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Treasury Secretary Jacob (Jack) Lew presided over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, February 4.  The preliminary agenda consists of administrative business of the Council, including a discussion regarding the Council’s outstanding notice seeking public comment on asset management products and activities, which was…
Read More Secretary Lew Presided Over an Executive Session of the Financial Stability Oversight Council

President Obama’s fiscal year 2016 budget once again contains a revenue proposal to tax certain reinsurance transactions between U.S. insurers and foreign reinsurers.  The proposal would apply to a U.S. ceding company that reinsures property/casualty risks with an affiliated foreign reinsurer.  Under the proposal, in general terms, a U.S. ceding…
Read More Taxing Foreign Reinsurance Transactions: Déjà vu All Over Again

The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois.  While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer.  Moreover, with respect to business entities which…

Read More Illinois DOI Proposes New Producer Rules

January 12, 2015 – Locke Lord LLP and Edwards Wildman Palmer LLP have officially merged, creating Locke Lord Edwards, a firm with more than 1,000 lawyers in 23 cities around the world as well as a combined history of more than 125 years. With joined revenues, it will be among…
Read More It’s Official: Locke Lord, Edwards Wildman Combination Launched; Locke Lord Edwards Expands Global Reach, Enhances Client Services

Recently, a Massachusetts federal court issued an opinion limiting the ability of one insurer to seek reimbursement from another insurer under the doctrine of equitable contribution. In the insurance context, equitable contribution allows an insurer to seek contribution from a co-insurer after the insurer pays more than its proportionate share of a loss on a claim that both insurers are obligated to indemnify or defend. …
Read More Massachusetts Federal Court Rules Limits Equitable Contribution Between Insurers

On Tuesday, September 16, 2014, the U.S. House of Representatives passed H.R. 5461 by a vote of 327-97 (the “Bill”). Most significant to the insurance industry is Title I of the Bill, which clarifies the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). …
Read More U.S. House Approves Amendments to Dodd-Frank Capital Requirements

On July 24, 2014, the Massachusetts Appeals Court issued an opinion arising out of a subcontractor’s clear-cutting of environmentally-sensitive property in Western Massachusetts. The decision in Pacific Indemnity Company v. Lampro, et al., 86 Mass. App. Ct. 60 (2014), is notable because the court declared, as a matter of law, that the subcontractor’s erroneous actions were not a fortuitous event for which liability insurance was designed but, rather, a normal, foreseeable, and expected incident of doing business. …
Read More Massachusetts Appeals Court Declares That Failure To Follow Contract Conditions Is Not An “Occurrence” Under Landscaper’s General Liability Insurance Policy

The Connecticut Supreme Court recently held that an insurer has standing to pursue a declaratory judgment action against another insurer of a common insured to determine the existence of a duty to defend and the allocation of defense costs among them. Travelers Cas. & Sur. Co. of America, et al. v. The Netherlands Ins. Co., et al., No. S.C. 19089, — Conn. — (Conn. Aug. 5, 2014). A copy of the decision is available here. …
Read More Connecticut Supreme Court: Insurer Has Standing to Seek Declaratory Judgment Against Fellow Insurer of a Common Insured

August 19, 2014
12:00 PM EST

In a fast-paced debate based on a management liability hypothetical, our panel of experienced insurance industry insiders will discuss multiple issues and precedents typically arising in duty to advance cases. …
Read More PLUS Complimentary Webinar: An Insurer’s Duty to Advance, Notwithstanding Coverage Defenses