New York Developments

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An intermediate New York State appellate court held late last year that there was a question of fact whether a component of an SEC settlement that was specifically labeled “disgorgement” actually constituted the kind of disgorgement that courts deem uninsurable as a matter of public policy. 

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Read More Does an SEC Settlement Constitute Uninsurable Disgorgement?

On June 5, 2007, a New York State Court located in Manhattan ruled that various products liability claims relating to ExxonMobil Corporation’s defective resin and lubricant products were multiple “occurrences” under liability insurance policies issued to ExxonMobil by Lloyd’s of London. 

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Read More Defective Products Claims Against ExxonMobil Deemed Multiple “Occurrences” Under New York Law

On May 29th, Eliot Spitzer, Governor of New York, signed an executive order creating the New York Commission to Modernize the Regulation of Financial Services.  The Commission’s objective is to streamline state regulation of an industry that has become increasingly complex over the past decade. 

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Read More Eliot Spitzer Establishes Commission to Modernize Insurance Regulation in New York

It didn’t take long for reinsurance disputes to arise from the recent $2 billion settlement between insurers of the World Trade Center and leaseholders of Silverstein Properties, Inc., that was announced on May 23. 

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Read More SCOR to Arbitrate Reinsurance Dispute with World Trade Center Insurer