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|Contesting Damages in the Face of Liability|
Eric I. Yun; Marshall Dennehey Warner Coleman & Goggin, P.C.;
June 11, 2015, previously published on June 1, 2015Although the contest of liability is often (for obvious reasons) thought of as the main event in litigation, damages can in certain situations take center stage, as two recent decisions from the Pennsylvania Superior Court demonstrate. In one case-which involved Marshall Dennehey successfully...
|NAIC Close to Adopting Guideline for IUL Illustrations|
Eric A. Arnold, Frederick R. Bellamy, Thomas E. Bisset, Dodie C. Kent, Clifford E. Kirsch; Sutherland Asbill & Brennan LLP;
June 11, 2015, previously published on June 10, 2015On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), the NAIC’s Life Insurance and Annuities (A) Committee adopted new Actuarial Guideline 49...
|Louisiana Department of Insurance Warns Homeowners Insurers of $10,000 Monthly Fine For Act 427 Non-Compliance|
Colodny Fass P.A.;
June 10, 2015, previously published on March 30, 2015Given the substantial fine of $10,000 per month that could be levied for non-compliance with newly enacted Act 427, the Louisiana Department of Insurance ("LDI") issued its second reminder today, March 30, 2015, to all authorized Louisiana homeowners insurers that Act 427 data must be...
|NAIC Unclaimed Benefits Model Drafting (A) Subgroup Identifies Key Model Law Issues|
Wilson G. Barmeyer, Irene A. Firippis, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
June 10, 2015, previously published on June 9, 2015On May 29, the National Association of Insurance Commissioners (the NAIC) Unclaimed Benefits Model Drafting (A) Subgroup (the Subgroup) met to discuss regulator and industry materials submitted to the Subgroup and identified three critical issues that it intends to consider when drafting the...
|Florida Governor Rick Scott Vetoes Citizens Property Insurance Bill Limiting Private Insurer Takeout Offers|
Colodny Fass P.A.;
June 8, 2015, previously published on June 02, 2015A bill that would have curtailed the amount of takeout offers that Citizens Property Insurance Corporation ("Citizens") policyholders could receive from private insurers was vetoed by Florida Governor Rick Scott today, June 2, 2015.
|Court Finds that Insureds Lacked Insurable Interest Following Foreclosure, Insurer Seeks Rescission Due to Misrepresentation in Application for Insurance|
Rick Hammond; Johnson & Bell, Ltd.;
June 5, 2015, previously published on June 2015Generally speaking, a person has an insurable interest in property whenever they would gain some advantage by the property’s continued existence, or if they would suffer a loss by its destruction. In other words, the question is not just whether an insured has title to property, but whether...
|California’s Highest Court Refuses to Review Denial of Coverage Under Contamination Products Insurance Policy for Ground Beef Recall|
Joseph C. Baiocco, Jessica C. Collier; Wilson Elser Moskowitz Edelman & Dicker LLP;
June 3, 2015, previously published on May 29, 2015On May 20, 2015, the California Supreme Court denied Windsor Food Quality Company, Ltd.’s (Windsor’s) petition for review of the decision of the Court of Appeal for the Fourth Appellate District of California that denied coverage under a contamination products insurance (CPI) policy...
|Non-Traditional Insurance Risks for Non-Traditional Project Delivery Methods|
Daniel J. Greenberg; Smith, Currie & Hancock LLP;
June 2, 2015, previously published on May 20, 2015Non-traditional project delivery methods are being increasingly used in construction projects, and these delivery methods can bring non-traditional insurance risks. Non-traditional project delivery methods may require project participants, such as designers, contractors and owners, to hold...
|Potential Pitfalls for Carriers Regarding Montana’s Obligation to Advance Pay|
Craig C. Hensel, Brian L. Taylor; Hall & Evans, L.L.C.;
June 2, 2015, previously published on May 26, 2015Montana law requires an insurer to advance pay certain damages prior to settlement or judgment, subject to certain limitations. The seminal case on an insurer’s duty to advance pay medical expenses is the 1997 decision Ridley v. Guarantee Nat’l Ins. Co.[i], in which the Montana Supreme...
|Florida Supreme Court Rules that Citizens Property Insurance Corporation Cannot be Sued for Bad Faith|
June 1, 2015, previously published on May 15, 2015On May 14, 2015, the Florida Supreme Court issued its opinion in Citizens Property Insurance Corp. v. Perdido Sun Condominium Association, Inc., Case No. SC14-185, ruling that Citizens, the state-created entity that provides property insurance, is not liable for statutory first-party bad faith...