Reversing the intermediate appellate court, New York’s highest court recently granted summary judgment in favor of two excess insurers based upon their policies’ prior knowledge exclusion.
New York Developments
NY Lower Court Holds That Insurance Law § 3420(a) Applies to Lawyer’s Claims-Made Malpractice Policy
By Troutman Pepper Locke on
The New York Supreme Court, Erie County, recently held that a lawyers’ professional liability policy constitutes a “policy or contract insuring against liability for injury to person” within the meaning of Insurance Law § 3420(a)(3)-(4).
New York State Insurance Department Announces Cooperation Agreement with El Salvador
On Tuesday, October 29, 2009, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Superintendencia del Sistema Financiero de El Salvador (“SSF”), El Salvador’s insurance regulator.
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Southern District of New York Confirms Arbitration Award Dismissing Fraud Claims on Summary Judgment
By Troutman Pepper Locke on
In a recent decision of the United States District Court for the Southern District of New York, TIG Ins. Co. v. Global Int’l Reins. Co., Ltd., No. 09 Civ. 1289 (Aug. 7, 2009), the court ruled that an arbitrator’s decision to ignore certain evidence is not a proper ground for vacating an arbitration award. …
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Re Under 40s Next Event – Managing Capital in Today’s Insurance/Reinsurance Marketplace
By Troutman Pepper Locke on
Join the Re Under 40s at their next event, Managing Capital in Today’s Insurance/R4einsurance Marketplace, sponsored and hosted by Towers Perrin, on December 1 in midtown New York.
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The New York Insurance Department Updates Proposed Insurance Producer Compensation Transparency Rule; Explains Departure from Dinallo Era
By Troutman Pepper Locke on
This updates our September 15, 2009 blog posting. Matthew Gaul, special counsel for the Department, recently explained that the draft proposal for the disclosure of insurance producer compensation released by the Department last month differs from that proposed by former Superintendent Eric Dinallo in that the revised proposal does not differentiate between captive agents, independent agents and independent brokers. …
Read More The New York Insurance Department Updates Proposed Insurance Producer Compensation Transparency Rule; Explains Departure from Dinallo Era
New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
By Troutman Pepper Locke on
The New York Court of Appeals recently overturned an Appellate Division decision denying excess insurers summary judgment based on prior knowledge exclusions contained in professional liability policies issued to the insured law firm. …
Read More New York Court of Appeals Determines that the Prior Knowledge Exclusion Applies Under Pennsylvania Law Where Insured has Knowledge of a Client’s Wrongful Conduct that is Likely to Result in a Claim Against the Insured
New York District Court Recognizes Continued Viability of Manifest Disregard of the Law in the Second Circuit
By Troutman Pepper Locke on
Idea Nuova, Inc. moved in the U.S. District Court for the Southern District of New York to vacate or modify an arbitration award issued in favor of GM Licensing Group, Inc. The bases for Idea Nuova’s motion included, among other things, that the arbitrator had acted in manifest disregard of the law. …
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New York Appellate Court: Claims Against Manufacturer of Ear Protectors Barred by Statute of Limitations
By Troutman Pepper Locke on
Earlier this month, a New York appellate court held that claims against the manufacturer of protective devices for ears were barred by the three-year statute of limitations governing actions to recover damages for personal injury. …
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New York Announces Public Hearing on Life Insurance and Annuity Sales Practices
By Troutman Pepper Locke on
Yesterday, the New York State Insurance Department (“NYSID”) issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices. The hearing is particularly concerned with sales practices as they apply to seniors, and will focus on suitability (i.e. whether a particular product is appropriate for an individual consumer).
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