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|Update on Cybersecurity Issues - New York Section 308 Letter & NAIC Spring National Meeting|
Ellen M. Dunn, Daniel E. Frank, Mark D. Herlach, John S. Pruitt, Stephen E. Roth; Sutherland Asbill & Brennan LLP;
April 6, 2015, previously published on April 2, 2015Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance Commissioners (the “NAIC”). Specifically, in a...
|5th Circ. Highlights Importance Of Claim Investigation|
Kristin Cummings; Zelle Hofmann Voelbel & Mason LLP;
April 6, 2015, previously published by Texas Law360 on January 9, 2015Any insurance lawyer practicing in Texas knows that in order to show an insurance company has breached its duty of good faith and fair dealing to its insured, the insured must show “there is no reasonable basis for denial of a claim or delay in payment or a failure on the part of the insurer...
|Florida Hurricane Catastrophe Fund Increases Rate, Seeks $2 Billion in Risk Transfer|
Colodny Fass P.A.;
April 6, 2015, previously published on March 30, 2015An increase of 0.43 percent in the Florida Hurricane Catastrophe Fund ("FHCF") rate for the 2015 FHCF Contract Year was recommended to the FHCF Advisory Council at its meeting last week on March 24, 2015. The rate was based on a $17 billion coverage limit and a $6.898 billion per-event...
|Understanding “Fines and Penalties Coverage” Under Cyber Insurance|
John E. Iole; Jones Day;
April 6, 2015, previously published on February 26, 2015A wide variety of regulatory authorities, both public and private, assert jurisdiction over some aspect of data privacy, data security, and network vulnerability. Here, we address some of the common issues that arise in the context of fines and penalties imposed by governmental authorities as a...
|Florida Commission on Hurricane Loss Projection Methodology's Flood Standards Development Committee Day-Long Meeting Tomorrow--March 31, 2015|
Colodny Fass P.A.;
April 6, 2015, previously published on March 30, 2015A day-long meeting of the Florida Commission on Hurricane Loss Projection Methodology's Flood Standards Development Committee is scheduled for tomorrow, March 31, 2015 from 9 a.m. to 4 p.m. (ET). A portion of the agenda is reserved for public comment.
|Fracking Bans Don't Trigger Civil Authority Coverage|
James Holbrook, Shannon M. O'Malley; Zelle Hofmann Voelbel & Mason LLP;
April 6, 2015, previously published by Texas Law360 on January 7, 2015On Nov. 4, 2014, voters in Denton, Texas, which is home to more than 270 natural gas wells, approved a ballot initiative banning all hydraulic fracturing within the city’s limits. The Denton ban, which took effect on Dec. 2, 2014, made Denton the first major city in Texas to permanently...
|Competing Claims Challenges And The Right To Recover|
Kaisa Adams, Patricia St. Peter; Zelle Hofmann Voelbel & Mason LLP;
April 6, 2015, previously published by Insurance Law360 on January 6, 2015Your insured is sued, along with several other additional or named insureds. You receive a policy limits demand that is reasonable, but the limit is insufficient to settle all claims against all of the defendants. What do you do? Who gets the money? Is interpleader the answer?
|New Jersey Appellate Division Makes Clear That Proper Practice Requires Severing Bad Faith Claim From Uninsured Motorist Claim, And Staying Discovery Of The Bad Faith Claim Until The Underlying Claim Is Determined (New Jersey Appellate Division)|
Fineman Krekstein Harris P.C.;
April 1, 2015, previously published on March 26, 2015In Wacker-Ciocco v. GEICO, the court addressed the applicability of its earlier decision in Procopio v. Government Employees Insurance Company, 433 N.J. Super. 377, 80 A.3d 749 (App. Div. 2013), on the issue of discovery and severance of bad faith claims. In the earlier case, the appellate court...
|'Loss' in Translation: Insurers Beware|
Jason Reeves, Jose Umbert; Zelle Hofmann Voelbel & Mason LLP;
April 1, 2015, previously published by Insurance Law360 on February 19, 2015Some terms frequently found in (re)insurance contracts and statutes have different meanings in common law, English-speaking jurisdictions than they do in civil law, Spanish-speaking countries. It is critical for (re)insurers providing coverage for risks in Latin American jurisdictions, either by...
|Superior Court Upholds Bad Faith Punitive Damages Award, And Permits Inclusion of Attorney's Fees as Part of Base Number upon Which to Calculate Punitive Damages (Superior Court of Pennsylvania, non-precedential)|
Fineman Krekstein Harris P.C.;
April 1, 2015, previously published on March 27, 2015In Davis v. Fidelity National Title Insurance Company, a non-precedential decision of the Superior Court, the insured brought breach of contract and bad faith claims against its title insurer. After a lengthy process from the time the claim was made to the time the insurer paid another party...