Insurance

  • July 19, 2012

    Insurer Wins Fla. Drywall Coverage Row On Pollution Exclusion

    A Florida federal court ruled Monday that a pollution exclusion in a construction company's policy with First Specialty Insurance Corp. barred coverage of a putative class action in Louisiana over Chinese drywall-related injuries and property damage.

  • July 19, 2012

    HHS Offers States $275M For New Health Care Models

    The Centers for Medicare and Medicaid Services announced Thursday that states can compete for $275 million in grants to design and test new approaches to delivering health care, the latest in the agency’s multibilllion-dollar bet that innovative payment and treatment models will save money long-term.

  • July 19, 2012

    Wegman Can't Proceed On $2M Admiral Coverage Suit: 7th Circ.

    R.C. Wegman Construction Co. can't proceed with its suit against primary insurer Admiral Insurance Co. until a resolution has been reached in Wegman's suit against excess insurer American International Group Inc. over the same underlying worker injury action, the Seventh Circuit said Thursday.

  • July 19, 2012

    Regulators Say Reinsurance Not Threatening Global Markets

    The International Association of Insurance Supervisors said Thursday that traditional reinsurance doesn't currently pose a major risk to the global economy, but that regulators should closely monitor large reinsurance groups that delve into underwriting credit default swaps and other unconventional activities.

  • July 19, 2012

    HSBC Can't Kill Kickbacks Suit Over Force-Placed Insurance

    A Pennsylvania federal judge on Tuesday allowed homeowners in a putative class action to move forward with claims that lender HSBC Mortgage Corp. received kickbacks for imposing expensive force-placed insurance on customers, while dismissing all claims against affiliate HSBC Mortgage Services Inc.

  • July 19, 2012

    HHS Sets Disclosure Rule In 'Essential' Benefits Push

    Potential benchmark health insurance plans in each U.S. state must publicly report the benefits they offer, according to a final rule to be published Friday, further clarifying the “essential health benefits” that must be covered by plans on the health care reform law's exchanges.

  • July 19, 2012

    Pharmacy Group Recommends Narrow ACA Drug Coverage

    The trade group representing the nation’s top pharmacy benefit managers on Wednesday warned the federal government against including too many expensive drugs in prescription coverage on new insurance exchanges, setting up a battle with patient advocates seeking greater protections.

  • July 18, 2012

    Travelers Sues Pfizer For $47M Over Epilepsy Drug

    Travelers Indemnity Co. and several of its affiliates on Wednesday filed a $47 million suit against Pfizer Inc. claiming they overpaid for epilepsy drug Neurontin because of its anti-competitive efforts to keep generics out of the market and its aggressive marketing of off-label uses.

  • July 18, 2012

    Insurers May Give Banks Cold Shoulder After Libor Scandal

    As insurers brace for potentially staggering claims from the still-unfolding London Interbank Offered Rate scandal, they are likely mulling new ways to limit coverage for large banks, a sector already viewed as unpalatable by many insurance companies, experts say.

  • July 18, 2012

    7th Circ. Upholds FDIC's Permanent Ban On Banker Brothers

    The Federal Deposit Insurance Corp. acted reasonably when it fined two Chicago brothers and banned them from banking activities, the Seventh Circuit ruled Wednesday, saying the men engaged in shady insider dealings and that it largely defers to regulators on such matters.

  • July 18, 2012

    NJ High Court Limits Info Insurers Can Get In Fraud Probes

    In a ruling that limits fishing expeditions by insurers that suspect fraud, the New Jersey Supreme Court held Wednesday that insurance companies can't demand information from health care providers seeking payments as benefit assignees.

  • July 18, 2012

    10th Circ. Upholds Dismissal Of Construction Coverage Row

    The Tenth Circuit on Wednesday upheld the dismissal of Mid-Continent Casualty Co.'s lawsuit seeking to avoid covering a developer in an underlying suit over allegedly defective townhouses, ruling that the lower court had appropriately applied the appeals' court test for federal courts to consider a declaratory judgment suit.

  • July 18, 2012

    XL May Face Sanctions For Destroyed Docs In Appraisal Suit

    A New York state judge indicated Wednesday that he's inclined to sanction XL Specialty Insurance Co. for not preventing its underwriter from throwing away documents and a computer filled with evidence in a case over home-appraisal software XL had insured for lenders.

  • July 18, 2012

    Ex-La. Insurance Official Admits To Bribery

    A former deputy insurance commissioner in Louisiana pled guilty Monday to taking bribes in exchange for steering insurance business from municipalities and providing an official letter of support to boost investment in a fictitious trash can cleaning product conjured up by the FBI.

  • July 18, 2012

    House Votes To Force OMB To Reveal Sequestration Plans

    The U.S. House of Representatives passed a bill Wednesday that would force the White House's Office of Management and Budget to disclose its plans to address sequestration, a series of $1.2 trillion in automatic cuts set to apply to federal agencies' budgets on Jan. 2.

  • July 18, 2012

    UnitedHealth Ducks ERISA Suit Over Employee Benefits

    A New York federal judge on Monday dropped UnitedHealth Group Inc. from a putative class action claiming the insurer improperly calculated benefits for members of employee health care plans United helped operate who also participated in Medicare.

  • July 18, 2012

    Hinshaw Nabs Ex-Illinois Insurance General Counsel

    Hinshaw & Culbertson LLP has added longtime Illinois Department of Insurance general counsel Robert E. Wagner to bolster the public-sector expertise of its insurance services practice, the firm announced Wednesday.

  • July 18, 2012

    Greenberg To Get 2nd Shot At Avoiding AIG Investor Suit

    A New York state appeals court on Tuesday granted former American International Group Inc. CEO Maurice "Hank" Greenberg permission to appeal a ruling allowing a case to move forward accusing him of costing shareholders billions of dollars by hiding fraudulent reinsurance transactions.

  • July 18, 2012

    Judge Lets Oil Co.'s $26M CERCLA Insurance Suit Proceed

    A Pennsylvania federal judge on Tuesday refused to dismiss Wiseman Oil Co. Inc.’s $26 million action seeking insurance coverage for a suit over pollution at a Superfund site, taking the recommendation of a magistrate judge who said Wiseman's claims are not barred by a statute of limitations.

  • July 18, 2012

    Web Pharmacy Sues Scottsdale Indemnity For Defense Coverage

    Scottsdale Indemnity Co. was hit with a lawsuit in Pennsylvania state court Tuesday by an online pharmacy company seeking to recoup costs it says it incurred defending itself against criminal charges that it worked with unlicensed providers of prescription drugs.