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|NAIC Working Group Exposes Revisions to Incorporate Cybersecurity Considerations into Financial Conditions Examiners Handbook|
Sutherland Asbill Brennan LLP;
July 27, 2015, previously published on July 24, 2015In an effort to set cybersecurity readiness standards for the insurance industry, the National Association of Insurance Commissioners (NAIC) IT Examination (E) Working Group (“Working Group”) has exposed revisions to incorporate Cybersecurity Considerations...
|Update on NAIC and State Regulatory Activity on “Price Optimization”|
Eric A. Arnold, Thomas W. Curvin, Stephen E. Roth, Cynthia R. Shoss, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
July 24, 2015, previously published on July 23, 2015Regulatory activity on price optimization appears to be coming to a head. The National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force is continuing to gather input, with all roads leading toward a significant discussion of the issue at the upcoming...
|Amended Rules on Florida Disputed Sinkhole Insurance Claim Neutral Evaluators Effective July 29, 2015|
Sharlee Hobbs Edwards; Colodny Fass, P.A.;
July 23, 2015, previously published on July 16, 2015Amended Rules relating to alternative procedure for the resolution of disputed sinkhole insurance claims will become effective on July 29, 2015, the Florida Department of Financial Services' ("DFS") Division of Consumer Services ("DCS") has advised.
|Florida Office of Insurance Regulation Rulemaking Continues on Florida Property Insurance Claims Mediation Program; August 12 Hearing Scheduled|
Megan M. Grant; Colodny Fass, P.A.;
July 16, 2015, previously published on July 15, 2015After a Rule Development Workshop held earlier this year, substantial changes have now been proposed for Rule 69O-166.031 entitled "Mediation of Property Insurance Claims."
|A Primer On Insurance Dispute Resolution In China|
Qianwei Fu, Jiangxiao Athena Hou, Jose M. Umbert; Zelle Hofmann Voelbel & Mason LLP;
July 16, 2015, previously published on July 14, 2015We previously discussed in a June 10, 2015, guest article the basics of insurance underwriting and claim handling in China. In this article, we give an overview of the legal framework and relevant key issues in insurance coverage dispute resolution in China.
|Louisiana Withdraws from Nonadmitted Insurance Multi-State Agreement (NIMA)|
G. Donovan Brown; Colodny Fass, P.A.;
July 16, 2015, previously published on July 16, 2015The Louisiana Department of Insurance announced late yesterday, July 15, 2015, that the State of Louisiana will withdraw from the Nonadmitted Insurance Multi-State Agreement ("NIMA") and the NIMA-sponsored Surplus Lines Clearinghouse effective October 1, 2015. Accordingly, Louisiana will...
|Stop Loss Policies Containing Certain Provisions Must Be Amended by September 1, 2015, Connecticut Insurance Commissioner Says|
Colodny Fass P.A.;
July 15, 2015, previously published on July 9, 2015In Bulletin(s) HC-103 and PC-79 issued yesterday, July 8, 2015, Connecticut Insurance Commissioner Katharine Wade advised all insurance companies and others doing business in the State of Connecticut on certain provisions that will not be approved in a stop loss policy.
|National Conference of Insurance Legislators (NCOIL) 2015 Summer Meeting Preview|
Colodny Fass P.A.;
July 15, 2015, previously published on July 10, 2015Along with various committee meetings, several special programs are scheduled for Friday, July 17, highlighted by a workshop on the insurance implications of medical marijuana presented by NCOIL's Institute for Insurance Policy.
|Saskatchewan Court of Appeal Dramatically Reduces Punitive Damages Award Against Insurers|
Adriana De Marco, Andrew Harrison; Borden Ladner Gervais LLP;
July 15, 2015, previously published on July 14, 2015The Saskatchewan Court of Appeal recently allowed appeals by both Zurich and AIG in a claim advanced by an injured worker, reducing the punitive damages awards made against the insurers from $4.5 million to $675,000.
|A Reservation of Rights Letter is Ineffective When it is Untimely and Not Specifically Addressed to the Additional Insured|
Allison L. Krupp; Marshall Dennehey Warner Coleman & Goggin, P.C.;
July 14, 2015, previously published on July 6, 2015In this unprecedented and highly impactful case, the Pennsylvania Superior Court held that two separate reservation of rights (ROR) letters were ineffective as to an additional insured because they were addressed to the named insureds and were sent seven months after the underlying complaint had...