Recently, New York-based insurance broker DeWitt Stern announced that it will offer a new insurance product designed to protect businesses that would suffer loss of revenue due to the cancellation or relocation of Super Bowl XLVII, which is scheduled to take place on February 2, 2014 at MetLife Stadium in East Rutherford, New Jersey. …
Read More Major Disasters in Northeast and Beyond Spur New Super Bowl Insurance Product

In Phillips v. Prudential Insurance Co. of America, No. 11-3870 (7th Cir. May 6, 2013), the Seventh Circuit recently affirmed dismissal of a putative class action that challenged a life insurer’s use of “retained asset accounts” to make payment of the policy’s benefits. On behalf of a putative class, Zena Phillips sued Prudential, alleging that by not paying her policy benefits in a lump sum, it breached an insurance policy, its statutory duty of good faith, and its fiduciary duties. …
Read More The Seventh Circuit Rules That Life Insurers May Create Retained Asset Accounts to Pay Death Benefits, if the Policy Does Not Require Lump Sum Payments

Edwards Wildman’s Privacy and Data Protection Group is pleased to announce that the newest edition of its White Paper, “Everyone’s Nightmare: Privacy and Data Breach Risks,” has been issued.
Read More Everyone’s Nightmare: Privacy and Data Breach Risks

On the evening of May 23, a large section of the I-5 bridge over the Skagit River in Mt. Vernon, Washington collapsed into the river below. See news articles here and here. According to early reports, an “oversized” truck struck one of the overhead steel trusses on the bridge, which caused the entire structure to fail.
Read More I-5 Bridge Collapse Could Raise Several Thorny Insurance Issues

Program:

Insurance Linked Securities: The Convergence of Insurance and the Capital Markets

Discussion of the legal and regulatory issues for various ILS structures including CAT Bonds, ILW’s and Side Cars.

Read More PLEASE JOIN US – 12th Annual Half-Day Insurance and Reinsurance Seminar – Complimentary Seminar

In Mutual Holdings (Bermuda) Limited and others (“the Mutual Group”) v Diane Hendricks and others (“Mr and Mrs Hendricks”) [2013] UKPC 13, the Privy Council found that the Court of Appeal of Bermuda was not justified in making findings of fraud and overturning the judgment of the trial judge. …
Read More UK: High Thresholds for Fraud and for Overturning a Finding of Fact by a Trial Judge

Legislation was introduced this week to prevent foreign-controlled insurers operating in the United States from reducing their U.S. tax bill by reinsuring with their non-U.S. affiliates.
Read More House and Senate Introduce Bills Deferring Tax Deductions for Foreign Insurers

Healthcare News from Capitol Hill and the Department of Health and Human Services

In an open letter to the “health care provider community,” Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the leaders of the Senate Finance Committee, have asked for suggestions on reforming the Medicare physician payment system. The letter notes that the current Medicare sustainable growth rate (SGR) formula is broken and must be repealed.
Read More Senate Finance Committee Leaders Seek Input on Medicare Physician Payment Reform

Edwards Wildman Speakers: Darlene K. Alt, Stephen M. Prignano, Brian J. Green, Laura E. Bange

Thursday, May 23, 2013
12:00 PM – 1:00 PM (EDT)
Complimentary webinar
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Read More REMINDER COMPLIMENTARY WEBINAR: Potential Claim and Insurance Implications of the Boston Marathon Bombings

Earlier this week, the Connecticut House passed HB 5072, limiting the abilities of insurance companies or their representatives to “steer” insureds to specific automotive glass repair facilities. The new legislation follows a trend in Connecticut to dissuade insurers from directing insureds to use specific facilities. Connecticut’s existing laws prevent appraisers from requiring that specific locations or companies be used for automotive repairs. …
Read More Connecticut Considering Auto Glass Repair Disclosure Bill