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Results: 1-10 of 95

OGC opinion: Insurance Law 3420 also applies to claims-made policies

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 30 2009

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law 3420, which we have closely followed and written about in this blog

District of Columbia appoints new Commissioner

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 2 2009

On August 28, 2009, the District of Columbia Department of Insurance, Securities and Banking (“DISB”) issued a press release announcing that Thomas E. Hampton has stepped down as Commissioner of the DISB

New Jersey releases proposed rule and notice of pre-proposal for disclosure of producer compensation for sales of health insurance policies

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 21 2009

The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1

Court finds that New York law governs reinsurance agreement, denies insured’s statutory claim for punitive damages and penalties against reinsurer

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • October 6 2009

Plaintiff Callon Petroleum Company ("Callon") commenced an action against National Indemnity Company ("NICO") to recover for a judgment Callon obtained against NICO’s cedent, Frontier Insurance Company ("Frontier"

State regulators vie for seat on the newly proposed Financial Services Oversight Council

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 3 2009

As previously discussed, the United State Treasury Department has recently submitted a proposal to form a Financial Services Oversight Council (the "Council") composed of various federal regulators to coordinate financial services regulation and oversight, but would not include a representative to the Council that has a specific insurance or reinsurance regulatory portfolio

Hedge fund closes two of its funds and liquidates holdings

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 3 2009

According to press reports, Atticus Capital announced recently that it would shut down two of its three funds and liquidate their $3 billion in holdings

OGC opinion: Insurance Law 3420 also applies to policies issued in NY but delivered out of state

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 30 2009

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law 3420, which we have closely followed and written about in this blog

Ninth Circuit Court of Appeals reverses summary judgment and holds against insurer in bad faith action related to uninsured motorist claim

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 27 2009

The Ninth Circuit Court of Appeals recently reversed an award of summary judgment that had been in favor of an insurer in a bad faith action regarding an uninsured motorist claim, and found against the insurer

N.Y. Insurance Department issues opinion prohibiting contingent annuity contracts

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 29 2009

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance

New York issues proposed regulation to establish minimum standards for determining reserve liabilities and nonforfeiture values for preneed life insurance

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 21 2009

The New York Insurance Department issued proposed Regulation No. 192 (11 NYCRR) (the “Proposed Regulation”) establishing minimum reserve and nonforfeiture standards for preneed life insurance policies (i.e. policies that provide a prearrangement agreement for goods and services to be provided upon the death of the insured