At the request of Governor Culver in June of this year, the Iowa Division of Insurance conducted a three-month review of issues relating to long-term care insurance. The Governor’s request grew out of concerns at both the state and national level regarding long-term care insurance policies and increasing complaints about pricing, rate increases, denial of claims and questionable market practices.
United States
New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves
By Troutman Pepper Locke on
New York Insurance Superintendent Eric Dinallo announced last week that the State is considering a new regulation requiring that all property insurers writing policies covering damage from hurricanes and other natural disasters establish on their books a catastrophe reserve. If adopted, this regulation would be the first of its kind in the United States. …
Read More New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves
SDNY Applies “Prior And Pending Litigation” Exclusion To Limit Coverage Under D&O Policy
By Troutman Pepper Locke on
The United States District Court for the Southern District of New York recently broadly applied a so-called “prior and pending litigation” exclusion to limit coverage for the settlement of a lawsuit, finding that many of the lawsuit’s allegations overlapped with allegations made in a lawsuit filed prior to the inception of the policy.
…
Read More SDNY Applies “Prior And Pending Litigation” Exclusion To Limit Coverage Under D&O Policy
Nevada Court Vacates Arbitrator’s Award of Punitive, Other Damages
By Troutman Pepper Locke on
Recently, the United States District Court for the District of Nevada vacated an arbitration panel’s award that consisted of, among other things, punitive damages, finding that the award was in manifest disregard of the law and outside the scope of the panel’s jurisdiction.
…
Read More Nevada Court Vacates Arbitrator’s Award of Punitive, Other Damages
Stoneridge v. Scientific-Atlanta: Supreme Court Indicates It Will Not Broaden Secondary Actor Liability In Securities Class Actions
By Troutman Pepper Locke on
The United States Supreme Court heard oral argument yesterday in a case that presents the Court with the opportunity to broaden the class of potential defendants in private securities class actions, which would substantially increase litigation exposure for corporate America. The questions and comments of the Justices suggest that the majority of the Court is not prepared to alter the current securities class action landscape.
Louisiana Launches $100 Million Property & Casualty Incentive Program
By Troutman Pepper Locke on
Louisiana has begun accepting applications from property and casualty insurance companies for grants under the Insure Louisiana Incentive Program. According to Louisiana Insurance Commissioner Jim Donelon, the program is designed to “attract more property and casualty providers to [Louisiana] and to increase the private market capacity by 15%.” …
Read More Louisiana Launches $100 Million Property & Casualty Incentive Program
Massachusetts Attorney General Files Suit Against National Mortgage Lender Over Subprime Mortgages
Massachusetts Attorney General Martha Coakley announced on Friday that her office has filed a lawsuit against one of the nation’s largest subprime lenders, Fremont Investment and Loan (“Fremont”). The suit accuses Fremont of predatory lending practices under Massachusetts’ 2004 Predatory Home Practices Act.
NAIC Reinsurance Task Force Considers Modernizing Reinsurance Regulation
By Troutman Pepper Locke on
This blog serves as an update to our June 7 and September 12 postings.
Last week, we attended the Fall NAIC meeting in Washington D.C. During the meeting, the Reinsurance (E) Task Force discussed a proposal to modernize current reinsurance regulation.
…
Read More NAIC Reinsurance Task Force Considers Modernizing Reinsurance Regulation
Potential Class Action against State Farm and Its Claims Adjusting Software Company
By Troutman Pepper Locke on
Judge Stanwood R. Duval, Jr. of the United States district court of Lousisa federal district court sitting in Louisiana recently held that two homeowners could jointly file an amended complaint and proceed with their proposed class action lawsuit against State Farm Fire and Casualty Company and software company Xactware.
…
Read More Potential Class Action against State Farm and Its Claims Adjusting Software Company
EAP&D Corporate Law And Litigation Bulletin Addresses Recent Statutory And Caselaw Developments In Delaware Corporate Law
By Troutman Pepper Locke on
The Fall 2007 Edition of the EAP&D Corporate Law and Litigation Bulletin has recently been released and is available here. The Bulletin contains discussion of the following developments: