New York’s Insurance Superintendent, Eric Dinallo, recently issued a report analyzing the workers’ compensation rating system currently in place in New York State. The Report, which was required by the 2007 Workers’ Compensation Reform Act, proposes wholesale changes to the workers’ compensation rating system currently in place.
New York Appellate Court Addresses Duty To Warn In Medical Device Context
By Troutman Pepper Locke on
Posted in Product Liability, United States
A New York state appellate court recently reversed a denial of summary judgment on a medical device failure to warn claim. Mulhall v. Hannafin, 2007 N.Y. Slip Op. 06529 (N.Y. App. Div. Aug. 30, 2007). In doing so, the court addressed a number of interesting issues concerning the required elements of a failure to warn claim under New York law.
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White House Opposes TRIA Extension
As we have recently reported on InsureReinsure.com, the Federal Terrorism Risk Insurance Program is due to expire at year-end. Congress is currently considering an extension of the Program, the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”), which we have discussed here, here, here, and here.
CBO Estimates Cost of TRIA Extension to be $8.4 Billion Over the Next Decade
The Congressional Budget Office (“CBO”) released a report last week that estimated the cost of extending the Federal Terrorism Risk Insurance Program to be $3.5 billion for the next five years and $8.4 billion for the next decade.
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Court Holds that Underlying Insurer Must Pay Its Own Limits Before Excess Policy Will Attach; Insured Cannot “Fill the Gap”
By Troutman Pepper Locke on
The United States District Court for the Eastern District of Michigan granted summary judgment to an excess insurer and held that the excess policy would not be triggered until the underlying limits were exhausted by actual payment from the primary carrier.
Three Federal Courts Exclude Plaintiffs’ Expert Testimony in Drug Product Liability Actions
By Troutman Pepper Locke on
Posted in Product Liability, United States
Federal courts in three separate pharmaceutical products liability actions recently excluded plaintiffs’ expert testimony concerning causation of damages.
Sixth Circuit Permits Excess Carriers to Sue Primary Carriers For Excess Verdicts
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Sixth Circuit has held that, under Kentucky law, an excess carrier can recover against a primary carrier for alleged bad faith failure to settle within the primary limits leading to an excess verdict.
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More Rate Filings Denied In Florida
By Troutman Pepper Locke on
The Florida Office of Insurance Regulation (“FOIR”) denied eight more rate filings last week.
New Jersey Bans Use of Step-Down Provisions
By Troutman Pepper Locke on
On Monday, September 10th, New Jersey Governor Jon Corzine signed into law a bill (S-1666/A-3038) banning the use of step-down provisions. Step-down provisions are used in businesses’ motor vehicle liability insurance policies and apply to employee claims.
NAIC Seeks Comment on Proposal to Modify Reinsurer Rules
By Troutman Pepper Locke on
As outlined in our June 7, 2007 blog entry, the National Association of Insurance Commissioners (NAIC) is considering modernizing reinsurance regulation, including collateral requirements of nonadmitted reinsurers.
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