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HTMLFlorida Supreme Court Rules that Citizens Property Insurance Corporation Cannot be Sued for Bad Faith
Conroy Simberg;
Legal Alert/Article
June 1, 2015, previously published on May 15, 2015
On 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...

 

HTMLValidus Affirmed for All the Right Reasons - The FET Does Not Apply to Wholly Foreign Reinsurance Transactions
Dennis L. Allen, Thomas A. Gick, Jeffrey H. Mace, Michael R. Miles, Mary E. Monahan; Sutherland Asbill & Brennan LLP;
Legal Alert/Article
June 1, 2015, previously published on May 29, 2015
On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the first case to involve a challenge to the Internal Revenue Service’s...

 

HTMLNEW: Compulsory Marine Liability Insurance
Jacy A. J. Whittaker; Parris Whittaker;
Legal Alert/Article
May 29, 2015, previously published by ParrisWhittaker.com on May 28, 2015
If you are involved in the maritime and shipping industry, you will be only too familiar with the wealth of legislation and regulation with which you are obliged to comply. If you are looking to ensure that your shipping firm thrives in a competitive marketplace, contact award-winning Bahamas firm...

 

HTMLPennsylvania High Court Considers Scope Of Employer's Liability Exclusion In Umbrella Commercial Liability Policy
Sutherland Asbill Brennan LLP;
Legal Alert/Article
May 28, 2015, previously published on May 27, 2015
Following a workplace injury, a worker brought suit against the owner of the premises who leased the property to the worker’s employer. The employer maintained an umbrella commercial liability insurance policy containing an employer’s liability exclusion. The policy did not cover...

 

HTML

Setting the Stage to Make the Insurers Pay the Excess Verdicts   


Edward Le; Edward K. Le, PLLC;
Presentation
May 28, 2015, previously published by Washington State Association of Justice on October 3, 2014
Excess verdicts are great for attorneys but does not guarantee collection. Unless the correct procedural steps are taken to properly “set up” the insurance company, most insurance companies will balk at paying any funds that are above the third party policy limits of the defendant. ...

 

HTMLArizona Reduces Punitive Damages in Insurance Bad Faith Case Again: Arellano v. Primerica Life Insurance
Nathan D. Meyer; Jaburg Wilk;
Legal Alert/Article
May 28, 2015, previously published on May 21, 2015
In Arellano v. Primerica Life Insurance Company, 235 Ariz. 371, 332 P.3d 597 (App. 2014), despite finding an insurer’s conduct moderately to highly reprehensible, the Arizona Court of Appeals recently reduced a punitive damages award from $1,117,572 to $328,000—a 4:1 ratio to bad faith...

 

HTMLPrice Optimization Draft White Paper Approved for Public Comment by NAIC Casualty Actuarial and Statistical Task Force; Actuarial Opinion Qualifications Debate Continues
Colodny Fass P.A.;
Legal Alert/Article
May 27, 2015, previously published on May 20, 2015
With a long list of comments already having been submitted on a draft white paper explaining the background and various aspects of price optimization, there was virtually no additional input on it by regulators or interested parties during the National Association of Insurance Commissioners'...

 

HTMLFourth District Court of Appeal Upholds Post-Loss Assignments of Benefits
Colodny Fass P.A.;
Legal Alert/Article
May 27, 2015, previously published on May 20, 2015
Today, May 20, 2015, the Fourth District Court of Appeal ("DCA") issued opinions in three separate appeals upholding the validity of assignments of benefits ("AOBs") and rejecting the argument that a loss payment provision invalidates AOBs that are made before the time for...

 

HTMLFinancial Accounting Standards Board Issues Update on Short-Duration Insurance Disclosures
Colodny Fass P.A.;
Legal Alert/Article
May 27, 2015, previously published on May 22, 2015
The Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") yesterday, May 21, 2015, that is intended to make targeted improvements to disclosure requirements for insurance companies that issue short-duration contracts--defined as those in...

 

HTMLFinancial Stability Oversight Council 2015 Annual Report Details Insurance, Financial Issues
Colodny Fass P.A.;
Legal Alert/Article
May 27, 2015, previously published on May 22, 2015
At its meeting on May 19, 2015, the Financial Stability Oversight Council ("FSOC") approved its 2015 Annual Report, which featured a comprehensive overview of various financial and related issues, interspersed with FSOC goals, insights and recommendations.

 


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