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|Deposit Insurance Assessment System: The FDIC Issues a Final Rule Regarding Changes to the Ratios and Ratio Thresholds to Align the Deposit Insurance Assessment System With U.S. Basel III Capital Rules|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
December 18, 2014, previously published on November 24, 2014On November 18, 2014, the Federal Deposit Insurance Corporation (the “FDIC”) published a final rule (the “Final Rule”) modifying certain elements of its deposit insurance assessment system for insured depository institutions (“IDIs”).
|Indemnity Note for Contractors and Consultants|
Suriya Edwards, Julie Teal; Withers Bergman LLP;
December 16, 2014, previously published on November 12, 2014An indemnity is a promise by one party, the contractor, to reimburse the other (a 'beneficiary' (such as the employer)) for loss or damage sustained by the beneficiary in respect of a particular risk/matter.
|North River Ins. Co. v. Mine Safety Appliances Co., - A.3d -, 2014 WL 5784588 (Del. 2014)|
James W. Semple; Morris James LLP;
December 16, 2014, previously published on November 24, 2014Mine Safety Appliances Company (“MSA”), a safety appliances company, faced a multitude of personal injury claims due to alleged defects in its safety equipment. MSA, in turn, sought costs, including legal fees, costs of judgments and settlement amounts from its insurers, including The...
|No Assignment Clause Does Not Bar Coverage Where Insured Undergoes A Statutory Merger; Insurer Required To Pay Counsel Fees, Even In Absence Of Bad Faith (New Jersey Federal)|
Fineman Krekstein Harris P.C.;
December 15, 2014, previously published on December 4, 2014In Lime Tree Assocs., LLC v. Burlington Ins. Co., the court considered whether an insurer had properly denied coverage under a ‘no assignment’ clause in the policy, where the underlying insured-company underwent a statutory merger, resulting in a surviving LLC. Under New Jersey law,...
|NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation|
Eric A. Arnold, B. Scott Burton, Eric R. Fenichel, Ling Ling, John S. Pruitt; Sutherland Asbill & Brennan LLP;
December 12, 2014, previously published on November 24, 2014The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and international regulators for leadership in setting regulatory policy and standards...
|Privity of Contract is Still the Rule... For Breach-Of-Implied-Warranty Claims Against Subcontractors, Even For New Home Construction|
Jonathan P. Barnes; Jones, Skelton & Hochuli, P.L.C.;
December 11, 2014, previously published on Summer 2014Arizona has long recognized the existence of an implied warranty arising out of new home construction. In Columbia Western Corp. v. Vela., the Arizona Court of Appeals expanded implied warranty liability to cover builder-vendors with overarching responsibility for “new home...
|Massachusetts High Court Rules That Insurer’s Full Reimbursement of Insured’s Expenses Does Not Bar Insured’s G.L. c. 93A Claim|
Laura E. Bange; Edwards Wildman Palmer LLP;
December 5, 2014, previously published on November 26, 2014The Supreme Judicial Court of Massachusetts recently considered whether an insured could pursue a claim against an insurer which had breached its duty to defend for unfair or deceptive acts or practices under G.L. c. 93A, § 11, notwithstanding the insurer’s full reimbursement of the...
|Insured Failed To Plead Sufficient Facts To Make Out Bad Faith Claim Where Partial Payment Made By Carrier, But Leave To Amend Granted (Middle District)|
Fineman Krekstein Harris P.C.;
December 5, 2014, previously published on November 11, 2014In Stephens v. State Farm Fire & Cas. Co., a husband and wife brought suit against their homeowners’ insurance carrier alleging breach of contract, statutory bad faith, and a claim under Pennsylvania’s Unfair Trade Practices and Consumer Protection Law. Plaintiffs alleged they...
|PRA Update on Solvency II Implementation|
Mayer Brown LLP;
December 2, 2014, previously published on November 11, 2014On August 11, 2014, a consultation paper regarding the transposition of the Solvency II Directive into the Prudential Regulation Authority PRA (“PRA”) rules was published.
|EU-US Insurance Dialogue Project Publishes Revised “Way Forward” Document|
Mayer Brown LLP;
December 2, 2014, previously published on November 11, 2014Since 2012, the US Federal Insurance Office (“FIO”), the European Commission (“EC”), the European Insurance and Occupational Pensions Authority (“EIOPA”) and EU Member State national regulators have engaged in an insurance dialogue project to increase mutual...