New York Developments

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On Tuesday, December 2, 2008, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autorité de Contrôle des Assurances et des Mutuelles, France’s insurance regulator (“ACAM”). 

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Read More New York Insurance Department Announces Cooperation Agreement With France

On November 21, the New York Insurance Department (the “NYID”) issued Circular Letter No. 27 (the “Circular Letter”), “Recognition in New York of Marriages Between Same-Sex Partners Legally Performed in Other Jurisdictions.”  The Circular Letter requires insurers to treat all couples in New York, including same-sex couples who were legally married outside of New York, equally. 

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Read More New York Insurance Department: Insurers Must Treat All Married Same-Sex Couples Equally

In congressional testimony before the House Agriculture Committee on Thursday, November 20, 2008, New York Superintendent of Insurance Eric Dinallo announced that New York is postponing its plans to regulate certain credit default swap contracts (“CDS Contracts”) as insurance. …
Read More N.Y. Reconsiders Regulating Credit Default Swaps as Insurance

A New York federal district court recently held that an insured’s claim for consequential extra-contractual damages is properly part of its breach of contract claim against its carrier. 

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Read More New York Court Finds Insured Entitled to Seek “Consequential Extra-Contractual Damages” on Breach of Contract Claim Against Carrier

Recently, the New York Court of Appeals affirmed a decision from a New York appellate court, holding that an insured’s notice under one policy does not constitute notice under a second policy issued by the same insurance carrier. …
Read More New York’s Highest Court Confirms that Notice Under One Policy Does Not Constitute Notice Under a Second Policy Issued by the Same Carrier

A New York federal court recently held that a coverage action between former television producers and their insurers should be transferred from New York to California because the events involved in the underlying action occurred and a majority of the witnesses and evidence is located in California. 

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Read More SDNY Judge Transfers Coverage Dispute to California Based on Location of Witnesses and Events in the Underlying Action

A New York state appellate court recently ruled that an insurer waives its right to deny coverage based on any coverage ground not specifically asserted in its denial of coverage letter. …
Read More New York State Court: Insurer Waives Denial Grounds Not Specifically Asserted in its Notice of Disclaimer

A New York appellate court recently held that a letter to an insured in which the claimants’ attorney stated that he was making an “inquiry into the facts before filing a pleading with the court” and expressed his position that his clients were deprived of tips and bonuses, did not constitute a claim under a claims-made policy. 

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Read More Court Ascribes Narrow Meaning to the Term “Claim” Where Not Defined in Claims-Made Policy

On October 16, 2008, the Superintendent of the New York State Insurance Department (the “Department”), Eric R. Dinallo, issued Circular Letter No. 20 (2008) (the “Circular Letter”) setting forth “contract certainty” expectations for property/casualty policies and reinsurance contracts. 

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Read More New York Insurance Department Sets Expectations of Contract Certainty for Insurance Policies and Reinsurance Contracts

Last week, the head of the New York State Insurance Department (“NYSID”), Superintendent Eric Dinallo, announced the signing of a memorandum of understanding (“MoU”) with Hector Sants, Chief Executive Officer of the Financial Services Authority (“FSA”) in the UK.  The MoU provides for a formal exchange of information relevant to each organization’s supervisory, regulatory and examination responsibilities. …
Read More The New York State Insurance Department Enters Cooperation Agreement with the Insurance Regulator in the United Kingdom