Leaders of the National Association of Insurance Commissioners said Monday they will hire a consultant to comprehensively review the group's governance, a decision that follows one insurance regulator's scorching — and public — critique of the organization's workings.
Detroit’s bankruptcy judge on Monday ordered the city to reimburse $10,000 that a bond insurer and restructuring plan opponent spent corralling confidential documents the city inadvertently leaked to other creditors.
The Federal Deposit Insurance Corp. on Monday hit BancInsure Inc. with a lawsuit seeking $2 million in coverage from a directors and officers policy stemming from the closure of Georgia-based Citizens Bank of Effingham.
Liberty Mutual Insurance Co. on Monday asked the Pennsylvania Supreme Court to reverse a ruling that prevents it from recovering payments from a workers' compensation claim, saying that under state law, insurers can subrogate these claims without independent legal action by the injured employee.
A Florida federal judge on Monday let retirement plan provider Storick Group Corp. off the hook in a class action accusing it and Metropolitan Life Insurance Co. of illegally sending junk fax advertisements, adding that he now questioned his decision to certify the class.
We are in the early stages of a sustained investment opportunity for foreign insurers in the United States. Interestingly, foreign interest has not been limited to just private companies or to one particular sector of the insurance market, says Todd Freed, co-head of the financial institutions group at Skadden Arps Slate Meagher & Flom LLP.
The Tenth Circuit on Monday tossed a risk purchasing group’s suit against Oklahoma’s insurance regulator seeking a ruling that collateral protection insurance is a form of liability coverage, finding CPI can’t qualify under the federal Liability Risk Retention Act.
A group of state lawmakers nationwide focused on insurance formally asked state and federal regulators Sunday to oppose global capital standards for insurers that don't accommodate the U.S. approach, while also passing resolutions on trade and state involvement in international discussions, drawing mixed reactions from insurers.
A New York federal class action claiming Northwestern Mutual Life Insurance Co. Inc. discriminated against a Mexican national enjoying protection from deportation marks a cagey attempt to leverage a Civil War-era ban on race bias in contracts and will leave many businesses vulnerable to so-called alienage suits if it succeeds, lawyers say.
A Pennsylvania federal judge on Monday dismissed Travelers Indemnity Co.’s suit seeking to recover $22 million in workers’ compensation claims from Cephalon Inc. over the off-label use of two cancer painkillers, finding Travelers didn’t allege an injury and thus did not have standing to sue.
A California court has quashed part of the subpoenas that Illinois National Insurance Co.'s served on the International Union of Operating Engineers in a coverage dispute over four racketeering and labor law-related suits, finding that the insurer's inquiries collided with the interests of underlying plaintiffs.
Generali Group has sold Swiss bank BSI to wealth manager Banco BTG Pactual for 1.5 billion Swiss francs ($1.88 billion) in cash and stock, the Italian insurance company’s latest move aimed at restoring its balance sheet and exiting noncore businesses.
Mexican cement maker Elementia is in talks to buy out partner Lafarge's 47 percent stake in their Mexican joint venture, while Swiss aviation firm VistaJet is chatting with bankers about a potential sale of the business.
Nationwide Mutual Insurance Co. has asked a Pennsylvania state judge to reconsider an $18 million punitive damages award that he granted to a policyholder after finding that the company had engaged in a “scorched earth” litigation strategy that followed its unwillingness to pay $25,000 to settle a collision claim.
Travelers Casualty and Surety Co. filed suit in New Jersey federal court seeking an order that it does not have to cover medical technology company Becton Dickinson and Co.'s defense costs and $67 million in settlement payments in underlying antitrust class actions.
The Third Circuit concluded on Thursday that Urban Outfitters Inc. and OneBeacon America Insurance Co. could not yet appeal a ruling that Hanover Insurance Co. had no duty to defend the retailer against a copyright infringement suit brought by the Navajo Nation.
Two U.S. senators on Friday asked biopharmaceutical company Gilead Sciences Inc. for more information on how it prices its hepatitis C medication Sovaldi, which has become a lightning rod for criticism of soaring pharmaceutical costs.
