to compliance professionals. Vince Vitkowsky will be speaking at the Privacy & Data Protection Conference USA symposium on Data Protection: Global Compliance Management, to be held on May 24 in Chicago. His topic is “SARs in the Current Climate”. The complete agenda and registration materials can be found here. …
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IBM’s Watson, made Famous on “Jeopardy!”, to Make a Move into Insurance
By Troutman Pepper Locke on
Posted in Regulatory, United States
IBM’s latest super computer, dubbed Watson, recently triumphed over its human competition on the TV game show “Jeopardy!” Its creators have now announced that the artificial intelligence that powers Watson may have several useful applications in the insurance industry. …
Read More IBM’s Watson, made Famous on “Jeopardy!”, to Make a Move into Insurance
Georgia Insurance Commissioner Waived Licensing Requirements and Issues Himself Several Licenses on Last Day in Office; State House Reacts by Passing Legislation to Curb Such Practices
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this year, John Oxendine, former Georgia Insurance Commissioner, issued himself several licenses to sell insurance and adjust claims on his last day in office on Sunday, which was January 9, 2011. …
Read More Georgia Insurance Commissioner Waived Licensing Requirements and Issues Himself Several Licenses on Last Day in Office; State House Reacts by Passing Legislation to Curb Such Practices
New Jersey Seeks Refunds for $161.9 Million Paid in Insurance Premiums on Scrapped Tunnel Project
By Troutman Pepper Locke on
New Jersey state officials are currently negotiating with a group of 20 insurance companies to reclaim $161.9 million that was paid to insure the Hudson River tunnel project. …
Read More New Jersey Seeks Refunds for $161.9 Million Paid in Insurance Premiums on Scrapped Tunnel Project
New York Court of Appeals: Brokers Have No Common-Law Fiduciary Duty to Disclose Incentive Arrangements
By Troutman Pepper Locke on
Posted in New York Developments, United States
On February 17, 2011, the New York Court of Appeals issued a unanimous opinion holding that “an insurance broker does not have a common-law fiduciary duty to disclose to its customers ‘incentive’ arrangements that the broker has entered into with insurance companies.” In People ex rel. Cuomo v. Wells Fargo Insurance Services Inc., a case brought by the New York Attorney General, the court refuted the plaintiff’s argument that a fiduciary duty is inherent because brokers maintain a principal-agent relationship with their customers. …
Read More New York Court of Appeals: Brokers Have No Common-Law Fiduciary Duty to Disclose Incentive Arrangements
Third Circuit D&O Decision Underlines Primacy of Exclusionary Language
By Troutman Pepper Locke on
In an unpublished opinion released earlier this year, the U.S. Court of Appeals for the Third Circuit emphasized the primacy of the actual words used in a D&O insurance policy. The decision is notable because it reflects a continued emphasis by courts on the language used in the policy that the insured actually bought, and because the court unflinchingly employs a plain-language analysis to reach its conclusions as to coverage. …
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President Obama imposes Sanctions on Libya
In response to country-wide turmoil and civil unrest and growing reports of deadly attacks by the Libyan government upon protesters, on February 25, 2011, President Barack Obama by Executive Order imposed broad economic sanctions against Muammar Qadhafi and his sons, senior officials of the Libyan government, persons involved in human rights abuses in Libya, persons providing financial or other support to Colonel Qadhafi, his family, the Libyan government or those violating human rights, persons owned or controlled by or acting on behalf of any of such persons and the families of any of such persons (“Blocked Libyan Person(s)”). …
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Deepwater Horizon Disaster: How’s BP’s $20 Billion Claim Fund Holding Up?
By Troutman Pepper Locke on
Kenneth Feinberg, the administrator of BP PLC’s $20 billion claim fund, recently stated that it is too soon to say whether liability payments related to the Deepwater Horizon disaster will end up exhausting all of the $20 billion BP set aside for all claims. …
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New Jersey Insurance Commissioner Favors National Standards for Insurance Regulation, Notes Benefits from Fraud Enforcement Changes
By Troutman Pepper Locke on
Thomas Considine, the Commissioner of the New Jersey Department of Insurance and Banking (the “NJDIBC”), recently stated in an interview with an insurance industry trade publication, that without uniform national standards for insurance regulations, the industry will continue to lobby for federal regulation. …
Read More New Jersey Insurance Commissioner Favors National Standards for Insurance Regulation, Notes Benefits from Fraud Enforcement Changes