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Circular letter regarding contract certainty issued for comment by the New York Insurance Department
  • Locke Lord LLP
  • USA
  • January 14 2010

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for propertycasualty insurance policies and reinsurance contracts


California insurers divest $400 million in Iran-related assets
  • Locke Lord LLP
  • USA
  • July 28 2010

California Insurance Commissioner Steve Poizner announced on July 1, 2010 that insurers in his state had sold about 20 of the assets the industry holds in the 50 companies that the California Department of Insurance ("CDI") has identified as doing business with Iran's nuclear, energy and defense sectors


Louisiana insureds petition the U.S. Supreme Court to review a Fifth Circuit decision vacating that portion of Katrina-related judgment that awarded penalties, damages and attorneys’ fees based on an insurer's alleged bad faith
  • Locke Lord LLP
  • USA
  • October 26 2009

On July 21, 2009, Judy and Michael Kodrin filed a petition for a writ of certiorari in the U.S. Supreme Court, asking the Supreme Court to review a Fifth Circuit decision vacating that portion of a Katrina-related judgment that awarded them penalties, damages and attorneys’ fees based on their homeowners insurer’s alleged bad faith


NY lower court holds that Insurance Law 3420(a) applies to lawyer’s claims-made malpractice policy
  • Locke Lord LLP
  • USA
  • November 19 2009

The New York Supreme Court, Erie County, recently held that a lawyers’ professional liability policy constitutes a "policy or contract insuring against liability for injury to person" within the meaning of Insurance Law 3420(a)(3)-(4


New York Court of Appeals determines that the prior knowledge exclusion applies under Pennsylvania law where insured has knowledge of a client's wrongful conduct that is likely to result in a claim against the insured
  • Locke Lord LLP
  • USA
  • October 26 2009

The New York Court of Appeals recently overturned an Appellate Division decision denying excess insurers summary judgment based on prior knowledge exclusions contained in professional liability policies issued to the insured law firm


New York issues proposed regulation to establish minimum standards for determining reserve liabilities and nonforfeiture values for preneed life insurance
  • Locke Lord LLP
  • USA
  • August 21 2009

The New York Insurance Department issued proposed Regulation No. 192 (11 NYCRR) (the “Proposed Regulation”) establishing minimum reserve and nonforfeiture standards for preneed life insurance policies (i.e. policies that provide a prearrangement agreement for goods and services to be provided upon the death of the insured


Federal regulation of the insurance industry: we are living in interesting times
  • Locke Lord LLP
  • USA
  • July 27 2010

The week of July 19, 2010 was an interesting week for the insurance industry with developments affecting the industry as a whole and a proposal to regulate life settlements as securities at the federal level


New York seeks comments on draft amendment restricting release terms
  • Locke Lord LLP
  • USA
  • April 20 2010

The New York Insurance Department has proposed a fourteenth amendment to Regulation 64, Unfair Claims Settlement Practices and Claims Cost Control Measures (the "Proposed Amendment"


Army Corps of Engineers held liable in the "MRGO" Katrina-related litigation
  • Locke Lord LLP
  • USA
  • January 7 2010

Recently, Judge Stanwood Duval, Jr. of the U.S. District Court of the Eastern District of Louisiana, found the U.S. Army Corps of Engineers liable for damages resulting from Hurricane Katrina-related flooding that occurred in certain areas outside of New Orleans


New York Insurance Exchange working groups formed
  • Locke Lord LLP
  • USA
  • January 27 2010

According to media reports, following meetings with insurance executives from over 50 companies, the New York Insurance Department has selected Special Counsel Maria Filipakis to supervise the reopening of the New York Insurance Exchange (the “Exchange”