Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”). The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule.
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New York Developments
NY Attorney General Files Auction Rate Securities Complaint Against UBS
The New York Attorney General filed a civil complaint yesterday against UBS Securities LLC and UBS Financial Services, Inc. alleging that UBS “committed a multi-billion dollar consumer and securities fraud on the investing public by falsely selling securities facing mounting liquidity risk as cash equivalents.”
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BREAKING NEWS: New York Governor Patterson Signs Law Reversing New York’s “No-Prejudice” Precedent, Requiring That an Insurer Has Sustained “Material Prejudice” Before Disclaiming Coverage on Late Notice Grounds
On July 23, 2008, New York Governor David Paterson signed into law what has been referred to as the “late notice bill” (Senate Bill 8610 and Assembly Bill 11541). The new law states that it takes effect 180 days after the date it is signed into law, and applies to policies issued after that 180-day period. Accordingly, the new law takes effect on January 19, 2009.
Court of Appeals Denies Cedent’s Motion to Appeal Ruling That Reinsurer Not Obligated to Follow Settlement Allocation
By Troutman Pepper Locke on
About a year ago, www.insurereinsure.com reported on the New York Appellate Division’s ruling in Allstate Ins. Co. v. American Home Assurance Co., No. 9335 (App. Div., 1st Dept. June 12, 2007), which reversed a lower court’s decision and held that Allstate was not required to follow the fortunes of American Home’s loss allocation on a single occurrence “per site” basis, finding that American Home manipulated its allocation to exceed the facultative reinsurance contract’s $1 million per-occurrence deductible in order to maximize its reinsurance recoveries.
The New York Insurance Department and New York Attorney General Held the First of Three Joint-Hearings Regarding Insurance Producer Compensation
By Troutman Pepper Locke on
On July 14th, industry representatives presented their viewpoints on the need to reform the current New York regulations regarding producer compensation standards and disclosure to a panel consisting of officials from the New York Insurance Department and the Office of the Attorney General.
New York Film Shoots Require Permits & Insurance
By Troutman Pepper Locke on
The Mayor’s Office of Film, Theatre and Broadcasting has amended Title 43 of the Official Compilation of Rules of the City of New York, by adding a new Chapter 9, which will regulate the permit and insurance requirements for filmmakers and photographers shooting in New York City.
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Arbitration: Second Circuit Finds That Order Denying Motion to Dismiss Is Not Appealable
By Troutman Pepper Locke on
The United States Court of Appeals for the Second Circuit recently held that an order denying a party’s motion to dismiss an application for a preliminary injunction was not an immediately appealable decision under the “final order rule,” on the grounds that the court lacked jurisdiction to hear it.
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New York’s Highest Court Holds that Policy with Terrorism Exclusion Restricts the Cause of Potential Covered Damages
Last month, the New York Court of Appeals held that a tenant breached its lease and, in doing so, violated New York Insurance Law § 3404. The court ruled that the lease was breached because the tenant obtaining insurance coverage that explicitly excluded terrorism losses from coverage.
The New York State Insurance Department and New York Attorney General to Hold Public Hearings Regarding Producer Compensation
By Troutman Pepper Locke on
Posted in New York Developments, Regulatory
The issues of contingent commissions and producer compensation disclosure has reached the forefront of New York regulatory law, as the Supreme Court of New York, Appellate Division, First Department recently ruled in favor of the insurance industry in the matter of People v. Liberty Mut. Ins. Co.
New York State Considering Resurrection of the Insurance Exchange
By Troutman Pepper Locke on
Twenty one years after the New York Insurance Exchange Commission (the “Exchange”) closed its doors for trading, New York State officials have begun to consider reviving this unique market. The Exchange was created in 1979 with the enactment of Regulations 89, 89-A and 89-B. …
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