The Indiana Court of Appeals recently held that a company that acquires liabilities through a merger or acquisition may seek coverage under the acquired company’s occurrence-based insurance policies for losses that occurred before merger or acquisition. 

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Read More Split of Authority: Does An Acquiring Company Obtain An Acquired Company’s Coverage For Pre-Acquisition Losses?

Florida’s personal injury protection (“PIP”) statute, Florida Statute § 627.736, requires Florida insureds to maintain at least $10,000 in “no fault” coverage for automobile accidents and compels insurers to pay 80% of all reasonable, related, and necessary medical expenses.  However, subsection (10) of the PIP statute creates an alternative to standard PIP coverage options. 

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Read More Florida No Fault Coverage – Insurers May Reimburse Medical Providers at the Providers’ PPO Contract Rates

Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20. 

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Read More Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage

On July 16, 2007, the Massachusetts Commissioner of Insurance, Nonnie S. Burnes, issued two decisions which will introduce managed competition into the Massachusetts automobile insurance market. 

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Read More Massachusetts Insurance Commissioner Introduces Managed Competition Into The State’s Auto Insurance Market

Despite warnings from the Bush Administration, as reported here that it would not support any legislation expanding the National Flood Insurance Program (“NFIP”) to include windstorm coverage, the House Financial Services Committee approved the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121), which contains just such an amendment to the NFIP. 

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Read More House Panel Approves Bill to Amend NFIP

Following up on our post last month, on July 24, 2007, a bipartisan optional federal charter (OFC) bill was proposed in the House by Reps. Melissa Bean (D-IL) and Ed Royce (R-CA), serving as a companion bill to the previously-filed Senate version, both of which are entitled the National Insurance Act of 2007. …
Read More National Insurance Act/Optional Federal Charter Legislation Reintroduced in House

In a letter dated June 25, 2007, the Consumer Federation of America urged insurance commissioners around the country to ban the use of anti-concurrent-causation clauses (“ACC clauses”)  in insurance policies. 

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Read More Consumer Federation Of America Urges Ban On Anti-Concurrent-Causation Clauses

On July 27, 2007, the Securities and Exchange Commission posted two separate proposing releases that relate to shareholder access to a public company’s proxy ballot in connection with director elections.  The unusual aspect of these releases is that they represent alternative and very different approaches to the same issue. 

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Read More SEC Releases Competing Proposals For Shareholder Participation In Contested Elections

On July 12, 2007, the Massachusetts Supreme Judicial Court held that, where a vehicle causing an accident is owned by a governmental entity and is insured by an insolvent insurer, the Massachusetts Insurers Insolvency Fund is not obligated to compensate the injured individual unless and until the injured individual’s own uninsured motor vehicle coverage has been exhausted. 

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Read More Massachusetts Insurers Insolvency Fund Not Implicated Until Uninsured Motor Vehicle Coverage Is Exhausted