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Results: 1-10 of 161

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


ACLI calls for prohibition of life settlement securitizations
  • Locke Lord LLP
  • USA
  • February 9 2010

On February 3, 2010, the American Council of Life Insurers ("ACLI"), a Washington based trade association representing the life insurance industry, issued a policy statement recommending that the securitization of life settlements be prohibited by legislation or regulation


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”


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


Massachusetts court reaffirms general liability insurers’ broad duty to defend
  • Locke Lord LLP
  • USA
  • June 22 2010

The Massachusetts Appeals Court recently reaffirmed that jurisdiction's broad understanding of a general liability carrier's duty to defend, holding that an insurer had a duty to defend against a claim of trespass first asserted after the expiration of its policy period


Utah appoints Acting Insurance Commissioner
  • Locke Lord LLP
  • USA
  • March 26 2010

Neal T. Gooch has been appointed Acting Commissioner of the Utah Insurance Department ("UID"


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


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


Ninth Circuit affirms ruling that reinsurer has no duty to contribute to settlement payment where reinsured excess policy was not triggered
  • Locke Lord LLP
  • USA
  • July 2 2010

Texas Farmers Insurance Company ("Texas Farmers") issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4999-4900, 4900-4901, and 4901-4902


New York Insurance Department holds hearing on reform of rate, form, regulatory filings and licensing applications
  • Locke Lord LLP
  • USA
  • June 30 2010

On June 28, 2010, the New York Insurance Department (the "Department") held a hearing to obtain comments from the public regarding how to enhance Department procedures