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Results: 1-10 of 286

House committee passes legislation creating federal insurance office, but without regulatory power

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 4 2009

The House Financial Services Committee passed a revised version of the Federal Insurance Office Act, H.R. 2609, earlier this week

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

  • Locke Lord 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

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

  • Locke Lord 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

Delaware Department of Insurance establishes Captive Bureau

  • Locke Lord LLP
  • -
  • USA
  • -
  • August 19 2009

On August 4, 2009, Delaware Insurance Commissioner Karen Weldin Stewart announced that the Department of Insurance (the "Department") has established the new Bureau of Captive and Financial Insurance Products (the "Bureau") to dedicate more resources to the regulation of captives and make the regulatory process more efficient

New compensation disclosure requirements proposed for New York insurance producers

  • Locke Lord LLP
  • -
  • USA
  • -
  • September 15 2009

After months of discussion with industry and consumer groups, the New York Insurance Department (the "Department") released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers

Update: Bloomberg reports sharp decline in offshore oil rig drilling insurance as underwriters tack away from BP disaster-type risk

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 13 2010

Citing a number of industry executives, Bloomberg recently reported that the Deepwater Horizon rig explosion causing the largest oil spill in U.S. history has prompted a reduction in the placement of insurance coverage for deepwater oil exploration

New York state court finds that follow the settlements doctrine does not apply

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2010

In American Home Assurance Co. v. American Re-Insurance Co., No. 60248506 (N.Y. Sup. Ct. May 27, 2010), the plaintiffs, several ceding companies, brought a declaratory judgment action against certain reinsurers (collectively, the “Reinsurers”) seeking reimbursement for portions of a settlement plaintiffs made with their insured, Monsanto Corporation

Iowa enacts law requiring 30-day rate hike notice from health insurers

  • Locke Lord LLP
  • -
  • USA
  • -
  • April 15 2010

On April 9, 2010, Iowa's governor Chet Culver signed measures (Senate File 2201) designed to create greater transparency and disclosure of health insurance premiums, and to expand the rights of consumers prior to any rate increases by insurance companies

Presentation by Eithne McCarthy - the new Insurance Block Exemption Regulation

  • Locke Lord LLP
  • -
  • USA
  • -
  • April 22 2010

Eithne McCarthy, from the Financial Services Unit of the European Commission's Competition Directorate General (DG Comp), made a presentation on the new Insurance Block Exemption Regulation (BER) to the Law Society's Competition Section on 13 April 2010

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

  • Locke Lord 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