As we have previously reported here, one of the requirements under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is that the Department of Treasury must report to Congress on the effectiveness of the legislation. In furtherance of this mandate, the Federal Insurance Office (“FIO”) issued a…
Read More FIO issues voluntary TRIA data call; NAIC to proceed with mandatory separate request
Key Legislative Bills Passed by Georgia Assembly in 2016 Legislative Session, which Adjourned March 24, 2016, subject to Governor’s signature or veto by May 9, 2016:
Life Insurance Agent Protection for Advising on Alternatives to Policy Lapse or Surrender HB 193 – amends Georgia Insurance Code by creating new Section…
Read More Key Legislative Bills Passed by Georgia Assembly in 2016 Legislative Session
The Fourth Circuit Court of Appeals has affirmed a Virginia federal district court’s summary judgment ruling for the insured under a CGL policy, finding that the insurer had a duty to defend a third-party lawsuit alleging failure to properly secure electronic storage of medical records. Travelers Indemnity Co. v. Portal …
Read More Fourth Circuit Affirms CGL Duty to Defend for Medical Records Breach
On December 12, 2015 leaders from 195 countries signed a historic accord which requires countries to submit their long-term emission-cutting plans by 2020 in an effort to limit global warming to no more than two degrees Celsius above pre-industrial levels. The article discusses the fact that insurers not only face…
Read More The NAIC’s Center for Insurance Policy and Research (CIPR) publishes article on the Implications of a Warming World on the Insurance Industry
Early this month, the NAIC Cybersecurity (EX) Task Force released a preliminary working and discussion draft of an Insurance Data Security Model Law. While praise worthy in its effort to provide uniformity for data security and breach notification requirements among the states, at least with respect to the insurance industry…
Read More NAIC Preliminary Draft Insurance Data Security Model Law Draws Praise and Criticism
The European Commission has recently issued a Report announcing its preliminary view that the Insurance Block Exemption Regulation (“IBER”) should not be renewed when it expires on March 31, 2017. The IBER provides an exemption from Article 101(1) of the Treaty on the Functioning of the European Union, which prohibits…
Read More European Commission Proposes Non-renewal of the Insurance Block Exemption Regulation
Three recent decisions (March 3, 2016) by a New York State Division of Tax Appeals administrative law judge help to clarify the taxation of unauthorized insurance companies subject to New York State taxation.
New York State has over recent years changed in certain significant regards both the substantive law and…
Read More New York State Clarifies Taxation of Unauthorized Insurance Companies
A bill that would require homeowners’ policies to cover mitigation undertaken to prevent a covered property from collapsing or caving in advanced through the Connecticut General Assembly’s Insurance and Real Estate Committee (“Committee”) Tuesday. HB 5522, which was introduced by Rep. Robert Megna (D-New Haven), was proposed in the wake…
Read More Bill That Would Mandate Coverage of Failing Foundations Advances Through Committee
The Supreme Court of Wisconsin recently addressed the consequences of an insurer partially settling the underlying plaintiff’s claim for less than its full limit of liability and withdrawing its defense of the insured. The insured had general liability coverage with a $500,000 self-insured retention (“SIR”) and was also entitled to…
Read More Supreme Court of Wisconsin: Insurer breached duty to defend and lost contribution rights by ending defense after settling partial claim within policy limits
The Massachusetts Supreme Judicial Court recently rejected the application of the “Selective Tender Rule” as against Massachusetts law and public policy. On a certified question from the U.S. Court of Appeals for the First Circuit, the Court found that where two workers’ compensation insurance policies issued by different companies provide…
Read More Massachusetts Supreme Judicial Court Approves Equitable Contribution Among Co-Insurers And Rejects “Selective Tender Rule”
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