A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter.
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United States
Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy
By Troutman Pepper Locke on
A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy.
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Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program
The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the “Program”) for insured losses at $100 billion.
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Representative Neal Introduces Reinsurance Tax Legislation
Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete. H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
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BP Employee Plan Committees File Lawsuit Over Securities Lending
By Troutman Pepper Locke on
BP Corporation North America Inc. Savings Plan Investment Oversight Committee and BP Corporation North America Inc. Investment Committee (the “BP Plan Committees”), named fiduciaries of various BP employee pension and savings plans, recently brought suit against Northern Trust Investments, N.A. and The Northern Trust Company (“Northern Trust”). The suit alleges that Northern Trust conducted excessive and inappropriately risky securities lending leading to substantial losses in the Plans’ accounts. …
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Pfizer Reaches a $60 Million Settlement with State Regulators over Alleged Off-Label Marketing
By Troutman Pepper Locke on
Posted in Product Liability, United States
On October 23, 2008, Pfizer announced that it had reached a $60 million settlement with regulators from 33 states and the District of Columbia regarding allegations that it promoted painkillers Celebrex and Bextra for “off-label” uses not approved by the United States Food & Drug Administration. …
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2008 AIRROC/Cavell Commutations Event
Yesterday, the Edwards Angell Palmer & Dodge team of Nick Pearson, Mark Everiss and Nick Stern continued to attend the 2008 AIRROC/Cavell Commutations Event. During the course of the day they held a series of meetings and took part in the later conference activities. …
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Oregon Insurance Administrator Scott Kipper Steps Down
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On October 15, 2008, the Oregon Department of Consumer and Business Services (“DCBS”) announced that Scott Kipper is stepping down from his position as the Insurance Division Administrator effective October 31, 2008. Kipper’s appointment as Administrator began on December 27, 2007, as we reported here.
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Fifth Circuit Rejects Excess Insurer’s Temporal and Subject Matter Stacking Arguments
By Troutman Pepper Locke on
The United States Court of Appeals for the Fifth Circuit recently rejected an excess insurer’s arguments in favor of temporal and subject matter stacking and affirmed summary judgment dismissing its subrogation claims against certain primary insurers.
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Florida Federal Court: Appraiser’s Finding That Insurer’s Calculation of Loss Was Too Low Is Insufficient to Support Statutory Bad Faith Claim
A Florida federal district court recently held that an appraiser’s finding that an insurer’s settlement of a property claim was too low cannot, by itself, sustain a cause of action for statutory bad faith.