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Results: 1-10 of 295

NY court: insured may recover consequential damages absent insurer bad faith

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 23 2009

On December 15, 2009, New York's Appellate Division for the First Department held that an insured need not allege or prove that its insurer acted in bad faith in order to recover consequential damages stemming from the insurer's breach of the policy

Unscrambling the Gramm-Leach-Bliley omelet

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 23 2009

Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act

Court examines duty to defend funeral homes accused of participation in organ harvesting

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 23 2009

A federal judge in Pennsylvania recently examined whether an insurer must defend a crematorium and funeral home against several lawsuits alleging that they participated in an organ harvesting scheme

Partial repeal of McCarran-Ferguson Act dropped from Senate Health Reform Bill

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 21 2009

Media reports indicate that Senator Patrick Leahy’s (D-VT) amendment to repeal the antitrust exemption under the McCarran-Ferguson Act for health insurers and medical malpractice insurers, has been removed from the latest version of the Patient Protection and Affordable Care Act (H.R. 3590

Repeal of antitrust exemption gains traction as House and Senate Democrats reconcile healthcare reform bills

  • Locke Lord LLP
  • -
  • USA
  • -
  • January 8 2010

U.S. House Representatives Peter DeFazio, (D-OR) and Gene Taylor (D-MS) drafted a letter to House Speaker Nancy Pelosi (D-CA) in support of repealing the antitrust exemption under the McCarran Ferguson Act for health insurers and medical liability insurers

Massachusetts Attorney General issues report stating managed competition of auto insurance has failed

  • Locke Lord LLP
  • -
  • USA
  • -
  • January 8 2010

At the end of December 2009, Massachusetts Attorney General Martha Coakley released a comprehensive report criticizing Massachusetts managed competition system for the deregulation of auto insurance

In private letter ruling, IRS says captive reinsurance of fronted pools is “insurance” for tax purposes

  • Locke Lord LLP
  • -
  • USA
  • -
  • January 4 2010

The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is "insurance" for tax purposes

Chinese drywall judicial panel on multi-district litigation rules that insurance coverage matter should not be transferred to Chinese drywall MDL proceedings

  • Locke Lord LLP
  • -
  • USA
  • -
  • December 30 2009

On December 2, 2009 the Judicial Panel on Multi-District Litigation (“JPML”) rejected efforts to transfer an insurance coverage action to the federal Chinese Drywall Multi-District Litigation (“MDL”) pending in the Eastern District of Louisiana

New York adopts revisions to Regulation 118 governing audited financial statements

  • Locke Lord 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

A Connecticut Superior Court denies insurer's motion to strike counts alleging bad faith and violations of CUTPA

  • Locke Lord LLP
  • -
  • USA
  • -
  • January 7 2010

In Vincoli v. Hartford Underwriters Ins. Co., FST-CV-09-5009591-S (Conn.Super. Sept. 24, 2009), a Connecticut Superior Court recently denied an Insurer's motion to strike counts alleging bad faith and violations of CUTPA from a complaint