Edwards Angell Palmer & Dodge, LLP recently obtained a decision and order from the Supreme Court of the State of New York, New York County, granting its client Select Insurance Company’s motion for summary judgment, dismissing the complaint of the hedge fund insured.
United States
Texas Proposes Prior Approval Legislation for Personal Lines Rates
By Troutman Pepper Locke on
Posted in Regulatory, United States
Legislation has been introduced into the Texas House of Representatives and Senate that would return the state to a prior approval system for rates for personal automobile and residential property insurance policies.
…
Read More Texas Proposes Prior Approval Legislation for Personal Lines Rates
NAIC Adopts Climate Change Risk Disclosure Requirement
By Troutman Pepper Locke on
On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) adopted a reporting requirement mandating that insurance companies disclose financial risks posed by climate change and the actions taken by such insurance companies to respond to such risks.
…
Read More NAIC Adopts Climate Change Risk Disclosure Requirement
Navigant Report Finds Nearly Twice as Many Subprime-Related Lawsuits Filed in 2008 as 2007
By Troutman Pepper Locke on
A report entitled “2008: Seeking Relief” recently released by Navigant Consulting, Inc. states that 576 federal lawsuits centered around the subprime credit crisis were filed in 2008, nearly double the amount filed in 2007.
…
Read More Navigant Report Finds Nearly Twice as Many Subprime-Related Lawsuits Filed in 2008 as 2007
NY Insurance Department: NY Annual Statement Supplement Filed by Foreign (Re)Insurers to Follow Accounting Practices Set Forth in NY Insurance Law
By Troutman Pepper Locke on
The New York Insurance Department issued Circular Letter No. 4 (the “Circular Letter”) on February 19, 2009, which is directed to foreign insurers and reinsurers whose home state regulator or domiciliary regulator has “prescribed or permitted accounting practices that differ from the requirements of the New York Insurance Law.”
IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision
On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”). The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale.
…
Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision
Aviation Insurers Reportedly Remain Confident in Boeing 777 Engines
By Troutman Pepper Locke on
Posted in Aviation and Aerospace, United States
In light of several recent aviation insurance claims, the question of whether specific planes and/or specific engines are more prone to incidents is becoming relevant to aviation underwriters.
…
Read More Aviation Insurers Reportedly Remain Confident in Boeing 777 Engines
New Jersey Issues Bulletin Regarding Annuity Form Filing and Suitability Requirements
In September 2008, the New Jersey Legislature enacted Senate Bill 1165 (the “Act”) setting forth standards and procedures with respect to the direct solicitation of consumers regarding annuity products. The Act is designed to prevent the fraudulent and misleading marketing of annuity products by insurers, brokers and agents, and to provide standards for the disclosure of information about such products to consumers.
…
Read More New Jersey Issues Bulletin Regarding Annuity Form Filing and Suitability Requirements
Michigan Regulators Disapprove Automobile Insurance Rate Filings Based on Insurance Scoring
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced last week that it has begun disapproving insurance rate filings made by automobile insurance companies that use insurance credit scoring as a factor in determining premium rates.
Supreme Court of Texas Strictly Applies Eight-Corners Rule to Coverage Dispute, Declines to Consider Extrinsic Evidence
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Supreme Court of Texas recently affirmed summary judgment in favor of an insurer in a declaratory judgment action, holding that the allegations in the underlying complaint against its insured did not fall within the coverage provided by the insurance policy. Pine Oak Builders, Inc. v. Great American Lloyds Ins. Co., No. 06-0867 (Tex. February 13, 2009).