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Results: 1-10 of 286

New York State Court denies motion to compel discovery of reinsurance and reserve information

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 29 2010

In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim

Life settlement legislation approved by New York Legislature

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • November 20 2009

Earlier this week, the New York Legislature passed a bill establishing a comprehensive statutory framework for the regulation of life settlements

New York adopts revisions to Regulation 118 governing audited financial statements

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 12 2010

On December 28, 2009, the New York Insurance Department ("NYID") issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis

Judge orders insurer to cover R. Allen Stanford's defense costs

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • February 17 2010

According to the Houston Chronicle, U.S. District Judge David Hittner, who is presiding over R. Allen Stanford's criminal proceeding, has ordered Lloyd's of London to pay for the criminal defense attorneys defending Mr. Stanford and two other officers of his company who were recently indicted for allegedly running a $7 billion Ponzi scheme

Connecticut District Court: insurer's default judgment does not necessarily preclude litigation in subrogation action

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 12 2010

A Connecticut District Court recently held that plaintiffs, who brought a subrogation action to recover a judgment entered in their favor in an underlying legal malpractice action against their attorneys, were entitled to litigate coverage issues even though the attorneys' insurer obtained a default judgment against the attorneys in a separate coverage action

Ninth Circuit affirms ruling that reinsurer has no duty to contribute to settlement payment where reinsured excess policy was not triggered

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 2 2010

Texas Farmers Insurance Company ("Texas Farmers") issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4999-4900, 4900-4901, and 4901-4902

New York State Insurance Department reminds licensees of compliance obligations under federal laws

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 28 2009

The New York State Insurance Department (the "Department") recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. 5311-5330 ("BSA"); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. 78dd-1-78dd-3 ("FCPA"); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. 313(a)(6)(c) ("OFAC", collectively with BSA and FCPA, the "Federal Laws"

Rhode Island 2011 budget - tax implications for surplus lines insurers and medical malpractice joint underwriters association

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • June 16 2010

The 2011 Rhode Island state budget, which was enacted as HB 7397A and signed into law June 2, 2010, amends the taxation statutes applicable to surplus lines insurers and the Medical Malpractice Joint Underwriters Association

Delaware court holds that endorsement requires exhaustion of separate retained limits for each lot or batch of contaminated peanut butter

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

Stephen Prignano and Denise Kraft, of Edwards Angell Palmer & Dodge, LLP, have obtained summary judgment for Lexington Insurance Company ("Lexington") in an insurance coverage dispute arising out of a salmonella outbreak caused by contaminated peanut butter

Circular letter regarding contract certainty issued for comment by the New York Insurance Department

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 14 2010

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for propertycasualty insurance policies and reinsurance contracts