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An Edwards Wildman team led by Steve Prignano (Providence), Josh Broudy (Hartford) and David Sigmon (New York) obtained summary judgment for our client National Union Fire Insurance Company of Pittsburgh, Pa. (“National Union”) in a case involving coverage claims brought by Payless Shoe Source, Inc. (“Payless”). …
Read More Edwards Wildman Team Gets Big Coverage Win in TCPA Violation Case

Last month, the New York Department of Financial Services (“DFS”) published notice in the New York State Register that it would be adopting several amendments to its holding company regulations. The DFS stated that the purpose of the amendments is to bring New York regulation in conformance with the National Association of Insurance Commissioners (“NAIC”) 2010 model Insurance Holding Company System Regulatory Act in order to ensure that New York maintains its NAIC accreditation status. …
Read More New York Amends Holding Company Regulations

As all are aware, on New Year’s Day, the Senate and the House of Representatives approved a bill to avert the so-called fiscal cliff. The “American Taxpayer Relief Act of 2012” includes the latest in a series of one-year patches to prevent major cuts in physician Medicare fees. …
Read More Healthcare Update: Fiscal Cliff Deal Includes Temporary “Doc Fix” for 2013

During the Geneva Association’s Insurance and Finance Conference held on December 11, 2012, the Association presented the results of its benchmarking study comparing 28 global systemically important banks to 28 of the largest global insurers, applying the criteria established by the international Financial Stability Board (FSB) for designation of global systemically important insurers (G-SIIs). The report was issued in anticipation of the FSB’s designation of G-SIIs, which is expected in early 2013. …
Read More Banks vs. Insurers: Systemic Risk Comparison; A Study Prepared by The Geneva Association

The California Court of Appeal recently affirmed dismissal of a class action suit alleging that an insurer had unlawfully charged service fees to policyholders who paid for their insurance in monthly installments. A copy of the opinion, rendered in the matter styled In re Insurance Installment Fee Cases, No. D057138 (Calif. App., 4th Dist., Div. 1), is available here. …
Read More California Court Finds for Insurer in Service Fee Case

Making headlines around the world this week, UBS has agreed to pay approximately $1.5 billion in fines and disgorgements to regulators in the United States (including the Commodities Futures Trading Commission and the Department of Justice); the United Kingdom’s Financial Services Authority; and Switzerland’s FINMA, to resolve investigations into the bank’s alleged manipulation of the LIBOR interest rate. …
Read More Newest LIBOR Manipulation Settlement by UBS Could Change Landscape for LIBOR Plaintiffs in MDL and Other Suits

The Cayman Islands legislature has amended the Insurance Law, 2010 to, among other things, permit licensing of two new classes of reinsurers. The new class C insurer license permits reinsurance through the issuance of catastrophe bonds and other similar instruments, such as insurance linked securities. …
Read More Cayman Islands Creates Two New Classes of Reinsurers

“SAVE AND STRENGTHEN MEDICARE ACT” INTRODUCED
On December 11, the outgoing chairman of the House Ways and Means Health Subcommittee introduced a bill (the “Save and Strengthen Medicare Act,” H.R. 6645) that proposes major changes to the Medicare program. Rep. Wally Herger (R-CA), who is retiring from Congress at the end of this year, said that the bill “embrace[s] the best ideas that have been put on the table to date, from any political or ideological quarter.” …
Read More Healthcare Update: “Save and Strengthen Medicare Act” Introduced; CMS Issues Nine Conditional Approvals for Exchanges; HHS Rejects “Partial” Medicaid Expansions