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.
New York Developments
Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London
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
By Troutman Pepper Locke on
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
By Troutman Pepper Locke on
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. …
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New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves
By Troutman Pepper Locke on
New York Insurance Superintendent Eric Dinallo announced last week that the State is considering a new regulation requiring that all property insurers writing policies covering damage from hurricanes and other natural disasters establish on their books a catastrophe reserve. If adopted, this regulation would be the first of its kind in the United States. …
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Bad Faith Plaintiff Entitled To Discovery Of Insurer’s Records Concerning Reserves, Financial Performance of Policy Line, and Claims Personnel Compensation
Judge Ashley Royal of the United States District Court for the Middle District of Georgia recently held in a case by an insured against its disability insurer alleging bad faith refusal by the insurer to pay disability benefits, that the plaintiff was entitled to discovery of a wide range of documents potentially bearing on the insurer’s “intent” and the circumstances “surrounding” the insurer’s refusal to pay.
New York Insurance Superintendent Recommends Alternative Workers’ Compensation Rating System
By Troutman Pepper Locke on
New York’s Insurance Superintendent, Eric Dinallo, recently issued a report analyzing the workers’ compensation rating system currently in place in New York State. The Report, which was required by the 2007 Workers’ Compensation Reform Act, proposes wholesale changes to the workers’ compensation rating system currently in place.
New York State Insurance Department Instructs Insurers to Rescind Non-Renewal Notices Sent to Coastal Homeowners
By Troutman Pepper Locke on
In a press release issued August 28, 2007, New York Insurance Superintendent Eric R. Dinallo announced that insurers may not refuse to renew homeowners insurance policies based on whether a policyholder has other business with them, such as an automobile or life insurance policy.
New York Enacts Managed Care Law Reforms
By Troutman Pepper Locke on
On August 1, 2007, New York’s Governor Spitzer signed into law S.3986-A, a bill intended to decrease friction between managed care plans and their participating providers on certain sensitive issues. Most significantly, if a health plan requires that certain health care services be preauthorized in order to be covered, then once a service has been preauthorized and performed, the plan may not thereafter deny coverage for the service.
Willis Amends New York Settlement Agreement
By Troutman Pepper Locke on
On the heels of Marsh’s recent amendment to its broker fees settlement agreement with New York (which we reported about here), Willis has also reached an agreement with New York to amend its 2005 broker fees settlement agreement.