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Results: 1-10 of 288

New York State Court denies motion to compel discovery of reinsurance and reserve information
  • Locke Lord LLP
  • USA
  • July 29 2010

In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim


Second Circuit: distinguishing between policy definitions subject to NY Insurance Law 3420(d)(2)’s timely disclaimer requirement as an exclusion and those that are not
  • Locke Lord LLP
  • USA
  • June 16 2010

In a decision issued on February 1, 2010, the United Stated Court of Appeals for the Second Circuit confirmed that under New York law some policy provisions, although placed outside of the policy's "Exclusions" section, may nonetheless be considered an exclusion and, therefore, subject to the timely disclaimer and denial requirement of NY Insurance Law 3420(d)(2


Minnesota Department of Commerce revokes producer license in an insurable-interest case
  • Locke Lord LLP
  • USA
  • December 29 2009

In April 2009, the Minnesota Department of Commerce (the "Department") summarily suspended the insurance licenses of Michael Antonello and the insurance agency for which he served as chairman, Wealth Management Advisors, LLC ("Wealth Management"), for alleged dishonest practices in connection with the sale of life insurance policies and related Stranger Originated Life Insurance ("STOLI") transactions


Connecticut Superior Court grants summary judgment for insurer in lawsuit involving uninsured motor vehicle claim and common law and statutory bad faith claims
  • Locke Lord LLP
  • USA
  • September 28 2009

An insurer represented by Edwards Angell Palmer & Dodge attorneys John Hughes and Julia Ulrich was recently granted summary judgment by the Connecticut Superior Court in a lawsuit involving a claim for uninsured motorist coverage, and also alleging common law and statutory bad faith against the insurer


New Jersey releases proposed rule and notice of pre-proposal for disclosure of producer compensation for sales of health insurance policies
  • Locke Lord LLP
  • USA
  • 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


California federal court rules that “insured v. insured” exclusion does not preclude insurer’s payments of defense costs in claim brought jointly by insureds and non-insureds
  • Locke Lord LLP
  • USA
  • December 1 2009

The United States District Court for the Northern District of California, applying California law, has held that an “insured v. insured” clause exclusion in a D&O policy for claims asserted by an insured against an insured did not preclude the insurer from paying for the entire defense costs incurred by insured and non-insured claimants


Presentation by Eithne McCarthy - the new Insurance Block Exemption Regulation
  • Locke Lord LLP
  • USA
  • April 22 2010

Eithne McCarthy, from the Financial Services Unit of the European Commission's Competition Directorate General (DG Comp), made a presentation on the new Insurance Block Exemption Regulation (BER) to the Law Society's Competition Section on 13 April 2010


FTC extends effective date of Red Flags Rule to December 31, 2010
  • Locke Lord LLP
  • USA
  • May 28 2010

On May 28, 2010, the last business day before the June 1, 2010 effective date for the Red Flags Rule, the Federal Trade Commission issued a press release announcing another extension of the enforcement date


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


Massachusetts Attorney General issues report stating managed competition of auto insurance has failed
  • Locke Lord LLP
  • USA
  • January 8 2010

At the end of December 2009, Massachusetts Attorney General Martha Coakley released a comprehensive report criticizing Massachusetts managed competition system for the deregulation of auto insurance