New York Developments Archives - Page 43 of 44

New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves

Oct 11, 2007 | New York Developments, Regulatory | United States

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.

Bad Faith Plaintiff Entitled To Discovery Of Insurer’s Records Concerning Reserves, Financial Performance of Policy Line, and Claims Personnel Compensation

Sep 20, 2007 | Coverage & Claims, Extra-Contractual Liability, New York Developments | United States

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

Sep 19, 2007 | Industry Developments, New York Developments, Regulatory | United States

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

Aug 29, 2007 | New York Developments, Regulatory | United States

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

Aug 28, 2007 | Healthcare, New York Developments, Regulatory | United States

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

Aug 27, 2007 | New York Developments, Regulatory | United States

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.

Southern District of New York Denies Summary Judgment to Cedent in Case Involving 3M Settlement

Aug 23, 2007 | New York Developments, Reinsurance | United States

In National Union Fire Ins. Co. of Pittsburgh, Pa. v. Clearwater Ins. Co., 04-CV-5023 (S.D.N.Y., July 21, 2007), the Southern District of New York denied a cedent’s motion for summary judgment based on the follow the fortunes doctrine, finding that a material issue of fact existed as to whether a portion of a settlement involved payment for consequential damages claims that would be excluded under the reinsurance certificate at issue.

Marsh Seeks to Amend 2004 Settlement to Allow New Fees

Aug 9, 2007 | New York Developments, Regulatory | United States

It was widely reported this week that insurance broker Marsh & McLennan Cos. is attempting to amend its landmark 2004 settlement with insurance regulators and the New York State Attorney General’s Office that required it to give up so-called contingent commissions.

Medical Malpractice Premiums to Increase in New York

Aug 6, 2007 | New York Developments, Regulatory | United States

On July 2, 2007, New York State Insurance Superintendent Eric R. Dinallo announced that the Department approved a 14% increase in medical malpractice insurance rates.

The Hartford Announces Settlement of Recent Investigations

Jul 26, 2007 | Antitrust, Illinois Developments, New York Developments | United States

On July 23, 2007, The Hartford Financial Services Group, Inc. announced settlements of recent investigations for a total of $115 million in restitution and penalties. Specifically, the Company entered into a settlement with the New York Attorney General’s Office relating to an investigation of variable annuity market timing issues.

Topic: New York Developments

New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves

Bad Faith Plaintiff Entitled To Discovery Of Insurer’s Records Concerning Reserves, Financial Performance of Policy Line, and Claims Personnel Compensation

New York Insurance Superintendent Recommends Alternative Workers’ Compensation Rating System

New York State Insurance Department Instructs Insurers to Rescind Non-Renewal Notices Sent to Coastal Homeowners

New York Enacts Managed Care Law Reforms

Willis Amends New York Settlement Agreement

Southern District of New York Denies Summary Judgment to Cedent in Case Involving 3M Settlement

Marsh Seeks to Amend 2004 Settlement to Allow New Fees

Medical Malpractice Premiums to Increase in New York

The Hartford Announces Settlement of Recent Investigations

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