As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”). As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events.
United States
New York State Court Orders Parties to Arbitrate Dispute, even where Plaintiff Alleges that Contract Containing Arbitration Clause Was Induced by Fraud
By Troutman Pepper Locke on
Defendant New York Merchants Protective Co. Inc. (“NYMP”) is engaged in the business of installing and/or maintaining alarm systems. See Custom Metal Inc. v. New York Merchants Protective Co. Inc., 21343/08 (Nassau County, Sup. Ct., Apr. 6, 2009). Plaintiff Custom Metal Inc. (“Custom Metal”) was a customer of NYMP and entered into a contract in 2003 by which NYMP was responsible for installing and maintaining a security system at Custom Metal’s principal place of business.
Connecticut Superior Court Grants Summary Judgment for Insurer on Uninsured Motor Vehicle Claim
By Troutman Pepper Locke on
An insurer represented by Edwards Angell Palmer & Dodge attorneys Dennis Brown, Julia Ulrich and John Hughes was recently granted summary judgment by the Connecticut Superior Court based on an insurance policy’s provision defining “uninsured motor vehicle” as not including any vehicle owned by a self-insurer.
U.S. Reinsurance Under 40s Group to Host Reception in Philadelphia
By Troutman Pepper Locke on
On Wednesday, April 29, 2009, the U.S. Reinsurance Under 40s Group will host its first ever event in Philadelphia! The event will take place between 5:30 p.m. and 7:30 p.m. at the Union League of Philadelphia, which is located at 140 S. Broad Street (between 15th and Samson streets). …
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U.S. Reinsurance Under 40s Group to Host Lloyd’s Non-Marine Under 30s Group on May 6th for Spring Event in New York City
By Troutman Pepper Locke on
On Wednesday, May 6, 2009, the U.S. Reinsurance Under 40s Group will host the the Lloyd’s Under 30’s Non-Marine Group at its annual Spring event in New York City. The Lloyd’s Under 30’s Non-Marine Group was established more than 30 years ago, and is an organization that is open to all those under the age of 30 years who are engaged in the Lloyd’s Non-Marine market.
Texas Senate Approves Bill Authorizing Continued Operation of the Texas Department of Insurance
By Troutman Pepper Locke on
Posted in Regulatory, United States
On April 20, 2009, the Texas State Senate issued a press release announcing approval of Senate Bill 1007 (“SB 1007” or the “Bill”) authorizing continued operation of the Texas Department of Insurance (“TDI”) and slightly reforming certain TDI operations. …
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Federal Court Rules that Bad Faith Claim Falls Within Scope of Arbitration Clause in D&O Policy
An Illinois federal court recently held that an insured’s bad faith claim fell within the scope of an arbitration provision contained in a D&O Policy and therefore granted the insurer’s motion to compel arbitration. …
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New York State Appellate Court Addresses the Potential Overlap in CGL and D&O Coverage
By Troutman Pepper Locke on
A New York State appellate court recently held that a CGL insurer was entitled to contribution from the insured’s D&O insurer for its equitable share of the defense costs incurred by the CGL insurer in defending two underlying actions against the insured that included causes of action that were not covered under the CGL policy, but were covered by the D&O policy. …
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UPDATE: NAIC Releases Statement Opposing The National Insurance Consumer Protection Act of 2009
By Troutman Pepper Locke on
Posted in Regulatory, United States
As previously reported here, Representatives Melissa Bean, D-Ill., and Ed Royce, R-Calif., introduced the National Insurance Consumer Protection Act of 2009 (“H.R. 1880”) in the House of Representatives on April 2, 2009. H.R. 1880 would establish an optional, national system of regulation and supervision for insurers and producers. …
Read More UPDATE: NAIC Releases Statement Opposing The National Insurance Consumer Protection Act of 2009
Connecticut Insurance Commissioner Reminds Industry Members to Not Speak Poorly About Their Competitors
By Troutman Pepper Locke on
On April 20, 2009, Commissioner Sullivan (the “Commissioner”) of the Connecticut Insurance Department (the “Department”) released Bulletin IC–22 (the “Bulletin”), which serves as a reminder to chief executive officers of all insurance companies licensed in the State of Connecticut of their responsibility to not harm the public’s confidence in the insurance industry and to not engage in unfair trade practices. …
Read More Connecticut Insurance Commissioner Reminds Industry Members to Not Speak Poorly About Their Competitors