Effective January 1, 2013, Massachusetts long-term care insurance (“LTCi”) policies must comply with Senate Bill 2359, legislation that establishes a new chapter 176S in the General Laws that sets forth statutory standards specifically for LTCi. Previously, LTCi statutory standards were set by reference to the accident and health provisions of Chapter 175 of the General Laws of the Commonwealth.
Read More Long-term Care Insurance Act Passed in Massachusetts
United States
Are Mutual Fund Investors Seeking an End Run Around Ameriprise Financial v. Gallus?
By Troutman Pepper Locke on
Posted in D&O Liability, United States
Investors in various mutual funds managed by Principal Financial Group filed a derivative action under Section 36(b) of the Investment Company Act of 1940 in Iowa federal court in late October, alleging that the company charged excessive fees. The complaint in Curran et al. v. Principal Management Corporation & Principal Funds Distributor, Inc., S.D. Iowa No. 12-513, is available here. …
Read More Are Mutual Fund Investors Seeking an End Run Around Ameriprise Financial v. Gallus?
“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
On Remand from First Circuit, District Court Upholds Summary Judgment Ruling Discharging Insurers’ Duty to Defend
By Troutman Pepper Locke on
Posted in United States
The District of Massachusetts has issued a decision in Vicor v. Vigilant Ins. Co. et al., after getting the case back on remand from the First Circuit. …
Read More On Remand from First Circuit, District Court Upholds Summary Judgment Ruling Discharging Insurers’ Duty to Defend
Complimentary Edwards Wildman Webinar – LIBOR Litigation: Spotlight on Insurance Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Edwards Wildman Speakers: John D. Hughes, Mary-Pat Cormier, Charles Proctor
This program will briefly address the origins of the LIBOR isue and the background facts allegedly supporting the LIBOR claims brought in the US; then the nature of those claims, the defendants, and the defenses asserted by those defendants; and then finally the types of insurances policies implicated by these claims; and the coverage issues which these claims will raise with respect to these policies. …
Read More Complimentary Edwards Wildman Webinar – LIBOR Litigation: Spotlight on Insurance Coverage
UPDATE: Supreme Court Will Not Hear Appeal of 401(k) Fee Suit Involving Insurers’ ERISA Plans
By Troutman Pepper Locke on
Posted in United States
On Monday, October 29, the Supreme Court declined a petition for certiorari from a Third Circuit decision in Santomenno v. John Hancock Life Insurance Company in which Ms. Santomenno and her fellow former plan beneficiaries brought claims against John Hancock under ERISA and the ICA, claiming that John Hancock charged their retirement plans excessive fees on annuity insurance contracts offered to plan participants. …
Read More UPDATE: Supreme Court Will Not Hear Appeal of 401(k) Fee Suit Involving Insurers’ ERISA Plans
Connecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
By Troutman Pepper Locke on
On October 15, 2012, Connecticut Insurance Commissioner Thomas B. Leonardi announced a thirty (30) day public comment period in connection with the National Council on Compensation Insurance, Inc.’s (NCCI) filing for proposed 2013 voluntary loss costs and assigned risk rates. …
Read More Connecticut Insurance Department Requests Public Comments on NCCI’s Proposed Rate Increases
When Used Parts are as Good as New – Ninth Circuit Rules GARA’s Statute of Repose Trigger Date Applies Equally to Both
By Troutman Pepper Locke on
Posted in Aviation and Aerospace, United States
The Ninth Circuit Court of Appeals recently held that the statute of repose created under the General Aviation Revitalization Act (“GARA”) provides an aircraft’s individual component parts’ manufacturers the same protections as the aircraft manufacturer itself, even where the part in question is used and becomes incorporated on a later delivered aircraft that is not entitled to protection. …
Read More When Used Parts are as Good as New – Ninth Circuit Rules GARA’s Statute of Repose Trigger Date Applies Equally to Both
Massachusetts Appeals Court Rejects Insured’s Bid For Recovery of Hurricane Katrina Losses Exceeding Stated Property Value Under Excess Policy
By Troutman Pepper Locke on
On October 24, 2012, the Appeals Court of Massachusetts affirmed that an excess insurer’s liability extends only to the amount of loss that exceeds the amount of coverage available from underlying insurance, and not, under usual circumstances, to the total amount of loss. …
Read More Massachusetts Appeals Court Rejects Insured’s Bid For Recovery of Hurricane Katrina Losses Exceeding Stated Property Value Under Excess Policy
Healthcare Update: Physician Groups Propose Permanent “Doc Fix”; HIPAA/HITECH Enforcement Expected to Increase in 2013
By Troutman Pepper Locke on
Posted in Healthcare, United States
PHYSICIAN GROUPS PROPOSE PERMANENT “DOC FIX”
In an October 15 letter, the American Medical Association (AMA) and more than 100 other medical societies and physicians’ organizations urged Congress to consider a permanent replacement for the Medicare physician payment system. Under the Sustainable Growth Rate (SGR) formula used for Medicare Fee Schedule payments, doctors’ reimbursements for services are scheduled to be cut by 27% as of January 1, 2013. …
Read More Healthcare Update: Physician Groups Propose Permanent “Doc Fix”; HIPAA/HITECH Enforcement Expected to Increase in 2013