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As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation.  Governor Cuomo stated that the merger is necessary to properly regulate modern financial services organizations and the “primary mission of this new agency will be to stand up for consumers, protect them against predatory lending and unlawful foreclosure practices, and provide access to good, honest and capable financial services at competitive rates.” …
Read More UPDATE: New York Governor Formally Announces Plan To Merge Insurance Department with Banking Department

The recent federal approval of the first wind farm (“Cape Wind”) to be built in United States’ waters marks a new era for renewable energy projects, said Peter Mavraganis, recently appointed leader of Marsh’s U.S. Renewable Energy Practice. …
Read More Offshore Wind Energy Brings New Opportunities and Risks to Insurance Industry

The U.S. Court of Appeals for the Second Circuit recently affirmed a district court decision that remanded to state court a lawsuit asserted by the Liquidator of Midland Insurance Company against its reinsurer, Dunav Re, finding that the Service of Suit clause in the reinsurance treaties at issue unambiguously waived Dunav Re’s right to remove the dispute to federal court. …
Read More Second Circuit Finds That Service of Suit Provision in Treaties Unambiguously Waived Reinsurer’s Right of Removal

The Federal Trade Commission (the “FTC”) recently issued a publication entitled Businesses Must Provide Victims and Law Enforcement with Transaction Records Relating to Identity Theft (the “Publication”).  As outlined in the Publication, the Fair Credit Reporting Act provides victims of identity theft with the right to ask businesses for a copy of transaction records relating to the theft of their identity (“Transaction Records”). …
Read More FTC Issues Guidance regarding Requirement that Businesses Provide Victims and Law Enforcement with Transaction Records relating to Identity Theft

The Federal Trade Commission (the “FTC”) recently issued a publication entitled Copier Data Security: A Guide for Businesses (the “Publication”) to alert businesses of the potential data security threat posed by digital copiers.  As outlined in the Publication, digital copiers contain hard drives that store data about documents that are printed, copied, scanned, faxed or emailed. …
Read More FTC Issues Guide for Businesses on Securing Data stored by Digital Copiers

The District of Columbia Department of Insurance, Securities and Banking recently issued Bulletin 10-1B-04 (the “Bulletin”) providing insurers with guidance regarding the implementation of the Religious Freedom and Civil Marriage Equality Amendment Act of 2009 (the “Act”), which allows same sex couples to marry in the District of Columbia. …
Read More District of Columbia DOI Issues Bulletin on Nondiscrimination in Spousal Coverage

In a case we have been following on www.insurereinsure.com, Louisiana Safety Association of Timbermen – Self Insured Fund v. Certain Underwriters at Lloyd’s, London, the U.S. Supreme Court declined to grant certiorari to hear a dispute between an insurance pool and its reinsurer concerning whether the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) preempts a Louisiana statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts. …
Read More U.S. Supreme Court Refuses to Hear Dispute Concerning Preemptive Effect of New York Convention on State Law Barring Arbitration

Lawmakers worked to complete their legislative “to do” list during the lame duck session of Congress, including tax relief legislation, a continuing resolution to keep the government running into next year in the absence of regular FY 2011 appropriations bills, and a host of other end-of-session priorities. In health-related news, such priorities included a one year patch to prevent deep reimbursement cuts from impacting physicians. In addition, two legal challenges to the new healthcare reform law also made headlines last week. …
Read More Healthcare News From Capitol Hill and The Department of Health and Human Services – December 20, 2010

Following the reasoning of the First Circuit in its Genzyme decision (see prior blog entry here), a federal court in Virginia has granted summary judgment to an insured whose carrier had sued to recoup a $15 million settlement under a D&O policy.  Houston Casualty Company v. Sprint Nextel Corporation, No. 09-cv-1387 (E.D.Va. Nov. 22, 2010). …
Read More Virginia Court Follows First Circuit’s Genzyme Reasoning, Rejects Carrier’s Bid to Recoup $15mm D&O Payout