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During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered
  • Locke Lord LLP
  • USA
  • November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010


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


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


Massachusetts federal court addresses manifest disregard of the law standard, finds that panel’s decision to limit discovery and witness testimony did not provide a basis to vacate award
  • Locke Lord LLP
  • USA
  • January 21 2011

In OneBeacon America Insurance Co. v. Swiss Reinsurance America Corporation, 09-CV-11495-PBS (D.Mass. December 23, 2010), a motion was brought by petitioner OneBeacon to vacate an arbitration award on the basis that the arbitrators were guilty of misconduct for refusing to permit necessary discovery and hear certain evidence


BP Deepwater Horizon: geographic test to determine claim eligibility deemed unwarranted
  • Locke Lord LLP
  • USA
  • October 26 2010

Kenneth Feinberg, Administrator of the Gulf Coast Claims Facility ("GCCF"), announced that geographic proximity to the BP Deepwater Horizon incident would not preclude a legitimate individual or business claim


New Jersey appellate court affirms denial of coverage for attorneys' failure to disclose potential malpractice claim
  • Locke Lord LLP
  • USA
  • December 28 2010

The Superior Court of New Jersey, Appellate Division, recently affirmed a trial court's decision to deny coverage to an attorney and his law firm who had been sued in an underlying malpractice action


New York attorney general office broadens its probe into the life insurance industry’s use of retained asset accounts; class action lawsuit against life insurer filed
  • Locke Lord LLP
  • USA
  • August 4 2010

As mentioned in our prior post, New York Attorney General Andrew Cuomo has begun an investigation into the alleged misuse of retained asset accounts by life insurance companies


Ninth Circuit reverses district court’s vacatur of arbitration award
  • Locke Lord LLP
  • USA
  • August 5 2010

Zev Lagstein, M.D. filed a claim for benefits under a disability policy issued by Certain Underwriters at Lloyd’s London (“Lloyd’s”) after he developed heart disease and other ailments