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The federal district court in Massachusetts has declared that a professional liability insurer owes no duty to defend its insured, an accounting firm, against a suit alleging that the accounting firm negligently advised its client to invest in a Ponzi scheme. …
Read More Massachusetts Federal Court Declares That Professional Liability Insurer Need Not Defend Accounting Firm For Faulty Investment Advice

The U.S. Court of Appeals for the First Circuit earlier this year held that the preclusive effect of a prior arbitration is itself a matter for arbitration as between a reinsurer and its cedent. …
Read More First Circuit Holds That Preclusive Effect Of Prior Arbitration Outcome Is Itself An Arbitrable Issue

On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm. …
Read More Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine

The Appeals Court of Massachusetts recently issued a coverage decision captioned Hurley v. Comproni, et al., 85 Mass. App. Ct. 1101, 3 N.E.3d 615 (Mass. App. Ct. 2014) (unpublished) (available here). The decision stemmed from an insured lawyer’s repeated failure to complete service in an underlying personal injury action, resulting in that action being time-barred. …
Read More Massachusetts Appeals Court Holds Upholds Summary Judgment on Behalf of Insurer Based on a Prior Acts Exclusion and Inaccurate Statements in the Policy Application

The Financial Regulation Standards and Accreditation (F) Committee (the “Committee”) Spring NAIC Meeting addressed a number of pertinent topics; however, the majority of debate and comments centered around the definition of “Multi-State Insurer” for accreditation purposes. …
Read More Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting

The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
Read More Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting

On Saturday, March 29th, 2014, the Emerging Accounting Issues Working Group & Statutory Account Principles Working Group held a meeting to adopt certain standards and to expose other proposals for comments. The sole topic of substantial debate surrounded moving forward with the Accounting for the Risk Sharing Provisions of the Affordable Care Act (the “Act”). …
Read More Live Blog: Emerging Accounting Issues Working Group & Statutory Accounting Principles Working Group Meeting

Speakers at the Spring NAIC Meeting in Orlando on the topic of insuring cyber liability risk offered commentary on risks and damages associated with cyber attacks in the United States, as well as how the insurance market has (and has not) developed to help mitigate risk. Representatives included district attorneys, practicing intellectual property lawyers, federal agents as well as state regulators. …
Read More Live Blog: CIPR Spring Event: Insuring Cyber Liability Risk (NAIC Spring Meetings)