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The second annual C5 conference was co-chaired by Ben Beeson of Lockton and Laurie Kamaiko of Edwards Wildman. The initial focus addressed the controversial questions of whether the cyber insurance market was failing to offer a meaningful solution to current day cyber risk, the struggle to remain relevant in the current business market, and whether the UK market would evolve the same as the US market, in light of the impending focus on data breaches with the upcoming European Commission’s Draft Regulation on Data Protection that is likely to impose notice requirements. …
Read More Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

CONGRESSMEN PUSH HHS TO RESPOND TO STATES’ PPACA QUESTIONS
In an October 4 letter to Kathleen Sebelius, the Secretary of the Department of Health and Human Services (HHS), the leaders of the House Energy and Commerce Committee renewed their request that HHS respond promptly to all outstanding questions from states regarding implementation of the Patient Protection and Affordable Care Act (PPACA). Reps. …
Read More Healthcare Update: Congressmen Push HHS to Respond to States’ PPACA Questions; HHS Awards New Exchange Grants While Congressmen Call for Increased HHS Oversight; New York Governor Vetoes Bill to Amend Anti-Kickback Law

Fair Isaac Corp. (Fair Isaac) and the Property Casualty Insurers Association of America released the results of a new survey of property & casualty insurers on October 4, 2012 reporting that 54% of those surveyed expect to see an increase in the cost of fraud in 2012 on personal insurance lines. …
Read More New Survey Reports that Insurers Expect an Increase in Fraud-Related Costs

Recently, on August 6, 2012, Massachusetts Governor Deval Patrick signed into law Senate Bill 2400. The Bill, which states that it is “An Act improving the quality of healthcare and reducing costs through increased transparency, efficiency and innovation,” goes into effect on November 4, 2012. …
Read More Healthcare Update: Massachusetts Bans Mandatory Overtime for Nurses

October 18, 2012

Edwards Wildman Speakers:  Richard J. McCarthy, Eric B. Hermanson

It has now been two months since the California Supreme Court handed down its long-awaited ruling in California v. Continental Ins. Co. (the Stringfellow case): rejecting pro rata allocation, and affirming “all sums with stacking” as the preferred method of allocation in long-tail environmental claims under general liability policies. …
Read More COMPLIMENTARY EDWARDS WILDMAN WEBINAR: Life After Stringfellow: All Sums With Stacking Under California Law

HOUSE COMMITTEE APPROVES MEDICAL LOSS RATIO BILL
On September 20, the House Energy and Commerce Committee approved a bill that would exclude brokers’ commissions from the calculation of a health insurance plan’s medical loss ratio (MLR). …
Read More Healthcare Update: House Committee Approves Medical Loss Ratio Bill; New York Court Dismisses Challenge to Wage Parity Law

Edwards Wildman Palmer LLP is pleased to announce that Reactions, a leading insurance publication, has named the firm “Best Global Law Firm of the Year” at its Global Awards. The awards were presented at the Reactions Global Awards Gala Dinner on September 19 in New York. …
Read More Edwards Wildman Honored as ‘Best Global Law Firm of the Year’ by Reactions

In a case challenging the California Department of Insurance’s (CDI) accusation against life and health insurers of multiple unfair and deceptive practices in violations of the California Insurance Code and the Fair Claims Practices Regulations (FCPR), an administrative law judge ruled that the CDI had overstepped its powers deriving from the Fair Claims Settlement Practices Regulations, and particularly Section 790.03 of Insurance Code. …
Read More California Judge Spares Insurers Heavy Fines for Alleged Unfair Acts Violations

Among the far-reaching reforms included in the Dodd-Frank Act (the “DFA”) was a comprehensive new regulatory framework for derivatives.  Title VII of the DFA authorizes the Commodity Future Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) to require that certain “swaps” (regulated by the CFTC) and “securities-based swaps” (regulated by the SEC) be cleared through a clearing organization as to swaps or a clearing agency as to securities-based swaps. …
Read More Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry