New Jersey Developments

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Edwards Wildman hosted a roundtable at the 2013 NAIC Fall National Meeting in Washington, DC with Richard Schlesinger, Chief of Reinsurance and Surplus Lines, from the New Jersey Department of Banking and Insurance for a discussion about the New Jersey Reinsurance Certification Program. …

On February 5, 2013, the New Jersey Department of Banking and Insurance (“DOBI”) issued Order No. A13-104 (the “Order”) requiring insurers to expedite their response to claims complaints resulting from Superstorm Sandy. Insurers must now respond to inquiries from DOBI within five business days of receipt of a DOBI claim inquiry, and may only request one extension for an additional five business days in which to respond. …

Seven years ago, Hurricane Katrina made landfall in New Orleans.  In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind.  We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics. …

In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. …

As of July 2, 2012, the seasoning requirements under NJAC 11:1-10.4 for foreign and alien property and casualty insurers have been reduced.  Now, an insurer seeking a New Jersey Certificate of Authority to transact property and casualty insurance must have only three (3) years of qualifying operating history instead of five (5) years. …

N.J. State Senator Nicholas Scutari (D-22nd Dist.) introduced Senate Concurrent Resolution No. 105 (the “Resolution”), which is critical of a proposed amendments by the New Jersey Department of Banking and Insurance (the “Department”) affecting the personal injury protection (“PIP”) regulations promulgated under the Automobile Insurance Cost Reduction Act of 1998 (the “Act”). …

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices).  The Bulletin comes in response to the evolution of EIA product designs, and in light of prevailing low interest rates. …

The law firms of Edwards Angell Palmer & Dodge LLP and Wildman, Harrold, Allen & Dixon LLP today announced that they will merge on October 1, 2011 (you can read the press release here).   The new firm, with 13 offices and 650 lawyers, will be known as Edwards Wildman Palmer LLP. …

This updates our May 3, 2011 blog post.  Several state regulators have joined together to form a special task force (“Task Force”) under the auspices of the NAIC to coordinate investigation of the claims procedures of certain life insurance companies.  In particular, states are examining the manner in which such companies investigate and determine whether a particular insured is deceased, and locate beneficiaries. …