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|Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers|
Frederick R. Bellamy, B. Scott Burton, Thomas W. Curvin, James R. Dwyer, Eric R. Fenichel; Sutherland Asbill & Brennan LLP;
April 8, 2015, previously published on April 7, 2015In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently taken steps to evaluate the use of captive reinsurance for guaranteed...
|Make Sure You're Covered - Report All Claims and Potential Claims|
Ashley G. Moss; Vandeventer Black LLP;
April 7, 2015Professional liability insurance carriers require their insureds to report claims timely as a condition to coverage. This is especially important at the time for renewal of insurance coverage, when the carrier will ask about knowledge of any claims or potential claims. Professionals typically fear...
|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...
|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.
|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...
|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?
|Where Material Issues Of Fact Exist Over Alleged Misrepresentations By Insured, Court Would Neither Dismiss The Insured’s Breach Of Contract Claim Or The Insurer’s Statutory Fraud Claim; However, Statutory Bad Faith Claim Could Be Dismissed (Philadelphia Federal)|
Fineman Krekstein Harris P.C.;
April 1, 2015, previously published on March 23, 2015In Henriquez-Disla v. Allstate Property & Casualty Insurance Company, the court addressed a battle of bad faith claims, the insured alleging breach of contract and bad faith for claim denials; and the insurer alleging insurance fraud in seeking dismissal of the insureds’ claims, and in...