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AIRROC launches expedited binding arbitration procedure for small claims

Edwards Wildman Palmer LLP
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USA
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October 9 2009

The Association of Insurance and Reinsurance Run-Off Companies ("AIRROC") has announced the formal launch of the Dispute Resolution Procedure ("DRP"), an expedited binding arbitration procedure especially designed for small and less-complicated claims

Connecticut Appellate Court affirms summary judgment in favor of insurer due to insured’s failure to cooperate

Edwards Wildman Palmer LLP
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USA
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October 7 2009

The Connecticut Appellate Court recently affirmed a lower court’s grant of summary judgment in favor of an insurer based on its determination that the insured breached the insurance policy’s cooperation clause by failing to provide copies of requested tax returns

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
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USA
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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"

Massachusetts investigates rating of life settlements

Edwards Wildman Palmer LLP
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USA
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October 5 2009

The Massachusetts Secretary of the Commonwealth, William Galvin, recently announced an investigation into how credit rating agencies evaluate and rate the securitization of life settlements (i.e. life insurance policies sold by the insured to a third party

P&C insurers to submit copies of consumer notices in connection with credit scoring to New Jersey Department of Banking and Insurance

Edwards Wildman Palmer LLP
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USA
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October 5 2009

On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment, divorce or identity theft, to name a few

Virginia issues guidance on information security program requirement

Edwards Wildman Palmer LLP
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USA
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October 2 2009

The Virginia State Corporation Commission Bureau of Insurance (the "Bureau") recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties

Financial regulatory reform outlook

Edwards Wildman Palmer LLP
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USA
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October 1 2009

Though currently shadowed by healthcare reform efforts that have dominated the congressional schedule this fall, the push to enact a financial regulatory overhaul has been making steady progress in Congress

Connecticut Superior Court grants summary judgment for insurer in lawsuit involving uninsured motor vehicle claim and common law and statutory bad faith claims

Edwards Wildman Palmer LLP
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USA
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September 28 2009

An insurer represented by Edwards Angell Palmer & Dodge attorneys John Hughes and Julia Ulrich was recently granted summary judgment by the Connecticut Superior Court in a lawsuit involving a claim for uninsured motorist coverage, and also alleging common law and statutory bad faith against the insurer

Connecticut federal court awards summary judgment in favor of insurer due to insured’s failure to cooperate

Edwards Wildman Palmer LLP
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USA
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September 25 2009

A Connecticut district court recently awarded summary judgment in favor of an insurance company due to the insured’s failure to cooperate in the insurer’s investigation of a claim

Report from the NAIC Fall meeting - Vice President Biden addresses state insurance commissioners on healthcare reform

Edwards Wildman Palmer LLP
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USA
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September 23 2009

Vice President Joseph Biden spoke yesterday at the NAIC Fall meeting taking place near Washington DC, and he used the opportunity to seek the support of state insurance commissioners for the Government's proposals for national healthcare reform