Locke Lord LLP | USA | 5 Oct 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).
Locke Lord LLP | USA | 24 Sep 2009
On September 22, 2009, Socheth Sor of Edwards Angell Palmer & Dodge LLP testified at a public hearing before the Massachusetts Office of Consumer Affairs and Business Regulations (“OCABR”) in Boston regarding 201 CMR 17.00, Standards for the Protection of Personal Information of Residents of the Commonwealth.
Locke Lord LLP | USA | 18 Sep 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.
Locke Lord LLP | USA | 18 Aug 2009
On August 17, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (the “OCABR”) issued a press release announcing important amendments to 201 CMR 17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth (the “Regulations”), and a third extension of its effective date from January 1, 2010 to March 1, 2010.
Locke Lord LLP | USA | 4 Aug 2009
The Massachusetts Supreme Judicial Court recently held that where an insured "incurs covered costs as a result of ongoing environmental contamination occurring over more than one year and the insurer provided coverage for less than the full period of years in which contamination occurred," the loss should be pro rated among all the insurers on the risk during the relevant period.
Locke Lord LLP | USA | 29 Jul 2009
The First Circuit recently held that an insured was not entitled to coverage under a Professional Liability claims made and reported policy where the claim is not both made against the insured and reported to the insurer within the policy period.