On July 1, the U.S. Department of Health and Human Services unveiled a new website, HealthCare.gov , to provide consumers with information on their rights and benefits under the Patient Protection and Affordable Care Act. The site offers data on U.S. insurance carriers and the products they offer and includes a timeline of when new programs under the new law will begin between now and 2014.
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Ninth Circuit Affirms Ruling That Reinsurer Has No Duty to Contribute to Settlement Payment Where Reinsured Excess Policy Was Not Triggered
By Troutman Pepper Locke on
Texas Farmers Insurance Company (“Texas Farmers”) issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4/9/99-4/9/00, 4/9/00-4/9/01, and 4/9/01-4/9/02. The first two policies had a $5 million limit of liability per claim. …
Read More Ninth Circuit Affirms Ruling That Reinsurer Has No Duty to Contribute to Settlement Payment Where Reinsured Excess Policy Was Not Triggered
UK: The Problem of Piracy Reaches the English High Court
By Troutman Pepper Locke on
Posted in Industry Developments, United Kingdom
The case of Cosco Bulk Carrier Co. Ltd v Team-Up Owning Co. Ltd [2010] EWHC 1340 (Comm) was an appeal to the High Court of a decision by an arbitration panel. Mr Justice Gross, who heard the appeal, noted that the subject of the case was topical and of interest to the industry and therefore set out a lengthy judgment, despite his decision to dismiss the appeal in full. …
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Investment Managers are Restricted from Making Political Contributions to Win Business — Unregistered Advisers are Covered by the SEC’s New Pay-to-Play Rule — Third Party Solicitors are Spared . . . if they are Registered Advisers or Broker-Dealers
By Troutman Pepper Locke on
Fund managers and other investment advisers will face tight new restrictions on their ability to make – or facilitate – contributions to politicians, candidates and other officials who are responsible for public assets, including pension plans and Section 529 tuition plans. The new Securities and Exchange Commission “pay-to-play” rule applies to investment advisory firms that are exempt from SEC registration under the private investment adviser (fewer-than-15-clients) exemption as well as to registered investment advisers. …
Read More Investment Managers are Restricted from Making Political Contributions to Win Business — Unregistered Advisers are Covered by the SEC’s New Pay-to-Play Rule — Third Party Solicitors are Spared . . . if they are Registered Advisers or Broker-Dealers
Business Methods and Software Patent Eligibility Saved with Bilski Decision
By Troutman Pepper Locke on
Insurance and reinsurance companies should be aware of the new Supreme Court decision issued this week which impacts insurer patents and software as they relate to business methods. …
Read More Business Methods and Software Patent Eligibility Saved with Bilski Decision
Minnesota to Lower Surplus Lines Stamping Fee
By Troutman Pepper Locke on
The Minnesota Department of Commerce will lower the surplus lines stamping fee from 0.0025 to 0.0008, effective January 1, 2011. The new stamping fee will apply to all surplus lines policies written or renewed after the effective date, and includes all premium bearing transactions on such policies. …
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New York Insurance Department Holds Hearing on Reform of Rate, Form, Regulatory Filings and Licensing Applications
By Troutman Pepper Locke on
On June 28, 2010, the New York Insurance Department (the “Department”) held a hearing to obtain comments from the public regarding how to enhance Department procedures. Comments were invited on the processing of rate and form filings, regulatory filings, and company and producer licensing and renewal applications. …
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New York Contemplates Disclosure for Excess Annuity Withdrawals
By Troutman Pepper Locke on
The New York Insurance Department (“NYID”) prepared a draft circular letter (“Draft Circular Letter” or “Letter”) in early June, which, if finalized and issued, will require insurers to advise consumers of the implications of excess withdrawals from annuities with guaranteed minimum withdrawal benefits (“GMWB”). …
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Healthcare News from Capitol Hill and the Department of Health and Human Services – June 28, 2010
By Troutman Pepper Locke on
In advance of a June 18 deadline for comments, top hospital groups expressed strong opposition to proposed payment cuts issued by the Centers for Medicare and Medicaid Services (CMS). The following week, President Obama announced a set of regulations that will implement various provisions of the recently-enacted healthcare reform law (Public Law 111-148) relating to pre-existing conditions, lifetime coverage limits and other patient protections. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – June 28, 2010
Language on Authority of New Federal Insurance Office Agreed to by Drafters of the House and Senate Financial Reform Bill
By Troutman Pepper Locke on
Late last week, the House and Senate drafters of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) came to final compromise on the language creating the first ever office in the federal government that is focused on the insurance industry called the Federal Insurance Office (the “FIO”), housed in the United States Department of the Treasury. …
Read More Language on Authority of New Federal Insurance Office Agreed to by Drafters of the House and Senate Financial Reform Bill