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New Jersey releases proposed rule and notice of pre-proposal for disclosure of producer compensation for sales of health insurance policies

Edwards Wildman Palmer LLP
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USA
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September 21 2009

The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1

SEC Task Force to investigate life settlements

Edwards Wildman Palmer LLP
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USA
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September 21 2009

According to industry reports, the US Securities and Exchange Commission has formed a multidisciplinary task force (“Task Force”) to investigate life settlements (i.e. the sale of life insurance products by policyholders to third-party investors

Massachusetts Insurance Commissioner steps down for position in academia

Edwards Wildman Palmer LLP
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USA
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September 18 2009

According to industry reports, Massachusetts Insurance Commissioner, Nonnie S. Burnes, recently announced her plan to resign from the Insurance Department to become a senior university fellow at Northeastern University, where she earned her law degree

Delaware Supreme Court: under certain circumstances, a D&O insurer may reasonably withhold its consent to settle

Edwards Wildman Palmer LLP
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USA
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September 17 2009

In an August 10, 2009 decision, the Delaware Supreme Court held that under certain circumstances, a D&O insurer may reasonably withhold its consent to settle a claim

Legislation introduced to eliminate federal antitrust exemption for health insurance and medical malpractice insurance companies

Edwards Wildman Palmer LLP
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USA
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September 17 2009

Today, Senate Judiciary Committee Chairman Patrick Leahy introduced legislation to eliminate the federal antitrust exemption for health insurance and medical malpractice insurance companies

New Vermont Captive Insurance Association President

Edwards Wildman Palmer LLP
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USA
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September 16 2009

Following a nation-wide search, Michael Bemi, Chair of the Vermont Captive Insurance Association (the "VCIA") Board of Directors, recently announced that the VCIA has selected Richard Smith as the new President of the VCIA

New compensation disclosure requirements proposed for New York insurance producers

Edwards Wildman Palmer LLP
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USA
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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

New York announces public hearing on life insurance and annuity sales practices

Edwards Wildman Palmer LLP
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USA
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September 15 2009

Yesterday, the New York State Insurance Department ("NYSID") issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices

Connecticut trial court awards judgment in favor of insured and rejects insurer’s theory that insured’s lack of income was motive for loss where insured had other assets

Edwards Wildman Palmer LLP
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USA
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September 14 2009

A Connecticut trial court recently awarded judgment, following a bench trial, in favor of an insured who sought coverage from her insurance company for her vehicle after it was stolen and destroyed by fire

Trust beneficiary has standing to sue life insurance carrier to collect policy benefits

Edwards Wildman Palmer LLP
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USA
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September 14 2009

The United States District Court for the Eastern District of Wisconsin recently held that a beneficiary of a trust has standing to sue the life insurance carrier to collect policy benefits on an accidental death policy