In a decision issued on February 28, 2014 but published only recently, the Superior Court of Delaware addressed an issue of first impression and found that under New York law, horizontal exhaustion does not apply to excess insurance policies.
Read More Delaware Court Applies Horizontal Exhaustion to Excess Insurance Policies Under New York Law
United States
PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”). …
Read More PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
“Dormant Status” Now Granted Under Vermont Captives Law
By Troutman Pepper Locke on
On April 15, 2014, legislation was passed in Vermont enhancing the state’s captive law. H.563, known as “An Act Relating To Captive Insurance Laws And Accreditation Standards,” allows a “dormant” captive to maintain licensing status within Vermont. …
Read More “Dormant Status” Now Granted Under Vermont Captives Law
New York to License Title Insurance Agents for the First Time
By Troutman Pepper Locke on
Posted in New York Developments, United States
New York’s latest budget agreement was announced on March 30, 2014 and includes a measure to provide the Department of Financial Services (“DFS”) with authority to issue licenses to title insurance agents for the first time. …
Read More New York to License Title Insurance Agents for the First Time
Texas Regulators Adopt Rules Implementing Captive Insurance Laws
By Troutman Pepper Locke on
The Texas Department of Insurance (TDI) has adopted new rules implementing provisions of the Texas Insurance Code that remove regulatory barriers for captives. The new rules go into effect on April 27, 2014. …
Read More Texas Regulators Adopt Rules Implementing Captive Insurance Laws
U.S. Senators Announce Bipartisan Agreement to Extend TRIA
A bipartisan group of senators have co-sponsored a measure to extend the Terrorism Risk Insurance Act (“TRIA”) for the next seven years. TRIA, which is set to expire at the end of 2014, was put into place after the terrorist attacks on September 11, 2001. …
Read More U.S. Senators Announce Bipartisan Agreement to Extend TRIA
Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation
By Troutman Pepper Locke on
We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. …
Read More Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation
Internal Revenue Service Files Appeal in the Validus Excise Tax Case
Following up on our earlier Insurance and Reinsurance Blog on this matter (the relevant post can be found here), the Internal Revenue Service today filed an appeal to the United States Court of Appeals for the District of Columbia Circuit of the recent United States District Court decision in the Validus case (holding that the excise tax imposed on the foreign insurance/reinsurance of U.S. risks by Section 4371 of the Internal Revenue Code does not apply to retrocession policies). …
Read More Internal Revenue Service Files Appeal in the Validus Excise Tax Case
Healthcare Update: U.S. House of Representatives Passes Bill to Redefine Full-Time Employee Under the Affordable Care Act
By Troutman Pepper Locke on
Posted in Healthcare, United States
Edwards Wildman’s Lori Basilico, partner in the Healthcare Practice Group discuss “U.S. House of Representatives Passes Bill to Redefine Full-Time Employee Under the Affordable Care Act.” …
Read More Healthcare Update: U.S. House of Representatives Passes Bill to Redefine Full-Time Employee Under the Affordable Care Act
New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness
By Troutman Pepper Locke on
On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. …
Read More New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness