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Results: 1-10 of 160

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


Lloyd’s syndicates file declaratory judgment action against BP
  • Locke Lord LLP
  • USA
  • June 1 2010

On April 20, 2010, an explosion on the Deepwater Horizon rig in the Gulf of Mexico touched off a subsurface leak in a BP oil well at the ocean's floor


Changes in securities & insurance regulation affecting enforcement strategies ALI-ABA conference on insurance & financial services litigation
  • Locke Lord LLP
  • USA
  • July 19 2010

Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme


West Virginia Human Rights Act prohibits discrimination by insurer in the settlement of property claim
  • Locke Lord LLP
  • USA
  • July 12 2010

In a recent decision, the Supreme Court of Appeals of West Virginia concluded that the West Virginia Human Rights Act prohibits discrimination by an insurer in the settlement of a property claim


Massachusetts Supreme Judicial Court defines contours of statute regulating indemnification (but not insurance provisions) in lease agreements
  • Locke Lord LLP
  • USA
  • May 18 2010

The Massachusetts Supreme Judicial Court recently held that G.L. c. 186 15, which makes void any indemnification agreement or provision whereby a tenant is obligated to indemnify a landlord, in whole or in part, for the landlord’s own negligence, does not apply to insurance provisions in the lease agreement


Rhode Island imposes readability standards for health insurance policies
  • Locke Lord LLP
  • USA
  • June 21 2010

Effective August 31, 2010, the Rhode Island Office of the Health Insurance Commissioner ("OHIC") will impose a readability requirement for all health insurance policies to be readable at the eighth grade level measured by the Flesch-Kincade formula


NY court: insured may recover consequential damages absent insurer bad faith
  • Locke Lord LLP
  • USA
  • December 23 2009

On December 15, 2009, New York's Appellate Division for the First Department held that an insured need not allege or prove that its insurer acted in bad faith in order to recover consequential damages stemming from the insurer's breach of the policy


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


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