Topic: New Jersey Developments

Third Circuit Revives Limited Portions of In Re: Insurance Brokerage Antitrust Litigation (MDL 1663)

Aug 18, 2010 | , , , |

Nearly three years after a federal district court dismissed with prejudice a nationwide class action alleging antitrust and RICO claims against insurers and brokers in connection with contingent commission arrangements, the Third Circuit Court of Appeals has revived a limited swath of plaintiffs’ claims.  The Third Circuit concluded that plaintiffs’ allegations regarding contingent commission arrangements alone were insufficient to support antitrust and RICO claims. 

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World Cup Insurance Estimated at Over 6 Billion Pounds

Jun 11, 2010 | , , , , , | , , , ,

According to an estimate provided by Lloyd’s of London, over £6.2 billion worth of insurance coverage has been purchased by individuals and entities in connection with the 2010 FIFA World Cup, which begins today.  Over half of that amount is for coverage for stadiums and training facilities, which reflects the vast amount of money that has been spent constructing and upgrading stadiums ($5.5 billion, according to the New York Times). 

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New Jersey Insurance Commissioner Praises Captive Insurance Bill and Unveils Reinsurance and Surplus Lines Initiative

May 13, 2010 | , , , |

In a news release issued by the State of New Jersey Department of Banking and Insurance (“DOBI”) on May 7, 2010 (the “News Release”), DOBI Commissioner Tom Considine applauded two pieces of proposed legislation which, he said, “would make some common sense changes to regulation and allow captive insurers, and carriers of reinsurance and surplus lines to operate more expansively in New Jersey.” 

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New Jersey Enacts Amendment – Producers Must Notify Insurance Commissioner of FINRA and Other Disciplinary Actions

Jan 25, 2010 | , |

An amendment was signed into law on January 17, 2010 which requires insurance producers to notify the Commissioner of the New Jersey Department of Banking and Insurance of disciplinary actions taken against them by the Financial Industry Regulatory Authority (FINRA) or other similar non-governmental regulatory authorities that have statutory authority to create and enforce industry standards of conduct. 

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P&C Insurers to Submit Copies of Consumer Notices in connection with Credit Scoring to New Jersey Department of Banking and Insurance

Oct 5, 2009 | , |

On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment; divorce; or identity theft, to name a few. 

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New Jersey Releases Proposed Rule and Notice of Pre-Proposal for Disclosure of Producer Compensation for Sales of Health Insurance Policies

Sep 21, 2009 | , , |

The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1.  N.J.S.A. 17:22A-41.1, which became effective on January 5, 2008, requires that insurance producers selling, soliciting or negotiating health insurance policies provide the purchaser with written notification of “the amount of any commission, service fee, brokerage, or other valuable consideration” received. 

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