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FEMA confirms NFIP coverage applies to certain BP oil spill damage
  • Locke Lord LLP
  • USA
  • June 10 2010

According to media reports, the Federal Emergency Management Agency ("FEMA") has confirmed that damage caused by oil mixed with flood waters is covered under National Flood Insurance Program ("NFIP") policies


PIANY receives approval on draft language regarding producer compensation disclosure
  • Locke Lord LLP
  • USA
  • June 10 2010

As previously discussed here, the New York Insurance Department (the "Department") has put forth a regulation regarding the transparency of insurance producer compensation ("Regulation 194"), which is slated to take effect January 1, 2011


Renewal of bipartisanship in Senate Banking Committee
  • Locke Lord LLP
  • USA
  • December 29 2009

Amid the partisan atmosphere of the Senate’s marathon debate on healthcare reform, leaders of the Banking, Housing and Urban Affairs Committee last week sought to revive the notion that Democrats and Republicans are working together to craft financial regulatory reform legislation


NAIC subgroup adopts White Paper on Alternative Mechanisms for Troubled Companies
  • Locke Lord LLP
  • USA
  • December 15 2009

During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the "White Paper on Alternative Mechanisms for Troubled Companies" (the "White Paper"


New York Insurance Department considering requesting lower federal tax rate
  • Locke Lord LLP
  • USA
  • March 8 2010

According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate


Contingent commissions allowed for “Big Three” insurance brokers in New York, Illinois and Connecticut
  • Locke Lord LLP
  • USA
  • March 8 2010

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers


Credit Suisse to settle Iran sanctions claims
  • Locke Lord LLP
  • Iran, USA
  • December 16 2009

Credit Suisse announced on December 15, 2009 that it is nearing a $536 million settlement with the New York County District Attorney's office and the US Department of Justice, Federal Reserve Board, Federal Reserve Bank of New York and the Office of Foreign Assets Control (OFAC


Lawmakers urge CMS to halt hospital cuts
  • Locke Lord LLP
  • USA
  • July 26 2010

In an effort to convince CMS to reconsider its proposed Medicare inpatient hospital payment reductions due to documentation and coding practice changes, 242 House Members sent a letter to the agency's newly-installed Administrator, Donald Berwick, on July 12


State lawmakers lobby for a seat at the Financial Stability Oversight Council
  • Locke Lord LLP
  • USA
  • June 14 2010

As negotiations over a final financial reform overhaul draw closer to a conclusion, leadership at the National Conference of Insurance Legislators ("NCOIL") petitioned Senate leadership for membership in the Financial Stability Oversight Council ("FSOC"


Iowa Supreme Court upholds denial of coverage to life insurer for failure to disclose applicants’ HIV positive status
  • Locke Lord LLP
  • USA
  • June 7 2010

In Farm Bureau Life Insurance Co. v. Chubb Custom Insurance Co. et al., the Iowa Supreme Court affirmed the district court’s ruling that Farm Bureau was not entitled to liability coverage in its disputes with two applicants that were HIV positive