The Association of Insurance and Reinsurance Run-Off Companies (“AIRROC”) has announced the formal launch of the Dispute Resolution Procedure (“DRP”), an expedited binding arbitration procedure especially designed for small and less-complicated claims.
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United States
EAPD WEBINAR: Up Against a Chinese Drywall – Recent Developments in the Ongoing Products Liability and Coverage Litigation
The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge invites you to join them for “Up Against A Chinese Drywall: Recent Developments in the Ongoing Products Liability and Coverage Litigation” – a complimentary 60 minute webinar to be held Tuesday, October 27, 2009 at 12:00pm EDT / 4:00pm GMT.
Connecticut Appellate Court Affirms Summary Judgment In Favor of Insurer Due to Insured’s Failure to Cooperate
By Troutman Pepper Locke on
The Connecticut Appellate Court recently affirmed a lower court’s grant of summary judgment in favor of an insurer based on its determination that the insured breached the insurance policy’s cooperation clause by failing to provide copies of requested tax returns.
EAPD Insurance Partner Ted Augustinos Elected to American Bankers Insurance Association Board of Directors
By Troutman Pepper Locke on
Posted in Industry Developments, United States
Congratulations to Ted Augustinos, partner of EAPD’s Insurance and Reinsurance Department, who was elected to serve on the Board of Directors of the American Bankers Insurance Association (ABIA). Elections occurred at the ABIA annual meeting this week in Washington, DC. …
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Court Finds That New York Law Governs Reinsurance Agreement, Denies Insured’s Statutory Claim for Punitive Damages and Penalties Against Reinsurer
By Troutman Pepper Locke on
Posted in Reinsurance, United States
Plaintiff Callon Petroleum Company (“Callon”) commenced an action against National Indemnity Company (“NICO”) to recover for a judgment Callon obtained against NICO’s cedent, Frontier Insurance Company (“Frontier”).
New York District Court Recognizes Continued Viability of Manifest Disregard of the Law in the Second Circuit
By Troutman Pepper Locke on
Idea Nuova, Inc. moved in the U.S. District Court for the Southern District of New York to vacate or modify an arbitration award issued in favor of GM Licensing Group, Inc. The bases for Idea Nuova’s motion included, among other things, that the arbitrator had acted in manifest disregard of the law. …
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P&C Insurers to Submit Copies of Consumer Notices in connection with Credit Scoring to New Jersey Department of Banking and Insurance
By Troutman Pepper Locke on
On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment; divorce; or identity theft, to name a few. …
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PCI Compliance Survey Finds Companies Need Improvement
By Troutman Pepper Locke on
Posted in Privacy/Data Security/Cyber Risk, United States
The Ponemon Institute recently published a survey on Payment Card Industry Data Security Standards (“PCI DSS”) compliance. The Ponemon Institute is an independent research firm that conducts research on privacy, data protection and information security policy. …
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Virginia Issues Guidance on Information Security Program Requirement
The Virginia State Corporation Commission Bureau of Insurance (the “Bureau”) recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties.
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Financial Regulatory Reform Outlook
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
Though currently shadowed by healthcare reform efforts that have dominated the congressional schedule this fall, the push to enact a financial regulatory overhaul has been making steady progress in Congress.