Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
On July 17, 2023, the Florida Office of Insurance Regulation (OIR) released an informational memorandum to notify authorized residential property insurers of a new requirement pursuant to Senate Bill 7052, which is now...more
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
Pursuant to Florida Statutes section 624.307, the Florida Office of Insurance Regulation (OIR) has provided notice to required insurance filers to file catastrophe claims data for Hurricane Ian. A list of required filers can...more
In a few short weeks following the COVID-19 outbreak in China, the world turned upside down. As governments scramble to contain the spread of the virus, the impact on individuals and businesses is just beginning. Inevitably,...more
On October 15, 2018, Florida Insurance Commissioner David Altmaier issued an Emergency Order (the "Order") affecting insurers writing insurance in Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, Jackson, Jefferson,...more
County of Suffolk v. Lexington Ins. Co., Case Number 604661-2017, Supreme Court of the State of New York, Suffolk County -
Under New York law, the requirement of a fortuitous loss is a necessary element for coverage to...more
4/17/2018
/ Breach of Contract ,
Covenant of Good Faith and Fair Dealing ,
Denial of Insurance Coverage ,
Duty to Defend ,
E&O Insurance ,
Energy Sector ,
Insurance Industry ,
Insurance Litigation ,
Justifiable Reliance ,
Leases ,
NY Supreme Court ,
Parking Lots ,
Promissory Estoppel ,
Solar Panels ,
State and Local Government ,
State Contractors ,
Wrongful Acts
Because Hurricane Harvey claims may be taking you and your colleagues to different states, we thought it might be helpful to bear in mind the claims adjusting standards and regulations in those states that will likely be...more
Because Hurricane Matthew claims may be taking you and your colleagues to several different states, we thought it might be helpful to bear in mind the different claims adjusting standards and regulations in those states that...more
Recently, there have been several developments in the ongoing liquidation of Reliance Insurance Company. The liquidation court recently approved the application for the assumption by one of Reliance’s reinsurers, EFH Vermont...more
As a condition of employment, Ernst & Young’s employees were required to sign agreements that contained a “concerted action” waiver requiring employees to pursue legal claims against E&Y exclusively through arbitration, and...more
9/12/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Collective Actions ,
Ernst & Young ,
Federal Arbitration Act ,
Mandatory Arbitration Clauses ,
NLRA ,
NLRB ,
Protected Concerted Activity ,
Section 7
The United States Court of Appeals for the Fifth Circuit recently confirmed an arbitration award in an underlying employment dispute, finding that the appellant failed to demonstrate that the award was the product of...more
A federal court in Georgia recently granted the plaintiffs-cedents’ motion for leave to conduct certain expedited discovery from their reinsurer, holding that the potential prejudice to the cedents if discovery is not allowed...more
Freestone Insurance Company is a Delaware-domiciled insurer that has been placed in liquidation. U.S. Bank National Association served as the trustee under a reinsurance trust agreement (the “Trust Agreement”) between...more
Foundation Surgery Affiliate of Southwest Houston, LLC (“Southwest”), the owner of a surgical and imaging facility in Houston, entered into a purchase and sale agreement in 2008 with Rainier Capital Acquisitions, LP, which...more
The Indiana Department of Environmental Management and the Environmental Protection Agency brought certain enforcement actions against Hartford Iron & Metal, Inc. to remediate alleged environmental damage at a scrapyard run...more
In a dispute concerning a post-Hurricane Katrina assessment levied by a state-based windstorm pool, the Mississippi Supreme Court recently held that an insurer was entitled to submit revised information pertaining to its...more
Our prior discussion of this case, and relevant background, can be found here. In 2012, Pine Top Receivables of Illinois, LLC (“PTRIL”) brought an action against Banco de Seguros del Estado (“Banco”) to recover sums...more
New Hampshire recently amended its credit for reinsurance laws for domestic ceding insurers, revising RSA § 405:47 as follows:
“No credit under this section shall be allowed, as an admitted asset or deduction from...more
Weirton Medical Center, Inc. (“WMC”), a hospital in West Virginia, entered into an agreement with QHR Intensive Resources, LLC, under which QHR provided hospital administrative services. WMC ultimately terminated the...more
Plaintiffs Capstone Associated Services, Ltd. And Capstone Associated Services (Wyoming), Limited Partnership (collectively, “Capstone”) brought suit against various defendants concerning the use of and rights to certain...more
R&Q Reinsurance Company issued a facultative reinsurance certificate to St. Paul Fire & Marine Insurance Company, which reinsured a policy issued by St. Paul to Walter E. Campbell, Co. The broker who placed the certificate...more
Adopting in part a magistrate judge’s recommendation, a federal court in Maine recently held that the enforceability of an arbitration clause in a reinsurance agreement must be determined by an arbitrator, as opposed to a...more
Western Security Bank brought an action in the United States District Court for the District of Montana against certain doctors seeking to enforce commercial loan guaranties. The doctors asserted that a non-party, Meridian...more