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|Mediation of Property Insurance Claims Rulemaking Underway After State Farm Florida Water Damage Case|
Colodny Fass P.A.;
February 17, 2015, previously published on February 06, 2015The Florida Office of Insurance Regulation ("OIR") advised on February 2, 2015 that rulemaking is necessary to address an invalid portion of Rule 69O-166.031, F.A.C., "Mediation of Property Insurance Claims."
|Pennsylvania Supreme Court Rules That Statutory Bad Faith Claims May Be Assigned, Focusing On Legislative Intent And Remedial Nature Of Statute (Supreme Court of Pennsylvania)|
Fineman Krekstein Harris P.C.;
February 17, 2015, previously published on December 17, 2014In Allstate Property and Casualty Ins. Co. v. Wolfe, the Third Circuit had certified the issue to the Supreme Court of Pennsylvania as to whether an insured may assign the right to recover damages from his insurance company deriving from the insurer’s bad faith toward the insured, under 42...
|Texas Department of Insurance Publishes New Captive Insurance Company Certificate of Authority Application|
Colodny Fass P.A.;
February 17, 2015, previously published on February 06, 2015The Texas Department of Insurance ("TDI") posted a new Certificate of Authority Application for a Captive Insurance Company today, February 6, 2015.
|Where Insurer Denies Claim, And Insured Settles With Tortfeasor, Court Observes That If Insurer's Denial Is In Bad Faith There Is An Equitable Waiver Of Its Subrogation Claim (New Jersey Appellate Division)|
Fineman Krekstein Harris P.C.;
February 17, 2015, previously published on December 27, 2014In Nucci v. American Insurance Company, New Jersey’s Appellate Division addressed an insurer’s subrogation rights where it had originally denied coverage, was subject to suit for non-payment, and the insured partially settled the matter with another co-defendant whom had caused the...
|Recent Decisions Reinforce the Value of Quality over Quantity in a Reservation of Rights Letter|
Eric G. Cheng; Wilson Elser Moskowitz Edelman & Dicker LLP;
February 16, 2015, previously published on December 12, 2014In two recent cases, Advantage Builders & Exteriors v. Mid-Continent Casualty Co. No. WD 76880 (Mo. Ct. App. Sept. 2, 2014) and EAN Services, LLC v. Brunson, No. 2-14-118 (Ill. Ct. App. September 8, 2014), the courts remind insurance carriers that an ineffective reservation of rights can be...
|Latest Developments in Regulation of XXX/AXXX Captives|
Duane Morris LLP;
February 16, 2015, previously published on December 8, 2014The National Association of Insurance Commissioners (the "NAIC") is forging ahead with its work on captive insurance companies used by life insurance companies to finance reserves required under current regulations; these reserves are commonly referred to as "XXX reserves" for...
|Tenth Circuit: Property Damage Surrounding Defective Windows Is an “Occurrence” Because Damage Is Unexpected from Insured’s Perspective|
Joseph F. Bermudez, Suzanne M. Meintzer; Wilson Elser Moskowitz Edelman & Dicker LLP;
February 16, 2015, previously published on December 10, 2014In Cincinnati Insurance Company v. AMSCO Windows, No. 13-4155 (10th Cir. November 26, 2014), Cincinnati insured AMSCO, which manufactures windows for use in homes and sells the windows to distributors. Certain AMSCO windows were installed in new homes built in Nevada, and the homeowners brought...
|New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives|
Ellen M. Dunn, John S. Pruitt, Stephen E. Roth, Cynthia R. Shoss, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on February 10, 2015On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity programs, costs and future plans. The Report also announced a series of...
|CFTC Grants No-Action Relief to Commodity Pool Operators with Respect to Certain Insurance-Linked Securitization Vehicles|
Brian Barrett, James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on January 16, 2015Toward the end of 2014, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued two letters affecting insurance-linked securitization vehicles: CFTC Letter No. 14-145 and CFTC Letter No. 14-152.
|FY 2016 Budget Tax Proposals Target Insurance Companies|
Sutherland Asbill Brennan LLP;
February 13, 2015, previously published on February 3, 2015On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S. corporations and their controlled foreign corporations (CFCs) and (ii) a...