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|Auto Insurer Narrowly Escapes Large Default in UIM Suit on Restricted Appeal|
Martin Disiere Jefferson Wisdom L.L.P.;
November 23, 2016, previously published on October 31, 2016Last Wednesday, a Texas court of appeals threw out a $960,000 default judgment against State Farm in an underinsured motorist case. In State Farm County Mutual Automobile Ins. Co. v. Diaz-Moore, No. 04-15-00766-CV, 2016 WL 6242842 (Tex. App.-San Antonio Oct. 26, 2016), State Farm's insured was...
|FDIC Holds De Novo Outreach Conference|
Daniel H. Burd, John J. Spidi; Jones Walker LLP;
November 16, 2016, previously published on October 27, 2016As part of its recent efforts to encourage de novo bank applications, on October 13, 2016, the Federal Deposit Insurance Corporation (FDIC) held a Community Banking De Novo Outreach Meeting in its New York Regional Office. The program was entitled "Strategies for Successful De Novo Bank...
|Cybersecurity Certifications Now Required to Access Death Master File|
Wilson G. Barmeyer, Robert D. Owen, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
November 14, 2016, previously published on November 10, 2016Tough cybersecurity certification requirements for parties seeking access to certain information in the Social Security Death Master File (DMF) take effect on November 28.
|It Says What It Says: Pre-Tender Defence Costs Should Not Be Covered under the Policy|
Anna Casemore, Avi Sharabi; Blaney McMurtry LLP;
November 14, 2016, previously published on October 24, 2016The British Columbia Court of Appeal has now set the record straight about pre-tender defence costs: If a policy expressly states that an insured must not incur expenses without the insurer’s consent, then the insured will not be entitled to reimbursement for any expenses that were incurred...
|The Correct Approach to the Interpretation of Boilerplate Policy Wording in Canada|
Anna Casemore; Blaney McMurtry LLP;
November 14, 2016, previously published on November 2, 2016On September 15, 2016, the Supreme Court of Canada released its highly anticipated decision in Ledcor Construction Ltd. v. Northbridge Indemnity Insurance Co., 2016 SCC 37 (CanLII), ruling on (a) the standard of review on appeals relating to boilerplate contracts, (b) the principles of insurance...
|What Happens Next after Cypress|
Martha N. Donovan, Margaret Raymond-Flood; Norris McLaughlin & Marcus, P.A. A Professional Corporation;
November 11, 2016, previously published on October 2016The New Jersey Supreme Court in Cypress Point Condominium Association, Inc. v. Adria Towers, LLC., et al. (A-13/14-15)(076348) finally put to rest (in New Jersey) an issue that has been haunting general contractors and developers since 1979. That is the year when Justice Clifford penned Weedo v....
|IRS Provides Guidance on Reasonable Mortality Charges for Life Insurance Contracts Based on 2017 CSO Tables|
Dennis L. Allen, Thomas A. Gick, Michael R. Miles, Mary E. Monahan, William R. Pauls; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 26, 2016On October 19, the Internal Revenue Service (IRS) issued an advance version of Notice 2016-63, addressing the “reasonable mortality charge” requirement under IRC §§ 7702 and 7702A for life insurance contracts based on the 2017 Commissioners’ Standard Ordinary (CSO)...
|NAIC Life Actuarial (A) Task Force Approves Revisions to Actuarial Guideline 49 for Exposure and Comment|
Eric A. Arnold, Frederick R. Bellamy, Thomas E. Bisset, Dodie C. Kent, Clifford E. Kirsch; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 27, 2016On October 20, the NAIC Life Actuarial (A) Task Force (LATF) of the Life Insurance and Annuities (A) Committee met and approved proposed revisions to Actuarial Guideline 49 (AG 49) for exposure and comment. If adopted, the proposed revisions would apply AG 49’s standards for determining the...
|Court Reverses Punitive Damage Verdict Against Insurer|
Jones Skelton Hochuli P.L.C.;
October 25, 2016, previously published on September 29, 2016A motorcyclist was injured when he slammed into a car that had stopped abruptly in front of him. Although the driver of the car was uninsured, the motorcyclist had uninsured motorist coverage. The motorcyclist’s insurer denied the claim, however, because it concluded the motorcyclist was...
|Canadian Bank Regulators Clarify Promotion of Comprehensive Credit Insurance in Bank Branches|
Jeffrey S. Graham, Jill E. McCutcheon, Kelly J. Morris, Samantha Tom; Borden Ladner Gervais LLP;
October 20, 2016, previously published on October 13, 2016The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance (“CCI”) within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the...