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Results: 1-10 of 417

New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 25 2011

A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring

New Massachusetts law permits property carriers to exclude terrorism-caused fire loss

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 24 2011

Massachusetts Governor Deval Patrick has signed H.960 into law

SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme

Second Circuit denies cedent's motion for a rehearing in follow the fortunes case

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue

Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 19 2011

In Council Tower Ass’n v. Axis Specialty Ins. Co., No. 09-3900, 2011 WL 31519 (8th Cir. 2011), the Eight Circuit considered whether, under Missouri law, the falling of seven stories of a twenty-six-story exterior brick veneer was a covered “collapse” of a building

Chinese drywall - manufacturers still refusing to compensate U.S. homeowners

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 12 2011

Inez Tenenbaum, the head of the U.S. Consumer Product Safety Commission, said this week that the U.S. has not been able to persuade Chinese officials to agree to compensate U.S. homeowners for losses associated with Chinese manufactured drywall

Chinese drywall - Florida federal district court finds no coverage under CGL policy

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 12 2011

In Amerisure Mutual Insurance Co. v. Albanese Popkin the Oaks Development Group L.P., 2010 U.S. Dist. LEXIS 125918 (Nov. 30, 2010), Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida ordered that the developer’s insurer has no duty to provide coverage or a defense for claims related to Chinese drywall, which were made against the developer

Federal court orders insurer to produce reinsurance information, despite acknowledging split among courts on the issue

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 11 2011

Suffolk Federal Credit Union ("SFCU") brought an action against Cumis Insurance Society to recover certain losses arising under a fidelity bond

New York governor formally announces plan to merge insurance department with banking department

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 6 2011

As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation

Breaking news: New York governor to propose merger of banking and insurance departments

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 4 2011

According to reports, it is anticipated that incoming New York Governor Andrew Cuomo will announce during his State of the State Address tomorrow, January 5, 2011, plans to merge the Insurance Department and Banking Department into a single agency in an effort to reduce costs and improve efficiency

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