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Scott Kipper has been selected to replace Joel Ario as the administrator of Oregon’s Insurance Division of the Department of Consumer and Business Services (“DCBS”).  As previously reported here, Joel Ario left the Insurance Division to become the insurance commissioner of the Commonwealth of Pennsylvania.  Kipper’s appointment will be effective on December 27. …
Read More Oregon Selects Scott Kipper To Head Insurance Division

The Securities and Exchange Commission recently filed an amicus brief in the Vigilant Ins. Co. et al. v. The Bear Stearns Cos., Inc. insurance coverage litigation. On June 19, 2007, an intermediate New York State appellate court held that a question of fact existed as to whether a component of an SEC settlement that was specifically labeled as disgorgement actually constituted the kind of disgorgement that many courts have deemed uninsurable as a matter of public policy. 

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Read More SEC Files Amicus Brief in Bear Stearns Insurance Coverage Litigation

Matt Denn, the Delaware Insurance Commissioner, announced in early November that he will institute a significant worker’s compensation premium cut for the start of the next calendar year.  For most businesses who participate in the “voluntary” workers compensation market, premiums will be cut by an average of 17.75 percent. 

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Read More Delaware Insurance Commissioner to Cut Average Worker’s Compensation Premiums for 2008

As the number of home foreclosures continues to rise, the United States House of Representatives recently passed legislation directed at a range of players involved in the subprime crisis. 

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Read More U.S. House of Representatives Passes Subprime Legislation Targeting Wall Street Banks

Earlier this month, New York Superintendent of Insurance Eric Dinallo unveiled a draft regulation that would establish a system of principles-based regulation in New York State.  If implemented, the regulation would make New York the first jurisdiction employing principles-based regulation in the United States. 

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Read More NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal

In Mello Constr. Co. v. Acadia Ins. Co., 874 N.E.2d 1142 (Mass. App. Ct. 2007), an unpublished decision, the court held that the commercial general liability (“CGL”) policy of a general contractor did not cover the defective work of a subcontractor who performed a portion of the work.  In Mello, a subcontractor improperly constructed the concrete slab supporting the elementary school for which the  insured was the general contractor. 

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Read More Massachusetts Appeals Court Finds That CGL Policy Does Not Cover Subcontractor’s Defective Work