New York Developments

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A New York state appellate court recently reversed a landmark 2007 trial court decision and held that asbestos-related bodily injury claims fall within the products/completed operations hazard coverage of the comprehensive general liability policies at issue and are therefore subject to that coverage’s aggregate limits. 

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Read More New York State Appellate Court: Asbestos Claims Fall Within Products/Operations Hazard Coverage and Are Subject to Aggregate Limits

The heirs of the victim of a 1996 terrorist attack in Israel who, in an earlier federal court proceeding, were recently awarded a judgment against Hamas for over $100 million for damages suffered as a result of the terrorist attack, recently filed a Petition seeking to satisfy the outstanding judgment from funds in a Hamas bank account in the New York branch of an Egyptian bank. 

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Read More Heirs of Terror Victim Seek to Satisfy Outstanding Judgment Against Hamas Using TRIA

Edwards Angell Palmer & Dodge, LLP recently obtained a decision from the U.S. District Court for the Eastern District of New York granting the motion of its clients, American United Life Insurance Company, Inc. (“AUL”) and R.E. Moulton, Inc. (“REM”), to dismiss a third-party action against them in favor of arbitration. 

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Read More Court Dismisses Third Party Action in Favor of Arbitration

Edwards Angell Palmer & Dodge, LLP recently obtained a decision and order from the Supreme Court of the State of New York, New York County, granting its client Select Insurance Company’s motion for summary judgment, dismissing the complaint of the hedge fund insured. 

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Read More Hedge Fund Not Entitled to Reimbursement of Defense Costs Under Mutual Fund and Directors and Officers Errors and Omissions Liability Insurance Policy

The New York Insurance Department issued Circular Letter No. 4 (the “Circular Letter”) on February 19, 2009, which is directed to foreign insurers and reinsurers whose home state regulator or domiciliary regulator has “prescribed or permitted accounting practices that differ from the requirements of the New York Insurance Law.” 

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Read More NY Insurance Department: NY Annual Statement Supplement Filed by Foreign (Re)Insurers to Follow Accounting Practices Set Forth in NY Insurance Law

In a recent decision of the United Stated District Court for the Southern District of New York, Global Int’l Reinsurance Co. v. TIG Ins. Co., 08 Civ. 7338 (JSR) (S.D.N.Y. Jan 20, 2009), the court granted a cedent’s petition to confirm an arbitration award and denied a reinsurer’s motion to vacate the award in part. 

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Read More U.S. District Court for the Southern District of New York Confirms Arbitration Award

A delegation of representatives from municipal bond issuer advocacy groups, the National League of Cities and the National Association of Counties, met last month with the staff of the New York State Insurance Department (the “NYSID”) to discuss the possible formation of a not-for-profit mutual municipal bond insurer that would be broadly-owned by the issuers of municipal debt.  During the discussion, the staff of the NYSID walked the delegation through the mutual insurance company licensing process. 

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Read More Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement

In a recent interview, New York State Insurance Department Superintendent and returning chairman of the National Association of Insurance Commissioner’s (“NAIC”) Life Insurance and Annuities Committee Eric R. Dinallo stated that in light of the current economic crisis he will be reevaluating NAIC’s regulations with respect to variable annuities. 

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Read More New York Superintendent Eric Dinallo Discusses NAIC’s Variable Annuity Regulations

The Professional Liability Underwriting Society (PLUS) is hosting its popular D&O Symposium today and tomorrow in New York.  Edwards Angell Palmer & Dodge attorneys will provide live updates throughout the conference here on www.InsureReinsure.com. …
Read More InsureReinsure.com to Live Blog from PLUS Annual D&O Symposium in New York

Huntington Hospital (“Huntington”) sued defendant New England Insurance Company (“New England”) for breach of contract after New England denied Huntington’s claim for coverage under an excess insurance policy issued by New England. 

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Read More Second Circuit Affirms Decision Granting Excess Insurer Summary Judgment Due to Insured’s Late Notice