New York Developments

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Sony insurers are engaged in litigation in New York state court to determine Sony entities’ claims for insurance coverage with respect to lawsuits, claims and potential attorney general actions arising out of the cyber-attacks earlier this year on the PlayStation Network (“PSN”), Sony Online Entertainment Network (“SOE”) and Sony Pictures Network, which allegedly resulted in unauthorized access to and alleged theft of personal identification and financial information of millions of customers. …
Read More PlayStation Hack – Sony Seeks Coverage Under Its CGL Policies

The Second Circuit has declared that a bond insurer’s D&O program was obligated to pay costs incurred by an independent consultant who was hired during the course of settlement negotiations, despite the carrier’s claimed lack of an effective association in the settlement.  MBIA, Inc. v. Federal Insurance Company and ACE American Insurance Company, No. 10-355 (2d Cir. July 1, 2011). 
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Read More Second Circuit Finds That D&O Policies Must Cover Costs Incurred By Independent Consultant Hired During Settlement Discussions

The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010. …
Read More New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York

As previously reported, the New York Attorney General Eric Schneiderman began issuing subpoenas in late June to various life insurers concerning their use of the Social Security Death Master File (“DMF”) and compliance with New York’s abandoned property laws. The New York Attorney General has issued at least nine subpoenas as part of an investigation into how the life insurance industry uses the DMF. …
Read More Client Advisory – New York Insurance Department Requires Life Insurers to Use Social Security Death Master File to Identify Deceased Policy Holders

Please join the U.S. Reinsurance Under 40s Group tonight for a happy hour on the rooftop at the Hotel Indigo, which is located at 127 West 28th Street in New York City.  The Group will be welcoming its new Board for the 2011-2012 term and celebrating another great year. …
Read More Re Under 40s Group to Host Rooftop Happy Hour Event Tonight

Last week, the New York State Assembly gave the final approval to a bill, S.B. 5811 and A.B. 8464, that would exempt large commercial insurance policies from certain rate and form approval requirements. …
Read More New York Exempts Large Commercial Insurance Products From Rate and Form Approval Requirements

Federal Investigation

Federal lawmakers recently called on several agencies, including the Securities and Exchange Commission (SEC), the Energy Information Administration (EIA) and the Government Accountability Office (GAO), to investigate whether the natural gas industry has provided an accurate picture to investors of the long-term profitability of their wells and the amount of gas these wells can produce. …
Read More Hydrofracking Under Fire: Federal and State Lawmakers Turn Up Heat on Natural Gas Industry and NY Attorney General Issues Subpoenas to Five Companies

Munich Reinsurance America was reinsured under a treaty in which National Casualty Corporation and Employers Insurance Company of Wausau, among others, participated as reinsurers.  The treaty contained an arbitration clause that provided as follows: …
Read More Federal Court Finds that Treaty’s Consolidation Language is for Arbitrators to Interpret