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|Senators Make Opening Bid, Introduce TRIA Bill|
Dentons Canada LLP;
April 16, 2014, previously published on April 10, 2014With the Terrorism Risk Insurance Act (TRIA - P.L. 107-297) set to expire at the end of 2014 unless extended, today, Senator Charles Schumer (D-NY), with the support of cosponsoring Senators Mark Kirk (R-IL), Jack Reed (D-RI), Dean Heller (R-NV), Christopher Murphy (D-CT), Mike Johanns (R-NE), Mark...
|New York Regulation Expected to Reduce Level-Term Life Insurance Reserves by a Third|
Amber S. Mills; Edwards Wildman Palmer LLP;
April 16, 2014, previously published on April 14, 2014In a letter addressed to the National Association of Insurance Commissioners, Benjamin Lawsky, Superintendent of the New York Department of Financial Services (the “DFS”), said the DFS will be issuing a regulation in the coming weeks that is expected to reduce the amount of reserves...
|The Appellate Division Clarifies the Law of Nuisance, Trespass and Strict Liability in Connection with Environmental Claims and Denies the Expansion of a Breach of Good Faith and Fair Dealing to Third-Party Insurers|
Jacob S. Grouser; Hoagland, Longo, Moran, Dunst & Doukas;
April 16, 2014, previously published on April 14, 2014On March 18, 2014, the Appellate Division upheld the trial court’s decision in Ross v. State Farm Fire & Casualty, et al., which dismissed Plaintiff’s claims against homeowner defendants for trespass and nuisance and claims against the homeowner defendants’ insurers for bad...
|Alabama Supreme Court Reverses Field on Coverage for Homebuilder Faulty Workmanship|
J. David Moore; Jones Walker LLP;
April 15, 2014, previously published on April 2014In an earlier issue of this newsletter, we reported on the Owners Insurance Company v. Jim Carr Homebuilder, LLC case, in which the Alabama Supreme Court held that a general contractor's faulty workmanship on a home was an "occurrence" invoking coverage only if it resulted in damage to...
|National Association of Insurance Commissioners Working Group Seeking Comments on Updated Corporate Governance Annual Disclosure Model Act and Regulation by April 21, 2014|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
April 15, 2014, previously published on April 10, 2014After rejecting a request to exempt insurers that write less than $500 million in direct written and assumed premiums from having to file an annual corporate governance disclosure, the National Association of Insurance Commissioners ("NAIC") Corporate Governance Working Group...
|A Desk Guide to Data Protection and Breach Response - Part 8|
Micah E. Skidmore, Leslie C. Thorne; Haynes Boone LLP;
April 14, 2014, previously published on April 3, 2014During an investor conference call on Wednesday, February 26, Target CFO John Mulligan reported that the highest profile data breach of 2013 cost the retailer $61 million in out-of-pocket expenses during the fourth quarter, of which $44 million was covered by insurance. While Target has not...
|Proposed Repeal of Florida Office of Insurance Regulation Civil Remedy Rules Would Formalize Florida Department of Financial Services' Regulatory Oversight|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
April 11, 2014, previously published on April 8, 2014The Florida Office of Insurance Regulation ("OIR") has proposed a repeal of Chapter 69O-123, F.A.C, which relates to civil remedies brought against an insurer pursuant to s. 624.155, F.S.
|Time for a Little Spring Cleaning: IRS Releases Final Version of Form W-8BEN-E for FATCA Compliance|
Sutherland Asbill Brennan LLP;
April 11, 2014, previously published on April 1, 2014On March 28, the IRS released the final version of Form W-8BEN-E for use by entities to meet the reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). With FATCA’s initial compliance deadline of July 1, 2014, quickly approaching, the release of the final...
|Satisfying Self-Insured Retentions with Third Party Payments: A Satisfying Florida Decision That Is Worth Your Retention|
Daven G. Lowhurst; Jones Day;
April 10, 2014, previously published on April 2, 2014While the definition may vary from state to state and policy to policy, a self-insured retention (“SIR”) typically refers to a dollar amount stated in a liability policy that must be satisfied by the insured before the insurer will respond to a lawsuit or claim. Thus, a liability...
|Insureds’ Right to Recovery for UIM, Subject to the Offset of the Per Occurrence Limit|
Gregory S. Emrick; Semmes, Bowen & Semmes A Professional Corporation;
April 10, 2014, previously published on March 2014Plaintiff, Linda Connors, brought suit against her insurance company, Government Employees Insurance Company ("GEICO"), individually and on behalf of her deceased husband for underinsured motorist benefits arising from a motor vehicle accident. On April 14, 2009, the Connorses were...