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The charter for the Federal Advisory Committee on Insurance (FACI), which had expired, has been renewed for two years. FACI provides advice to the Federal Insurance Office. Based on conversations with U.S. Department of Treasury officials, FACI expects the official notice to be published in the Federal Register later this month. …
Read More FIO/FSOC Update as of August 20, 2013

In the case of Amlin Corporate Member Limited & Ors v Oriental Assurance Corporation [2013] EWHC 2380 (Comm), (we have previously reported on related proceedings here and here) the Claimant reinsurers sought a declaration that a warranty in the reinsurance contract had been breached by an insured vessel sailing despite a storm warning having been issued at the port of sailing and on part of the route. …
Read More London: Breach of Warranty Allowed Reinsurers to Avoid Reinsurance Contract

On Friday, the Massachusetts Appeals Court handed down its decision in Rivera v. Commerce Insurance Company, No. 12-P-483 (Aug. 16, 2013). The insurance industry should take note of this unfair claim settlement practices case because the court determined that Commerce Insurance Company was liable for the plaintiffs’ tort-related litigation expenses following what was determined to be a bad-faith and unreasonable settlement offer, and proceeded to note precisely what constituted “tort-related litigation expenses.” A copy of the decision is available through the court’s website. …
Read More Massachusetts Appeals Court Affirms Insurer’s Liability For Tort-Related Litigation Expenses In Unfair Claim Settlement Practices Case

In a decision that has implications for reinsurance, the Massachusetts Supreme Judicial Court last week decided that the Federal Arbitration Act preempts the Massachusetts Arbitration Act where the relevant contract involves interstate commerce. The decision is McInnes v. LPL Financial, LLC, et al., No. SJC-11356 (Aug. 12, 2013), and is available at the court’s website. …
Read More Massachusetts High Court Rules That Federal Arbitration Act Applies to Contracts Involving Interstate Commerce

Weather patterns in Oklahoma have taken their toll on the local insurance industry. Due to an unexpectedly large number of powerful tornadoes in May, including the devastating tornado that struck Moore, Oklahoma, insurance companies have thus far seen claims for tornado damages in excess of $1 billion in Oklahoma.
Read More Large Storms in Oklahoma Rattling Local Insurance Industry

The Connecticut Supreme Court, in a much anticipated subrogation decision, recently held that an insurer has priority over a policyholder in the context of a recovery for insurance policy deductible losses. See Fireman’s Fund Ins. Co. v. TD Banknorth Ins. Agency, Inc., 309 Conn. 449, — A.3d —-, 2013 WL 3818112 (Conn. July 30, 2013). …
Read More Connecticut Supreme Court Determines that the Make Whole Doctrine Does Not Apply to Insurance Policy Deductibles

PROPOSED BILL WOULD ELIMINATE STARK LAW EXCEPTION FOR SOME SERVICES

The “Promoting Integrity in Medicare Act of 2013,” introduced in the U.S. House of Representatives on August 1, would eliminate one of the Stark Law’s exceptions for advanced imaging, anatomic pathology, radiation therapy and physical therapy services performed in a physician’s office. …
Read More Healthcare Update: Proposed Bill Would Eliminate Stark Law Exception for Some Services; Oregon Exchange Won’t be Completely Ready by Deadline; “Doc Fix” Bill Advances in House