On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions…
Read More The UK’s PRA Assesses Climate Change Risks to the Insurance Industry
The U.S. Court of Appeals for the Third Circuit has found that post-award objections to an arbitrator were waived because the party had constructive knowledge of the arbitrator’s insufficient disclosure. The court held that a party should be precluded from challenging an award where malfeasance, ranging from conflicts-of-interest to non-disclosures…
Read More Third Circuit Applies Constructive Knowledge Standard And Finds Waiver Of Arbitration Panel Challenge
The Nevada Supreme Court has found that an insurer must provide independent counsel for its insured when a conflict of interest arises between the insurer and the insured, adopting California’s “Cumis Counsel” rule. While Nevada law allows “dual representation” such that insurer-appointed counsel represents both the insurer and the insured,…
Read More Independent Counsel Required: Nevada Supreme Court Follows California’s “Cumis Counsel Rule”
As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing about the Department of Labor’s proposed fiduciary rule, which seeks to define who is a…
Read More Several Insurance Related Issues to Dominate as Congress Returns to Work
A recent attempt by the Illinois legislature to significantly expand the scope of the Illinois data breach notification legislation was vetoed by Governor Rauner. As passed by the General Assembly, Illinois Senate Bill 1833 would have extended the type of information covered by the state’s breach notification law to include…
Read More Illinois Governor Vetoes Expansion of Breach Notice Requirements
Today, August 24, 2015, in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce. The Third Circuit affirmed the District Court’s denial of…
Read More FTC Interpreted to be Cyber Security Police
Darren T. Ellingson has been appointed Acting Director of Insurance by Arizona Governor Douglas A. Ducey. Germaine Marks, who was the Director of Insurance, resigned to accept a position in the private sector. Mr. Ellingson has served as the Arizona Department of Insurance Deputy Director since 2013 and previously was…
Read More Arizona Governor Names Acting Director of Insurance
The NAIC’s Accounting Practices and Procedures Task Force chose not to use its planned template for obtaining terrorism risk insurance data at the NAIC Summer National Meetings in Chicago this past weekend. The template was intended to establish a uniform means nationwide for insurers to submit data about the terrorism…
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with…
Read More California Adopts NAIC Corporate Governance Annual Disclosure Requirements
The UK’s Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to protect client data. The PRA is (since 1 April 2013) responsible…
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