New York Developments

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In American Home Assurance Co. v. American Re-Insurance Co., No. 602485/06 (N.Y. Sup. Ct. May 27, 2010), the plaintiffs, several ceding companies, brought a declaratory judgment action against certain reinsurers (collectively, the “Reinsurers”) seeking reimbursement for portions of a settlement plaintiffs made with their insured, Monsanto Corporation. …
Read More New York State Court Finds that Follow the Settlements Doctrine Does Not Apply

Edwards Angell Palmer & Dodge is a sponsor of the Reinsurance Association of America’s  reinsurance education programs. Vincent J. Vitkowsky, Partner in New York, will be presenting at the seminar “Dispute Resolution Clauses in Contracts” presented at the Reinsurance Association of America’s ReContracts program on July 22, 2010 in New York City.  If you are planning to attend the conference, please come by our booth and meet our attorneys and to network with your peers in the industry. …
Read More RAA/Contracts Conference in New York

On June 28, 2010, the New York Insurance Department (the “Department”) held a hearing to obtain comments from the public regarding how to enhance Department procedures. Comments were invited on the processing of rate and form filings, regulatory filings, and company and producer licensing and renewal applications. …
Read More New York Insurance Department Holds Hearing on Reform of Rate, Form, Regulatory Filings and Licensing Applications

The New York Insurance Department (“NYID”) prepared a draft circular letter (“Draft Circular Letter” or “Letter”) in early June, which, if finalized and issued, will require insurers to advise consumers of the implications of excess withdrawals from annuities with guaranteed minimum withdrawal benefits (“GMWB”). …
Read More New York Contemplates Disclosure for Excess Annuity Withdrawals

In a decision issued on February 1, 2010, the United Stated Court of Appeals for the Second Circuit confirmed that under New York law some policy provisions, although placed outside of the policy’s “Exclusions” section, may nonetheless be considered an exclusion and, therefore, subject to the timely disclaimer and denial requirement of NY Insurance Law § 3420(d)(2). …
Read More Second Circuit: Distinguishing Between Policy Definitions Subject to NY Insurance Law § 3420(d)(2)’s Timely Disclaimer Requirement as an Exclusion and Those That Are Not

The Deutsche Bank Americas Foundation is financing a database of hundreds of buildings that have been sustainably retrofitted in New York City.  The database will track lighting changes, detail HVAC improvements, insulation upgrades, window replacements, potable water reduction and other substantial green adaptations, along with their respective cost and efficiency savings for building owners and occupants. …
Read More “Green” Database to Track and Report on Retrofitted Buildings in New York City

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). …
Read More World Cup Insurance Estimated at Over 6 Billion Pounds

As previously discussed here, the New York Insurance Department (the “Department”) has put forth a regulation regarding the transparency of insurance producer compensation (“Regulation 194”), which is slated to take effect January 1, 2011. …
Read More PIANY receives approval on draft language regarding producer compensation disclosure

In July 2010, some of the first money allocated by the new health care reform law will start flowing to states that have elected to participate in the federal temporary high-risk insurance pool program. …
Read More Federal funding for Temporary High-Risk Insurance Pool Program to Begin Summer 2010