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The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped

The long-awaited report from the Federal Insurance Office on how to modernize and improve the system of insurance regulation in the U.S. has been released. The Report and related transmittal to Rep. Hensarling can be accessed by clicking here and here, respectively. …
Read More BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED

Effective January 1, 2014, the California Department of Insurance has added six new regulations to Title 10 of the California Code of Regulations. These can be found at Title 10, Chapter 5, Article 22 Sections 2598 through 2598.6. …
Read More California Adds New Hazardous Financial Condition Regulations

The California Court of Appeal, Third District, in Yanez v. Plummer, 2013 WL 5915639, Cal. Ct. App. 3d Dist., No. C070726 (Nov. 5, 2013) recently held that a former employee deposed in connection with a co-worker’s personal injury suit may pursue malpractice claims against in-house counsel who failed to disclose the conflict of interest created by counsel’s dual representation of the employer-railroad and the employee. …
Read More California Court of Appeal, Third District Holds In-House Attorney May Be Liable for Malpractice for Failing to Warn Employee About Conflict

On December 2, 2013, a coalition comprised of The R Street Institute, The American Consumer Institute and the National Taxpayers Union (the “Coalition”) sent a letter to the federal banking regulators at the U.S. Office of the Comptroller of the Currency, FDIC, NCUA, Farm Credit Administration and Federal Reserve Board. …
Read More Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance

The New York State Assembly recently passed a number of bills seeking to amend the state’s insurance laws. Most significantly, Assembly Bill 7455A seeks to amend New York insurance law by prohibiting insurers from using “anti-concurrent causation” clauses in homeowner and commercial insurance policies to preclude coverage for flood claims. …
Read More New York Assembly Passes Bill Prohibiting “Anti-Concurrent Causation” Clauses

On November 20, 2013, a bipartisan delegation from the National Association of Insurance Commissioners (NAIC) met with President Obama in the Oval Office of the White House to discuss issues surrounding the roll-out of the Affordable Care Act. …
Read More President Obama Urges Coordination between the NAIC and the U.S. Treasury Regarding Global Insurance Regulation

In Cohen v. American Security Insurance Co., the Seventh Circuit rang the death knell on mortgagors’ lawsuits complaining about the cost of force-place insurance bought by the mortgagors’ bank. When a bank makes a loan and takes a mortgage, the mortgagor’s real estate often is the bank’s security – that is, the bank’s assurance that its loan will be repaid, involuntarily if need be. …
Read More The Seventh Circuit Puts an End to Litigation Attacking the Cost of Force-Place Insurance

On November 6, 2013, the Federal Insurance Office (FIO) released its 2013 Report on the Impact of Part II of the Nonadmitted and Reinsurance Reform Act (NRRA). The purpose of the NRRA, which became effective on July 21, 2011, is to improve the uniformity of state regulation of reinsurance and surplus lines insurance.
Read More FIO Releases Report Regarding Impact of NRRA on Availability of Reinsurers’ Financial Information