A New York Democrat on Friday proposed outlawing policy language that insurers use to deny coverage for losses that stem from both insured and excluded causes, legislation inspired by Superstorm Sandy that would nix insurer-friendly precedent in New York and bring it in line with more catastrophe-prone states.
The directors and executives of brokerage services firm National Financial Partners Corp. were hit with a proposed shareholder class action Tuesday over its April deal to be acquired by private equity investment firm Madison Dearborn Partners LLC for $1.3 billion.
Ohio officials on Tuesday handed off responsibility to the federal government for running a temporary insurance plan for people with pre-existing conditions, joining a long list of states that have opted out of the hugely expensive program.
An Illinois pension fund on Friday sued American International Group Inc. and current and former executives in New York federal court, saying the insurer schemed to artificially inflate the value of its securities while concealing a risky portfolio that led to a 97 percent drop in AIG's stock price.
Highmark Inc. on Tuesday defended its bid for sanctions against The University of Pittsburgh Medical Center in the contentious antitrust battle over Highmark’s acquisition of West Penn Allegheny Health System Inc., saying UPMC has created an “alternate universe” by staunchly opposing the sanctions.
Aetna Health Inc. says it has been defrauded out of nearly $10 million by a New Jersey-based outpatient surgical center, which allegedly submitted wildly inflated reimbursement demands that outpaced Medicare guidelines, according to a lawsuit filed Monday in New Jersey federal court.
The Eighth Circuit held Monday that Nautilus Insurance Co. had no duty to cover a botched bridge demolition in Illinois, finding three exclusions in a general liability policy applied, according to the published ruling.
A federal judge said Monday that two insurers did not owe coverage to Tria Beauty Inc. in false advertising litigation involving its spokeswoman Kim Kardashian because Tria made the claims for coverage outside of the policy period and an intellectual property exclusion applied.
Secretary of the Treasury Jack Lew on Tuesday said he will push regulators to speed up finishing capital, proprietary trading and other Dodd-Frank Act-mandated rules even as questions over the Internal Revenue Service's targeting of conservative groups dominated his appearance before a Senate panel.
Health insurers on Monday bashed key provisions of a proposed Affordable Care Act rule requiring large companies to provide medical benefits within 90 days of a worker’s hiring, telling regulators that they’ll be forced to police employer compliance and that restrictions on when coverage becomes effective pose huge burdens.
Aspen Specialty Insurance Co. and Landmark American Insurance Co. on Friday sued the HSBC Alternative Investments Ltd. and Edge Fund Advisors joint venture that bought a Manhattan office building last year, alleging that a $19.2 million deductible applies for any coverage they may owe for losses from Superstorm Sandy.
It is almost financially impossible to pursue relatively small reinsurance billings that are disputed, which gives reinsurers an opportunity to try to insist on cutting the amounts due since they cannot be sought in litigation, says Walter Andrews, head of the insurance litigation and recovery practice at Hunton & Williams LLP.
Reproductive health advocates on Monday urged the Second Circuit not to delay a court order that Plan B and other emergency birth control pills be made available over the counter without age restrictions, saying a New York federal judge acted reasonably to address political obstructionism.
The owner of the World Trade Center failed Monday to persuade a New York federal judge to prevent American Airlines Inc. and United Airlines Inc. from arguing that the 9/11 attacks were an "act of war" that they could not be held responsible for.
The Eleventh Circuit on Monday slashed a $3 million contingency fee awarded to Florida law firm Rosenbaum Mollengarden PLLC, whose equity partner was associated with two previous law firms throughout his representation of a Miami condominium association in an underlying insurance dispute.
Treasury Secretary Jack Lew is scheduled to address potential risks to the financial system when he appears before Congress this week, but the growing scandal over the Internal Revenue Service's targeting of conservative groups threatens to overshadow his eagerly anticipated faceoff with lawmakers over everything from systemically important financial institutions to money market fund reform.
Kasowitz Benson Torres & Friedman LLP opened the doors to a new office in Los Angeles on Monday with the addition of two well-regarded policyholder attorneys from Jenner & Block LLP: Jerold Oshinsky, the former co-chair of Jenner's insurance group, and Linda Kornfeld, who is now Kasowitz's managing partner in LA.
The Second Circuit on Monday let three insurers off the hook in two suits seeking coverage for a $1.48 million defamation judgment against First Advantage Litigation Consulting LLC, agreeing with a lower court that none of them had a duty to defend or indemnify First Advantage.
A California man claiming he is being shortchanged on his medical insurance benefits lodged a putative class action in state court accusing Unum Life Insurance Co. of America of denying an annual benefit increase guaranteed in its long-term care policies.
The U.S. Department of Health and Human Services issued an interim final rule Friday revamping payment rates for its Affordable Care Act-mandated pre-existing condition insurance plan, saying the program would otherwise run out of funding because of higher-than-expected costs.