Effective January 1, 2014, the California Department of Insurance has added six new regulations to Title 10 of the California Code of Regulations. These can be found at Title 10, Chapter 5, Article 22 Sections 2598 through 2598.6.
Read MoreThe California Court of Appeal, Third District, in Yanez v. Plummer, 2013 WL 5915639, Cal. Ct. App. 3d Dist., No. C070726 (Nov. 5, 2013) recently held that a former employee deposed in connection with a co-worker’s personal injury suit may pursue malpractice claims against in-house counsel who failed to disclose the conflict of interest created by counsel’s dual representation of the employer-railroad and the employee.
Read MoreOn October 7, the California Court of Appeal, Second Appellate District, held that a liability insurer, in the absence of any demand or settlement offer from a third party claimant, need not initiate settlement negotiations or offer its policy limits, even where liability is clear and there is a substantial likelihood that the third party claimant’s recovery will exceed policy limits.
Read MoreAccording to media reports, sponsors of a ballot initiative to add significant privacy rights to the California constitution, as reported here, have now dropped the initiative.
Read MoreMore major privacy and data protection developments are in the works in California, following three significant new laws reported here. On September 25, 2013, the California Secretary of State approved steps required to bring before state residents a ballot initiative entitled the Personal Privacy Protection Act (the “Act”).
Read MoreA new amendment to California’s breach notification statutes extend notification requirements to the breach of California residents’ online account credentials, with distinctive obligations regarding method and content of such notices.
Read MoreAs of January 1, 2015 insurers and insurance groups will be required to assess the adequacy of their risk management systems and to periodically conduct an Own Risk and Solvency Assessment (ORSA) consistent with the National Association of Insurance Commissioner’s (NAIC) ORSA Guidance Manual.
Read MoreThe New York Department of Financial Services (“DFS”) has recently begun a string of new investigations into possible violations by non-U.S. reinsurers of U.S. sanctions against Iran, specifically those set forth in the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”) that became effective on July 1, 2013.
Read MoreDuring the NAIC 2012 Fall National Meeting, a proposal to amend the NAIC’s Stop Loss Insurance Model Act to increase the minimum individual attachment point – the equivalent of a “deductible” – for stop loss insurance from $20,000 to $60,000, as well as changes to aggregate attachment points, was defeated by a 10-8 vote.
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