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Results: 1-10 of 95

District of Columbia appoints new Commissioner
  • Locke Lord LLP
  • USA
  • September 2 2009

On August 28, 2009, the District of Columbia Department of Insurance, Securities and Banking (“DISB”) issued a press release announcing that Thomas E. Hampton has stepped down as Commissioner of the DISB


Hedge fund closes two of its funds and liquidates holdings
  • Locke Lord LLP
  • USA
  • September 3 2009

According to press reports, Atticus Capital announced recently that it would shut down two of its three funds and liquidate their $3 billion in holdings


Ninth Circuit Court of Appeals reverses summary judgment and holds against insurer in bad faith action related to uninsured motorist claim
  • Locke Lord LLP
  • USA
  • August 27 2009

The Ninth Circuit Court of Appeals recently reversed an award of summary judgment that had been in favor of an insurer in a bad faith action regarding an uninsured motorist claim, and found against the insurer


Michigan Democrats advocate consumer protection legislation regarding bad faith claims denials
  • Locke Lord LLP
  • USA
  • July 31 2009

Democrats in the Michigan House are supporting about a dozen consumer protection bills that address unfair trade and "bad faith" claims practices by insurance companies


OGC opinion: new prejudice rule set forth in Insurance Law 3420 may also be incorporated in non-liability policies at insurer's option
  • Locke Lord LLP
  • USA
  • July 30 2009

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law 3420, which we have closely followed and written about in this blog


Connecticut Appellate Court affirms summary judgment in favor of insurer due to insured’s failure to cooperate
  • Locke Lord LLP
  • USA
  • 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


Massachusetts investigates rating of life settlements
  • Locke Lord LLP
  • USA
  • 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


Court finds that New York law governs reinsurance agreement, denies insured’s statutory claim for punitive damages and penalties against reinsurer
  • Locke Lord LLP
  • USA
  • 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"


PCI compliance survey finds companies need improvement
  • Locke Lord LLP
  • USA
  • October 2 2009

The Ponemon Institute recently published a survey on Payment Card Industry Data Security Standards ("PCI DSS") compliance


Virginia issues guidance on information security program requirement
  • Locke Lord LLP
  • USA
  • 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