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|New York Tax Reform to Impact Captive Insurance Companies|
Michele Borens, Jonathan A. Feldman, Jonathan A. Feldman, Jeffrey A. Friedman, P. Bruce Wright; Sutherland Asbill & Brennan LLP;
February 28, 2014, previously published on February 27, 2014In January, New York Governor Andrew Cuomo proposed broad corporate tax reform in his budget bill, which is currently winding its way through the legislature. The most significant proposal is a shift from a separate entity reporting regime to a full unitary combined group reporting regime. As part...
|FELA Preempts State Law: FELA Worker Not Eligible for New York’s No Fault Insurance Benefits|
Christopher J. Hoare; Capehart & Scatchard, P.A.;
February 28, 2014, previously published on February 21, 2014In a recent New York State Court decision, Christin v. Metro North Commuter Railroad, et al., the court reaffirmed the FELA’s superiority over N.Y. State Insurance Law when it dismissed the lawsuit filed by a railroad worker who was injured while driving a railroad-owned truck in the course...
|An Introduction to Corporate Participation at Lloyd’s|
Damian Connolly, Chris Finney, David R. Kendall, William Slaiding; Edwards Wildman Palmer LLP;
February 27, 2014, previously published on February 2014Lloyd’s of London is perhaps the most famous insurance brand in the world. Yet for those not actively involved in the market, its structure and methods of doing business have until recent years largely remained a mystery. After three centuries of operation (with its capital being provided by...
|U.S. Tax Court Allows Deduction for Premiums Paid to Captive Insurance Company|
Antoinette L. Ellison, Charles E. Hodges; Kilpatrick Townsend & Stockton LLP;
February 27, 2014, previously published on February 26, 2014A great business opportunity that may provide significant tax advantages is for a company to form its own wholly-owned captive insurance company to insure the risks of affiliated companies. Captive insurance companies provide numerous economic and business benefits, including reduced insurance...
|Vermont Enacts “Legacy Insurance Management Act” for Commercial Run-Off Business|
Nick Pearson, Geoffrey E. Rosenblat; Edwards Wildman Palmer LLP;
February 27, 2014, previously published on February 21, 2014Vermont Governor Peter Shumlin has signed H. 198, titled the Legacy Insurance Management Act (“LIMA”), in an effort to attract new domestic insurance companies dedicated to run-off business in Vermont. LIMA allows for the formation of Vermont-domiciled insurance companies whose sole...
|Puerto Rico Imposes Massive Fine for Insurer’s Data Breachl|
Erin Brisbay McMahon; Wyatt, Tarrant & Combs, LLP;
February 26, 2014, previously published on February 24, 2014The Puerto Rico Health Insurance Administration has fined Triple-S Salud Inc. (TSS) $6.8 million for failure to safeguard Medicare beneficiary numbers. This far exceeds any fine imposed by or settlement reached by the United States Office of Civil Rights to date for HIPAA data breaches. How did the...
|“Additional Insureds” Are Not Always Afforded Coverage for Defect Claims|
Jack R. Dodson; Adams and Reese LLP;
February 26, 2014, previously published on February 24, 2014If you thought that getting your company identified as an additional insured on your subcontractor’s insurance policy was sufficient to provide you with the same insurance coverage that the subcontractor is getting, think again. Depending on the policy language, the general contractor or...
|South Carolina Supreme Court Holds That Statutory Service On An Insurer Through The Department Of Insurance Is Not Required Where The Policy Provides An Alternative Method Of Service|
Carlock Copeland Stair LLP;
February 25, 2014, previously published on February 17, 2014Insurers and attorneys in South Carolina have long recognized that the exclusive means of service on an insurer is through the Department of Insurance pursuant to S.C. Code § 15-9-270 (“The summons and any other legal process in any action or proceeding against it must be served on an...
|Does an Insurer Have the Right To See Co-Defendant’s Settlement Agreement Amounts?|
Franklin Cragle; Hirschler Fleischer A Professional Corporation;
February 25, 2014, previously published on February 18, 2014Often in litigation multiple defendants are named based on their roles in creating the plaintiff’s injury. Very frequently, these defendants will be represented by separate counsel and looking to save themselves, even if it is at the expense of their co-defendants. That is simply how...
|New York Appeals Court Reverses Itself in K2 Investment Group Decision; Reaffirms Earlier Ruling in Servidone|
Duane Morris LLP;
February 25, 2014, previously published on February 19, 2014In a decision notable for several reasons, the New York State Court of Appeals—the state's highest court—reversed itself in K2 Investment Group, LLC v. American Guarantee & Liability Insurance Co. [21 NY3d 384 (2014)] and reaffirmed its earlier ruling in Servidone Construction Corp....