On June 18, 2013, the U.S. Reinsurance Under 40’s Group will be having its 3rd Annual Bowling Extravaganza at Lucky Strike Lanes in New York City (624-660 W 42nd Street, New York, NY 10036 (42nd St & 12th Ave)! The event will take place between 6:00 pm and 9:00 pm, and is being sponsored by Transatlantic Reinsurance Company and JLT Re.
Read More Please Join the US Reinsurance Under 40s Group on Tuesday, June 18 for its Annual Bowling Event
Client Advisory – President Obama Issues Executive Order Imposing Additional Iran Sanctions
By Troutman Pepper Locke on
On June 5, 2013, President Obama issued the Executive Order 13645 “Implementing Sanctions Set Forth in the Iran Freedom & Counter-Proliferation Act of 2012” that would become effective on July 1, 2013.
EO 13645 implements several statutory provisions of Iran Freedom and Counter-proliferation Act (IFCA) of 2012 but also imposes additional sanctions. Click here to read the entire Client Advisory.…
Read More Client Advisory – President Obama Issues Executive Order Imposing Additional Iran Sanctions
The Supreme Court Rules that Courts Must Honor an Arbitrator’s Construction of Contractual Language in Favor of Class Arbitration, “However Good, Bad, or Ugly”
By Troutman Pepper Locke on
n Oxford Health Plans LLC v. Sutter, 569 U.S. ____ (2013), the Supreme Court all but ordered the federal courts to not decide whether one person can pursue arbitration on behalf of a class of other people. Dr. John Sutter had a contract with Oxford Health Plans to provide his services to people Oxford insured. In exchange, Oxford would pay him. …
Read More The Supreme Court Rules that Courts Must Honor an Arbitrator’s Construction of Contractual Language in Favor of Class Arbitration, “However Good, Bad, or Ugly”
Delaware Rejects New York’s Call for a Moratorium on Securing Reserves with Captive Insurance Companies, While the NAIC Refuses to Act Hastily
By Troutman Pepper Locke on
Other state insurance regulators have responded coolly to the report released by the New York Department of Financial Services on June 12. That report recommended that “State insurance commissioners should consider an immediate national moratorium on approving additional shadow transactions until those investigations are complete . . . .” …
Read More Delaware Rejects New York’s Call for a Moratorium on Securing Reserves with Captive Insurance Companies, While the NAIC Refuses to Act Hastily
UK: FCA Publishes Report on Thematic Motor Legal Expenses Insurance Project
By Troutman Pepper Locke on
Posted in United Kingdom
On 7 June 2013, the FCA published the report on its thematic review of motor legal expenses insurance (MLEI). MLEI provides cover for legal expenses incurred when a not-at-fault policyholder tries to recover uninsured losses from the driver who caused the accident. Some policies also provide cover for criminal defence costs where a policyholder is facing prosecution. …
Read More UK: FCA Publishes Report on Thematic Motor Legal Expenses Insurance Project
FIO Issues Its First Annual Report
By Troutman Pepper Locke on
On June 12, 2013, the Treasury’s Federal Insurance Office (“FIO”) released its first annual report on the insurance industry to the President and Congress, as mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). The Report discusses in more detail a number of the items covered in the Financial Stability Oversight Council’s (“FSOC”) last annual report, issued this past May.[1] …
Read More FIO Issues Its First Annual Report
Caution to Insurers – New Duty to Defend Opinion Issued by New York’s High Court
By Troutman Pepper Locke on
A liability insurer found to have “breached its duty to defend…may not later rely on policy exclusions to escape its duty to indemnify the insured for a judgment against him.” This is the latest pronouncement from the New York Court of Appeals in K2 Inv. Group, et al. v. Am. Guar. & Liab. Ins. Co., No 106 (June 11, 2013). A copy of the opinion is available here. …
Read More Caution to Insurers – New Duty to Defend Opinion Issued by New York’s High Court
NY Times Reports Comments by NY Superintendent on Reinsurance Transactions within Life Insurance Industry
By Zachary Lerner & Troutman Pepper Locke on
On June 11, 2013, the New York Times reported that New York Superintendent of Financial Services Benjamin Lawsky joined the debate on the increasingly-popular use of captives and Special Purpose Vehicles (“SPVs”) to reinsure “XXX and “AXXX” reserve redundancies. Mr. Lawsky believes that life insurers are engaging in “shadow insurance” by taking advantage of the laws in other jurisdictions to use what he calls “hollow assets” to support reserves that would traditionally not be approved in New York, such as parental guarantees and conditional letters of credit. …
Read More NY Times Reports Comments by NY Superintendent on Reinsurance Transactions within Life Insurance Industry
New York’s Highest Court Delivers Important Disgorgement Decision
By Troutman Pepper Locke on
On June 11, 2013, the New York State Court of Appeals reinstated a policyholder’s claim for coverage for a $160 million “disgorgement” payment to the SEC. The decision, J.P. Morgan Securities v. Vigilant Insurance, No. 113 (June 11, 2013), is available here. …
Read More New York’s Highest Court Delivers Important Disgorgement Decision
UPDATE: Connecticut Enacts Auto Glass Repair Disclosure Bill
By Zachary Lerner & Troutman Pepper Locke on
This updates our May 17, 2013 blog post.
On June 3, 2013, Connecticut Governor Dannel Malloy signed into law HB 5072 (the “Bill”), restricting insurance companies and affiliated entities from influencing insureds into using specific automotive glass repair establishments. …
Read More UPDATE: Connecticut Enacts Auto Glass Repair Disclosure Bill