Storm Shutters

Pursuant to the Connecticut Insurance Code, “[n]o insurer that delivers, issues for delivery, renews, amends or endorses a homeowners insurance policy in this state shall refuse to renew or issue such a policy solely on the basis that the insured or prospective insured has failed to install permanent storm shutters on his or her residential dwelling as a means of mitigating loss from hurricanes or other severe storms.” …
Read More Connecticut Lawmakers Consider Bill that Would Mandate Coverage by Insurers for Homes that Lack Permanent Storm Shutters; Provides Authority for Private Insurers to Offer Flood Insurance Coverage

In Intervest Construction of Jax v. General Fidelity Ins. Co., the Florida Supreme Court considered insurance policy language that called for a self-insured retention to be exhausted by “payments made by the insured.” …
Read More The Florida Supreme Court Takes the “Self” Out of “Self-Insured Retention” and Rules that the Insured’s Self-Insured Retention Can Be Satisfied by Payment by Someone Other Than the Insured

Moving into its 7th year, the Insurance Contracts Project saw significant progress last month, signaling to the industry that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are serious about adhering to a timeline for change. …
Read More Developments in the FASB/IASB Insurance Contracts Project

On March 6, 2014, President Obama issued an Executive Order setting forth the foundation for imposing sanctions against any individual or entity responsible for or complicit in actions or policies that undermine democratic processes or institutions in Ukraine or threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine. …
Read More New Executive Order Regarding U.S. Sanctions against Certain Persons Contributing to the Situation in Ukraine

On 9 February 2014, 50.3% of Swiss voters backed an initiative calling for quotas on immigrants from the EU. The initiative was proposed by the right wing Swiss People’s Party (SVP) and has caused considerable tension between Switzerland and Brussels. …
Read More Swiss Immigration EU Initiative Threatens to Jeopardise Access to Free Market

Earlier in 2014, Governor Andrew Cuomo introduced a series of tax reforms in his budget bill (the “Bill”) which is currently being addressed by the state legislature. …
Read More Potential New York Legislation to Introduce Tax Changes With Respect To Captive Insurers

Edwards Wildman’s Nick Pearson, partner, and Julie Mahaney, associate in the Insurance and Reinsurance Department discuss “Enterprise Risk Report for Certain New York Insurers Due April 30, 2014.”…
Read More Enterprise Risk Report For Certain New York Insurers Due April 30, 2014

On 30 January 2014, EIOPA published its report on good practices for comparison websites (here), in response to EIOPA’s consultation on this topic. The report is concerned primarily with the activities of commercial comparison websites, as opposed to non-commercial websites run by consumer and/or industry associations or public authorities. …
Read More EIOPA Publishes Good Practices for Comparison Websites

In late January 2014, Brazil applied for Solvency II equivalence for its insurance solvency regime. Its regulator, Superintendência de Seguros Privados (SUSEP), is currently negotiating an agreement with EIOPA in order to evaluate the extent to which Brazil’s insurance legislation complies with the upcoming Solvency II rules. …
Read More Brazil U-Turn on Solvency II Equivalence

In San Evans Maritime Inc & ors v Aigaion Insurance Co SA [2014] EWHC 163 (Comm), the Commercial Court was asked to determine three preliminary issues arising from a ‘follow’ clause in a contract of insurance. …
Read More UK: Commercial Court Considers Construction of ‘Follow’ Clause