Last week, the Department of Financial Services of the State of New York (“DFS”) issued a letter available here, indicating its intention to promulgate cybersecurity regulations that will apply to financial institutions licensed by DFS, including insurance companies, banks, and mortgage brokers. The proposed regulations will be intended to…
Read More Expect New Cybersecurity Regs from New York DFS

The Massachusetts Office of the Attorney General recently settled another in a series of cases in which a health insurer sold health care policies which did not include coverage for certain benefits that Massachusetts law requires be provided by any group insurance policy. In this case the insurer, The Insurance…

Read More Another Health Insurer Tripped Up By The Commonwealth of Massachusetts Mandatory Minimum Benefits Requirements

The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager Regime. From the 1st January 2016 the regime will enable the PRA…
Read More “Taking no prisoners!” The Senior Insurance Manager Regime

Co-Authored by: Ben Sykes and Barry Weissman

During a special meeting of the National Association of Insurance Commissioners (NAIC) on February 8, members elected Missouri Insurance Director John M. Huff to the office of NAIC President-Elect. The office was vacated on January 20 when former Pennsylvania Insurance Commissioner Michael F.

Read More New NAIC President – Elect

Since the Terrorism Risk Insurance Program Reauthorization Act was signed into law by President Obama on January 12, many have been waiting on guidance from the U.S. Treasury Department regarding implementation of the new program. The property and casualty insurance industry is awaiting interim direction from the Department, through the…
Read More Industry Guidance on the Implementation of TRIA Reauthorization Anticipated Soon from Treasury Department

The Supreme Judicial Court of Massachusetts recently considered whether an insured could pursue a claim against an insurer which had breached its duty to defend for unfair or deceptive acts or practices under G.L. c. 93A, § 11, notwithstanding the insurer’s full reimbursement of the insured’s expenses, plus interest. …
Read More Massachusetts High Court Rules That Insurer’s Full Reimbursement of Insured’s Expenses Does Not Bar Insured’s G.L. c. 93A Claim

Recently, the Massachusetts Attorney General announced that Women & Infants Hospital of Rhode Island (the “Hospital”) agreed to pay $150,000 to settle data breach allegations. In April 2012, the Hospital discovered that it was missing 19 unencrypted back-up tapes from its locations in Providence, Rhode Island and New Bedford, Massachusetts. …
Read More Massachusetts Attorney General Announces Hospital’s Settlement of Data Breach Allegations Involving Massachusetts Patients

A New York federal court recently held that the timeliness requirement of Section 3420(d)(2) of the New York Insurance Law does not apply to an insurer’s reservation of rights letter. The decision is helpful for carriers that write liability insurance in New York because it delves into the circumstances in which carriers may (and may not) be found to have waived the right to assert certain coverage defenses under Section 3420(d)(2). …
Read More New York Federal Court Holds That Insurance Law Section 3420(d)(2) Does Not Apply To Reservation Of Rights Letter