United States Archives - Page 307 of 314

Florida’s Claims Administration Statute: Use it or Lose it

Jul 20, 2007 | Coverage & Claims, Florida Developments, Regulatory | United States

An Insurer issuing liability policies in Florida must comply with Florida’s Claims Administration Statute, Florida Statutes §627.426, or risk waiving otherwise viable “coverage defenses.”

NYAG Sues ExxonMobil over Alleged 17-million-gallon Oil Spill in New York City

Jul 19, 2007 | Coverage & Claims, New York Developments, Toxic Tort | United States

On July 17, 2007, New York Attorney General (“NYAG”) Andrew M. Cuomo filed suit against the ExxonMobil Corporation and ExxonMobil Refining and Supply Company “to force the cleanup of a 17-million-gallon oil spill in Greenpoint, Brooklyn, and to restore Newtown Creek, the contaminated waterway separating Queens from Brooklyn.”

Federal Court Dismisses RICO Complaint Against Coventry

Jul 19, 2007 | Coverage & Claims, Life Insurance & Annuities | United States

A federal district court has dismissed a complaint containing seven claims, including three RICO claims, against Coventry First LLC and several related corporate entities and principals.

U.S. Attorney To Appeal KPMG Dismissals

Jul 18, 2007 | Coverage & Claims, D&O Liability | United States

As anticipated, the U.S. Attorney for the Southern District of New York filed official notice on Monday, July 17 that it intends to appeal U.S. District Judge Lewis A. Kaplan’s recent dismissal of criminal tax fraud charges against 13 out of 16 former KPMG employees.

Missouri Governor Signs Legislation Allowing Formation of Captive Insurers

Jul 17, 2007 | Regulatory | United States

As of August 28, 2007, Missouri will become the latest state to allow the formation of captive insurance companies.

Congress Considering Reforms to National Flood Insurance Program

Jul 17, 2007 | Catastrophe Claims, Federal Legislative Developments, Regulatory | United States

Rep. Gene Taylor (D-MS) has introduced H.R. 920, entitled the “Multiple Peril Insurance Act of 2007,” to the United States House of Representatives in response to the denial of claims from Hurricane Katrina due to wind loss.

Travelers Enters Settlement with ACandS, Ending “Potentially Unlimited” Exposure; Plan Includes Reinsurance Allocation

Jul 17, 2007 | Asbestos, Coverage & Claims, Reinsurance, Toxic Tort | United States

The Travelers Companies, Inc. has announced a settlement with ACandS Inc. to resolve all current and future asbestos-related coverage claims. ACandS, an insulation contractor, has been undergoing Chapter 11 reorganization since 2002, and its bankruptcy counsel has described the Travelers insurance coverage as “the most important asset of ACandS’s bankruptcy estate.”

Blues, Physicians Reach Settlement in Love Case

Jul 17, 2007 | Healthcare | United States

The Blue Cross and Blue Shield Association, along with a majority of its nationwide affiliated “Blues plans,” has reached settlement with a class of approximately 900,000 physicians, to resolve a class action suit brought in the Southern District of Florida.

District Court Enforces Arbitration Agreement

Jul 16, 2007 | Arbitration, Reinsurance | United States

On January 20, 2006, Century Indemnity Company filed suit in the United States District Court for the Southern District of New York against Clearwater Insurance Company (“Clearwater”) seeking payment under a facultative reinsurance certificate that contained an arbitration clause.

Reinsurer Not Obligated to Follow Cedent’s Settlement Allocation

Jul 16, 2007 | New York Developments, Reinsurance | United States

On June 12, 2007, a New York appellate court reversed a lower court’s decision and held that a reinsurer was not required to follow the fortunes of a cedent’s loss allocation on a single occurrence “per site” basis, finding that such allocation, which allowed the cedent to exceed the facultative reinsurance contract’s $1 million per-occurrence deductible with respect to certain sites, was unreasonable.

Jurisdiction: United States

Florida’s Claims Administration Statute: Use it or Lose it

NYAG Sues ExxonMobil over Alleged 17-million-gallon Oil Spill in New York City

Federal Court Dismisses RICO Complaint Against Coventry

U.S. Attorney To Appeal KPMG Dismissals

Missouri Governor Signs Legislation Allowing Formation of Captive Insurers

Congress Considering Reforms to National Flood Insurance Program

Travelers Enters Settlement with ACandS, Ending “Potentially Unlimited” Exposure; Plan Includes Reinsurance Allocation

Blues, Physicians Reach Settlement in Love Case

District Court Enforces Arbitration Agreement

Reinsurer Not Obligated to Follow Cedent’s Settlement Allocation

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