New York Developments Archives - Page 42 of 44

New York Decision on NYLB Prohibits Comptroller Audit, Expounds on Private Role of Liquidator

Dec 3, 2007 | Insolvency, Restructuring and Run-Off, New York Developments | United States

After a lengthy legal battle between New York’s Comptroller and the Superintendent of Insurance, New York’s highest court has held that the Comptroller may not exercise its audit powers over the New York Liquidation Bureau (NYLB) and may not audit funds/assets under the NYLB’s control.

New York Remains a No-Prejudice State. . . For Now

Nov 28, 2007 | Coverage & Claims, New York Developments, Regulatory | United States

In late June, as previously reported here, both houses of the New York state legislature passed a bill proposing to reverse New York’s longstanding “no-prejudice rule,” which provides that an insurer need not establish prejudice in order to disclaim coverage on late notice grounds.

NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal

Nov 20, 2007 | New York Developments, Regulatory | United States

Earlier this month, New York Superintendent of Insurance Eric Dinallo unveiled a draft regulation that would establish a system of principles-based regulation in New York State. If implemented, the regulation would make New York the first jurisdiction employing principles-based regulation in the United States.

British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

Nov 14, 2007 | Arbitration, D&O Liability, New York Developments | United Kingdom, United States

Recently, Corporate Officers & Directors of Assurance Ltd. (“CODA”), a U.K. insurer that issued a directors and officers policy to Tyco International Ltd., petitioned a New York state court to confirm an arbitration award directing Tyco’s former CEO, L. Dennis Kozlowski, to pay CODA about $2 million.

New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

Nov 12, 2007 | Insolvency, Restructuring and Run-Off, New York Developments, Reinsurance | United States

Recently, a New York state court gave the New York Liquidation Bureau (“NYLB”) permission to notify more than 300,000 creditors of Union Indemnity Insurance Company (“Union Indemnity”) that it plans to make the first distribution from the insolvent property casualty insurer’s estate.

New York’s Highest Court: “Relations of Earnings to Insurance” Clause Located In “General Provisions” Section of Disability Insurance Policy Is Enforceable

Nov 6, 2007 | Coverage & Claims, Extra-Contractual Liability, New York Developments | United States

The New York Court of Appeals recently rejected an insured’s argument that the placement of a “Relation of Earnings to Insurance” (REI) Clause within the “General Provisions” of a disability insurance policy rendered the clause deceptive and unenforceable.

Other States Contemplate Following N.Y.’s Lead to Change Foreign Reinsurer Collateral Requirements

Nov 2, 2007 | Florida Developments, New York Developments, Regulatory, Reinsurance | United States

In the wake of New York Superintendent Eric Dinallo’s announcement that New York was changing the rules surrounding collateral requirements for foreign reinsurers, it was reported last week that several other U.S. states are contemplating similar changes.

Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London

Oct 30, 2007 | Florida Developments, Industry Developments, Massachusetts Developments, New Jersey Developments, New York Developments | United States

US law firm Edwards Angell Palmer & Dodge LLP (“EAPD”) and Kendall Freeman of London today announced a plan to merge effective January 1, 2008.

UnitedHealthcare Settles Claims For $12 Million

Oct 23, 2007 | Healthcare, New York Developments | United States

UnitedHealthcare, a subsidiary of UnitedHealth Group, Inc., entered into a settlement agreement last month whereby it agreed to pay $12 million to the Attorneys General of 36 states and the District of Columbia. This settlement comes after a multi-state investigation by state insurance regulators regarding UnitedHealthcare’s claims practices, fee schedules and deductibles.

New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

Oct 19, 2007 | New York Developments, Regulatory, Reinsurance | United States

On Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.

Topic: New York Developments

New York Decision on NYLB Prohibits Comptroller Audit, Expounds on Private Role of Liquidator

New York Remains a No-Prejudice State. . . For Now

NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal

British Insurer Seeks to Confirm Arbitration Award Against Former Tyco CEO

New York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted

New York’s Highest Court: “Relations of Earnings to Insurance” Clause Located In “General Provisions” Section of Disability Insurance Policy Is Enforceable

Other States Contemplate Following N.Y.’s Lead to Change Foreign Reinsurer Collateral Requirements

Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London

UnitedHealthcare Settles Claims For $12 Million

New York Insurance Superintendent Proposes Change in Collateral Requirements for Non-New York Admitted Reinsurers

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