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In the wake of a Nevada jury’s recent  $99 million punitive damages judgment against Wyeth Pharmaceuticals Inc., in L. Brocklin v. Wyeth, No. CV04-01701 (October, 15, 2007), Wyeth’s attorneys are vowing to appeal what they are calling an “aberration” in the various hormone replacement cases brought against the Madison, N.J.-based company. 

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Read More Wyeth Vows To Appeal $99 Million Punitive Damages “Aberration” In Nevada Hormone Replacement Case

In a greatly anticipated opinion, the Florida Supreme Court recently clarified the Valued Policy Law (“VPL”), §627.702(1), Fla. Stat. (2004).  Florida Farm Bureau Casualty Ins. Co. v. Cox, No. SC06-2494, 2007 WL 2727072 (Fla. S. Ct. Sept. 20, 2007).   The Court considered whether the  VPL required an insurer to pay the face value of the policy for a “total loss” caused, in part, by a covered peril and, in part, by a non-covered peril. 

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Read More Florida’s Valued Policy Law – The Florida Supreme Court Weighs In

The 11th Circuit Court of Appeals has held that an insurer of municipal bonds does not have standing to bring an action for federal securities fraud under Rule 10b-5 of the Securities and Exchange Act (“the Act”). 

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Read More 11th Circuit – Municipal Bond Insurer Does Not Have Standing to Bring Securities and Exchange Act Rule 10b-5 Claim

UnitedHealthcare, a subsidiary of UnitedHealth Group, Inc., entered into a settlement agreement last month whereby it agreed to pay $12 million to the Attorneys General of 36 states and the District of Columbia.  This settlement comes after a multi-state investigation by state insurance regulators regarding UnitedHealthcare’s claims practices, fee schedules and deductibles. 

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Read More UnitedHealthcare Settles Claims For $12 Million

The Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote.  The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here. …
Read More Senate Banking Committee Approves Bill to Amend NFIP

On October 12, 2007, Caterpillar filed suit (the “Complaint”) against Aon Corporation, Aon Risk Services, Inc. of Illinois, and Aon Re Global, Inc. (“Aon”) in the United States District Court for the Central District of Illinois. …
Read More Caterpillar Sues Aon Alleging Violations of Federal and State Antitrust Laws

On Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
Read More New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

Earlier this week, the NAIC announced its proposal, as discussed in our  June 7, September 12 and October 9 postings, to modernize U.S. reinsurance regulation to its international counterparts during a panel discussion at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS). 

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Read More NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS

Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote. …
Read More Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal