The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog.
Read More OGC Opinion: Insurance Law § 3420 Also Applies to Policies Issued in NY But Delivered Out of State
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New York Insurance Department Announces Cooperation Agreement with China
By Troutman Pepper Locke on
On Tuesday, July 28, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the International Department of the China Insurance Regulatory Commission (“CIRC”), China’s insurance regulator.
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New York Federal Court Vacates Prior Order Finding That Arbitration Must Start Anew
By Troutman Pepper Locke on
In early January, www.insurereinsure.com reported on In the matter of the Petition of Ins. Co. of North America, et al. against Public Service Mut. Ins. Co., No. 08-cv-7003 (S.D.N.Y.), in which the U.S. District Court for the Southern District of New York held that an arbitration must start anew because a member of the arbitration panel resigned for health reasons prior to the rendering of an award.
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N.Y. Insurance Department Issues Opinion Prohibiting Contingent Annuity Contracts
By Troutman Pepper Locke on
Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance. …
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First Circuit: No Coverage Under Claims Made and Reported Policy If Insured Fails to Report Claim within Policy Period
By Troutman Pepper Locke on
The First Circuit recently held that an insured was not entitled to coverage under a Professional Liability claims made and reported policy where the claim is not both made against the insured and reported to the insurer within the policy period. …
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D.C. Circuit Remands Rule 151A Back to the SEC
By Troutman Pepper Locke on
This updates our January 28, 2009 posting. Earlier this year, American Equity Investment Life Holding Company (“American Equity”), together with a coalition of insurance companies and independent marketing organizations, filed suit in the U.S. Court of Appeals for the District of Columbia Circuit (the “Court”) seeking to overturn Securities and Exchange Commission (“SEC”) Rule 151A which classified certain indexed annuities, previously regulated as insurance, as securities, thus subjecting them to federal, rather than state, regulation.
Sixth Circuit: Insurer That Defended Insured in State Court Action Need Not Defend Insured in Subsequent Related Arbitration; Wording of Arbitration Claim Precludes Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Earlier this month, the Sixth Circuit affirmed a district court decision granting summary judgment to a professional liability insurer where it provided a defense in a state court action but denied coverage in a subsequent related arbitration.
Delaware Court: Right to Advancement of Defense Costs for Defamation Suit can be Modified Based on Changes in Factual Circumstances
By Troutman Pepper Locke on
In a short letter-to-counsel opinion, Vice Chancellor John Noble of the Delaware Chancery Court held that a prior order granting advancement to two officers and directors can be modified based on changes in factual circumstances. …
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New York State Insurance Department Reminds Licensees of Compliance Obligations under Federal Laws
By Troutman Pepper Locke on
The New York State Insurance Department (the “Department”) recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. §§ 5311-5330 (“BSA”); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. § 78dd-1-78dd-3 (“FCPA”); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. § 313(a)(6)(c) (“OFAC”, collectively with BSA and FCPA, the “Federal Laws”).
New District of Columbia Laws to Impact Insurance Coverage Eligibility for Same-Sex Marriages Performed Out of State
By Troutman Pepper Locke on
In Washington, DC, two new laws were enacted this month that will impact insurance coverage eligibility in same-sex marriages performed out-of-state. The Jury and Marriage Amendment Act of 2009, effective July 6, 2009, provides that “marriages legally entered into in another jurisdiction between two persons of the same sex shall be recognized as a marriage in the District.”