In Perera v. United States Fidelity & Guaranty Co., No. 06-10925, 2008 Westlaw 4514388 (11th Cir. Oct. 9, 2008), the Court of Appeals for the Eleventh Circuit certified two,  interrelated questions concerning bad faith to the Florida Supreme Court: (1) whether an insured can bring a bad faith claim if an excess judgment was not entered against him; and, if so, (2) whether the claim can be maintained if the insurer’s actions did not even expose the insured to   potential  liability in excess of aggregate policy limits. 

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Read More Eleventh Circuit Certifies Questions as to Whether Insured Can Maintain Bad Faith Claim Without Ever Having Been Exposed to Liability in Excess of Policy Limits

The Property Casualty Insurers Association of America (the “Association”) recently predicted that a confluence recent events hitting the property and casualty insurance market could result in higher premiums. 

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Read More Recent Events Affecting P&C Insurance Market Could Result in Higher Premiums, Says Industry Association

This blog updates our July 8, 2008 posting.

On October 17, 2008, the Securities and Exchange Commission (“SEC”) published a notice in the federal register reopening the public comment period on new rules regarding indexed annuities that were originally proposed in June 2008 (the “Proposed Rules”). …
Read More SEC Reopens Comment Period on Proposed Rules to Regulate Indexed Annuities

The IPT Tribunal has ruled that an administration fee payable to Homeserve GB Limited (Homeserve), an FSA authorised insurance intermediary, is subject to IPT, notwithstanding that the fee was payable under an administration contract which was separate from the insurance policy. …
Read More UK: Insurance Premium Tax (IPT) Attributable to Separately Identified Contracts

A recent report by Munich Re stated that it believes the reinsurance market is hardening, due partly to the recent financial turmoil around the globe. …
Read More Financial Chaos Leads to the Hardening of Reinsurance Rates? At Least One Major Reinsurer Thinks So

The National Council on Compensation Insurance (NCCI) proposes rates for workers’ compensation insurance in many states.  Owing to a significant drop in claims frequency and reductions in the costs of claims, NCCI proposed to reduce the cost of workers’ compensation in Florida by 14.1 percent effective January 1, 2009.  The increased reduction would save employers in Florida more than $610 million during 2009. 

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Read More Florida Insurance Commissioner Rejects Workers’ Compensation Rate Filing

A New York federal court recently held that a coverage action between former television producers and their insurers should be transferred from New York to California because the events involved in the underlying action occurred and a majority of the witnesses and evidence is located in California. 

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Read More SDNY Judge Transfers Coverage Dispute to California Based on Location of Witnesses and Events in the Underlying Action

Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued a circular imposing stricter vetting requirements upon Brazilian companies before they may purchase insurance from foreign insurers. …
Read More Brazil: SUSEP Issues Circular No. 126 Strengthening Vetting Requirements Before Purchase of Foreign Insurance

A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter. …
Read More New York State Court: Insurer Waives Denial Grounds Not Specifically Asserted in its Notice of Disclaimer

A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy. 

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Read More Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy