The federal district court in Massachusetts has declared that a professional liability insurer owes no duty to defend its insured, an accounting firm, against a suit alleging that the accounting firm negligently advised its client to invest in a Ponzi scheme. …
Read More Massachusetts Federal Court Declares That Professional Liability Insurer Need Not Defend Accounting Firm For Faulty Investment Advice

The U.S. Court of Appeals for the First Circuit earlier this year held that the preclusive effect of a prior arbitration is itself a matter for arbitration as between a reinsurer and its cedent. …
Read More First Circuit Holds That Preclusive Effect Of Prior Arbitration Outcome Is Itself An Arbitrable Issue

On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm. …
Read More Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine

The Principle-Based Reserving (“PBR”) Implementation (EX) Task Force (the “Task Force”) discussed a variety of topics related to the development and implementation of PBR at the Spring NAIC Meeting. During introductory comments, it was noted that 9 states have enacted PBR legislation, with 4 states waiting for their respective governors to sign PBR into law. …
Read More Live Blog: Principle-Based Reserving Implementation (EX) Task Force

The Appeals Court of Massachusetts recently issued a coverage decision captioned Hurley v. Comproni, et al., 85 Mass. App. Ct. 1101, 3 N.E.3d 615 (Mass. App. Ct. 2014) (unpublished) (available here). The decision stemmed from an insured lawyer’s repeated failure to complete service in an underlying personal injury action, resulting in that action being time-barred. …
Read More Massachusetts Appeals Court Holds Upholds Summary Judgment on Behalf of Insurer Based on a Prior Acts Exclusion and Inaccurate Statements in the Policy Application

The International Insurance Relations (G) Committee (the “Committee”) Spring NAIC Meeting focused primarily on providing updates to efforts made in the international sphere by the NAIC. …
Read More Live Blog: International Insurance Relations (G) Committee Spring NAIC Meeting

The Reinsurance (E) Task Force (“Task Force”) NAIC Spring Meeting covered a variety of reports and initiatives, however the bulk of the meeting focused on the certification process for reinsurers. …
Read More Live Blog: Reinsurance (E) Task Force NAIC Meeting

The Financial Regulation Standards and Accreditation (F) Committee (the “Committee”) Spring NAIC Meeting addressed a number of pertinent topics; however, the majority of debate and comments centered around the definition of “Multi-State Insurer” for accreditation purposes. …
Read More Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting

The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
Read More Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting