Laying to rest antitrust claims that have embroiled dozens of insurance companies and the nation’s largest insurance brokers for well over two years in In re Insurance Brokerage Antitrust Litigation, MDL 1663 (D.N.J.), Chief Judge Garrett Brown dismissed claims by putative class plaintiffs that the U.S. insurance industry was riddled with unlawful conspiracies to restrain trade. 

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Read More Sherman Act Claims Dismissed With Prejudice in Insurance Brokerage Litigation

U.S. property and casualty insurers face only  “minimal” exposure to risks associated with the subprime lending crisis, according to a recent report by credit rating agency Fitch Ratings. 

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Read More Rating Agency Says that Property and Casualty Insurers Face “Minimal” Subprime Lending Exposure

On July 26, 2007, the Internal Revenue Service issued final regulations governing Internal Revenue Code Section 403(b) plans that allow workers in public schools and certain tax-exempt organizations to set aside pre-tax money for retirement. 

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Read More IRS Issues Comprehensive Regulations Governing 403(b) Tax Sheltered Annuity Plans

The National Council on Compensation Insurance has proposed that Florida reduce its statewide workers compensation by 16.5% for 2008 due in part to a decline in the number of claims and the lower ultimate values of claims paid. 

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Read More Proposed Rate Reduction Could Save Florida Employers Millions

Following a three-year investigation, the Ohio Attorney General filed suit last week against Marsh & McLennan Companies, Inc. and four insurers, alleging violations of Ohio’s antitrust laws.  The complaint contends that Marsh and the insurers conspired to eliminate competition in the market for commercial casualty insurance in Ohio during the 2001 through 2004 time period. 

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Read More Ohio Attorney General Brings State Antitrust Claims Against Marsh McLennan and Four Insurers

In a press release issued August 28, 2007, New York Insurance Superintendent Eric R. Dinallo announced that insurers may not refuse to renew homeowners insurance policies based on whether a policyholder has other business with them, such as an automobile or life insurance policy. 

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Read More New York State Insurance Department Instructs Insurers to Rescind Non-Renewal Notices Sent to Coastal Homeowners

On August 1, 2007, New York’s Governor Spitzer signed into law S.3986-A, a bill intended to decrease friction between managed care plans and their participating providers on certain sensitive issues.  Most significantly, if a health plan requires that certain health care services be preauthorized in order to be covered, then once a service has been preauthorized and performed, the plan may not thereafter deny coverage for the service. 

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Read More New York Enacts Managed Care Law Reforms

On remand for further proceedings from the Connecticut Supreme Court, the Appellate Court of Connecticut recently agreed with plaintiffs Hartford Accident and Indemnity Company and thirteen of its affiliates’ statutory interpretation of Connecticut General Statutes § 38a-27, holding that the plaintiffs are entitled to prepleading security from defendants Ace American Reinsurance Company and various other foreign reinsurance companies. 

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Read More Connecticut State Court Rules That Service On Designated Agents For Process Sufficient And Orders Hearing On Amount Of Prepleading Security To Be Posted

The Reinsurance Association of American (“RAA”) recently joined a reinsurer in urging the United States Court of Appeals for the Tenth Circuit to overturn a decision of the Northern District of Oklahoma that held that Oklahoma’s Uniform Arbitration Act (the “Oklahoma Act”) prohibits arbitration agreements in reinsurance contracts. 

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Read More Enforceability of Arbitration Agreements to be Decided by Tenth Circuit

On the heels of Marsh’s recent amendment to its broker fees settlement agreement with New York (which we reported about here), Willis has also reached an agreement with New York to amend its 2005 broker fees settlement agreement. 

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Read More Willis Amends New York Settlement Agreement