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|Claims-Made Insurance Policies Interpreted by Colorado Supreme Court|
Lisa Bondy Dunn, Nick R. Herrick; Wood, Smith, Henning & Berman LLP;
April 15, 2015, previously published on February 25, 2015On February 17, 2015, in the case of Craft v. Philadelphia Indemnity Insurance Company, the Colorado Supreme Court resolved an unanswered question of insurance coverage which affects all claims-made insurance policies. The Court held that insurance companies need not demonstrate that they are...
|Pre-Emption of Colorado’s Unreasonable Delay/Denial of Insurance Claims Statute|
Gillian Dale, Cristin J. Mack; Hall & Evans, L.L.C.;
April 15, 2015, previously published on April 02, 2015Effective August 5, 2008, the Colorado General Assembly enacted C.R.S. §10-3-1116, creating a statutory cause of action for unreasonable delay or denial of insurance claims, which is in addition to Colorado's previously-existing bad faith tort. Included in the statute are the following...
|Florida Appeals Court Quashes Order Requiring Insurance Commissioner to Testify|
Nicholas D. Freeman, James M. Kloss; Wilson Elser Moskowitz Edelman & Dicker LLP;
April 15, 2015, previously published on April 10, 2015On March 13, 2015, in Florida Office of Insurance Regulation v. Florida Department of Financial Services, Florida’s First District Court of Appeals quashed the trial court’s order compelling the deposition of the Florida Insurance Commissioner. The court found that even if the party...
|Who is an Expert For the Purposes of Rule 53.03: The Court of Appeal’s Decision in Westerhof v Gee Estate|
Giovanna Asaro, Simon Reis; Blaney McMurtry LLP;
April 14, 2015, previously published on April 01, 2015When can a witness who has not been retained by a party to the litigation give opinion testimony at trial? Must that witness comply with the requirements of Rule 53.03 of the Rules of Civil Procedure, which is directed at expert witnesses and requires that no opinion evidence may be tendered unless...
|NY Dept. of Financial Services Requests Detailed Cyber Security Reports From Insurers|
John J. Jablonski, Sandra M. McDermott, Frederick J. Pomerantz; Goldberg Segalla LLP;
April 14, 2015, previously published on April 8, 2015Cyber security is clearly one of the highest priorities — if not the top concern — for regulators in 2015. Late last month, the New York Department of Financial Services (DFS) sent more than 160 licensed insurers a New York Insurance Law Section 308 Letter seeking a detailed report...
|New York Amends Controversial Provisions of Replacement Regulation|
Sandra M. McDermott; Goldberg Segalla LLP;
April 14, 2015, previously published on April 8, 2015After almost two decades, the New York Department of Financial Services (DFS) has approved amendments to New York Insurance Regulation 60, which will now permit insurance agents to immediately bind coverage where an existing life insurance policy or annuity contract is being replaced. The Third...
|ACA Subsidies Face Final Test Before the US Supreme Court|
John R. Feore, III, Bruce Merlin Fried, Charles A. Luband, Mark W. Weller; Dentons Canada LLP;
April 14, 2015, previously published on March 4, 2015The US Supreme Court (the "Court") heard oral arguments today in King v. Burwell, a case that could significantly impact the viability of the Affordable Care Act (ACA). In this case, the Court is being asked to decide whether federal tax subsidies are available for use only on health...
|Representations and Warranties Insurance in M&A Transactions|
Olga Sandler; Dentons Canada LLP;
April 14, 2015, previously published on April 7, 2015Historically, negotiations over representations and warranties (R&W) and the related indemnification in M&A transactions have often been difficult, time-consuming and costly, even where the parties had fully agreed upon the purchase price.
|The NAIC Exposes Two Cyber Security-Related Documents for Comment|
Mayer Brown LLP;
April 13, 2015, previously published on March 25, 2015The first draft document, “Principles for Effective Cybersecurity Insurance Regulatory Guidance” (the “draft cybersecurity guidance”), was developed by the CTF to assist insurance regulators in providing guidance to the insurance industry in its efforts to strengthen data...
|Solvency II - EIOPA Publishes Final Reports on Equivalence of Bermuda, Japan and Switzerland|
David W. Alberts, Lawrence R. Hamilton, Colin Scagell, Nicole Zayac; Mayer Brown LLP;
April 13, 2015, previously published on March 25, 2015By way of background, Solvency II provides a mechanism for the European Commission to treat as equivalent a third country’s solvency and prudential regulatory regime to reflect the fact that the insurance industry is a global marketplace and the increasing cross-border nature of group...