An Illinois federal judge on Wednesday set aside a U.S. Coast Guard agency's ruling against two insurers that held up the Oil Protection Act while trying to recover part of $8.6 million in cleanup costs from a deadly barge explosion and subsequent oil spill in 2005.
The Federal Housing Finance Agency on Thursday released proposals that would impose higher capital requirements on private mortgage insurers doing business with Fannie Mae and Freddie Mac, but experts say insurers with bubble-era mortgages in their portfolios may find it tough to meet the new mandates.
Proxy adviser Institutional Shareholder Services Inc. on Friday recommended that shareholders of Aspen Insurance Holdings Ltd. vote against a pair of proposals from fellow insurer Endurance Specialty Holdings Ltd. aimed at advancing its $3.2 billion takeover bid for Aspen.
A growing number of states have adopted so-called “matching” regulations, requiring the replacement of undamaged items when the damaged items cannot be replaced in a way that achieves a reasonably uniform appearance, which may give rise to increased litigation in the coming years. In addition, recent cases might strengthen a plaintiff’s argument that “reasonably uniform appearance” must be more strictly interpreted, say Paul Dwyer ... (continued)
Should private insurance companies wish to participate in providing flood coverage, Florida’s insurance industry could become a role model for other states. However, in order for SB 542 to have an impact, private insurers must find a way to effectively participate in a market that is undermined by the National Flood Insurance Program's presence, say Anthony Tinelli Jr. and Michelle Diverio of Lydecker Diaz LLC.
While Argentina presents excellent opportunities for the global (re)insurance industry, there are important underwriting risks to consider. Global companies in the country should pay close attention to underwriting issues, namely the provisions in contracts addressing business interruption, underinsurance, loss payment, dispute resolution and claims control, say attorneys at Zelle Hofmann Voelbel & Mason LLP.
Seeking discovery of electronically stored information on mobile devices does not come naturally to most attorneys, since they are simply not accustomed to asking for it, but this data can make or break your case, says Jeffrey Hartman, co-founder of 4Discovery.
The crux of the debate in Bates van Winklehof v. Clyde & Co LLP was whether a partner could be considered a “worker” under U.K. law. The U.K. Supreme Court's holding will have potentially wide-reaching implications for LLPs with U.K.-based partners, say Katie Clark and Sharon Tan of McDermott Will & Emery LLP.
Although the Affordable Care Act did not repeal or alter the Consolidated Omnibus Budget Reconciliation Act, many speculate that COBRA may become less relevant as individuals can now forgo it in lieu of the new health insurance marketplaces. Two recent government announcements aid employers’ ability to steer COBRA-eligible individuals to such marketplaces, thereby decreasing COBRA liability under their group health plans, say attor... (continued)
With his strongly worded opinion in the Texas hail claim case, Central Mutual Insurance Co. v. White Stone Properties Ltd., U.S. District Judge Sam Sparks clearly intended to send a strong message to contractors performing insurance restoration work — you had better be a real contractor and your pricing had better reflect the real cost to perform the restoration work, says Todd Tippett of Zelle Hofmann Voelbel & Mason LLP.
It’s not an overstatement to say that a California district judge’s decision last week in the Heller Ehrman LLP bankruptcy case essentially dismantles the applicability of Jewel v. Boxer to insolvent or bankrupt law firms. If upheld after any appeal and followed by other courts, the decision could mark the end of California “unfinished business” claims against law firms in the noncontingency, hourly fee context, says Robert Eisenba... (continued)
In Protection Strategies Inc. v. Starr Indemnity & Liability Co., a Virginia district court allowed an insurer to recoup defense costs paid to its insured in responding to government subpoenas and claims of fraud and conspiracy. Many courts allow recoupment of defense costs or indemnity payments only when contractual remedies exist in a policy for a later-established coverage exclusion, which appears to be a growing trend among cou... (continued)
Notwithstanding the Federal Insurance Office's mandate as a monitor rather than a regulator, its recently released report will likely serve as a catalyst for industry and statewide change. Both the states and federal government should consider rethinking their long-held notions regarding jurisdiction and authority and work together to address the many challenges confronting an increasingly complex and global insurance industry, say... (continued)