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Ninth Circuit Sharply Curtails Excess Insurers’ Ability to Challenge Propriety of Primary’s Exhaustion in AXIS Reinsurance Co. v. Northrop Grumman Corp.
Buchalter, September 2020

When a company is faced with defending itself against a large claim, it often requires the availability of insurance proceeds from not just the company’s primary insurer, but also from its excess insurance layers.  In this scenario, however, excess insurers sometimes will refuse to step in after exhaustion of the underlying insurance layers, arguing that the exhaustion of those underlying layers was wrongful due to payments for uncovered claims...

Reserve Bank Recommences IPSA Review
MinterEllisonRuddWatts, September 2020

Yesterday, the Reserve Bank of New Zealand (Reserve Bank) announced that it would recommence its review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The review has been paused since April 2018. A policy paper outlining the resumption of the review will be published in October. See here for links to the Reserve Bank’s update and review webpage...

Insurance Commission Invites InsurTech Enterprises to Play in Regulatory Sandbox
SyCip Salazar Hernandez & Gatmaitan, July 2020

The Insurance Commission (“IC”) of the Philippines has issued a circular letter dated June 14, 2020 on the adoption of a regulatory sandbox framework for the experimentation and testing of insurance technology innovations (IC Circular Letter No. 2020-73 (“ICL 2020-73”): “Guidelines on the Adoption of a Regulatory Sandbox Framework for Insurance Technology (InsurTech) Innovations).” The full text of Circular Letter No...

A Look at Insuring Distressed M&A Deals: The Current Landscape of R&W Insurance (Part 2)
Haynes and Boone, LLP, July 2020

The economic downturn engendered by the COVID-19 pandemic likely will lead to a significant increase in acquisitions of distressed targets. Representation and warranty (“R&W”) insurance policies as well as related insurance products can facilitate these transactions...

Ten Legal Considerations When Starting a Hemp Business
Bradley Arant Boult Cummings LLP, July 2020

So, you want to start a hemp company. You have your big idea and a business plan ready. At some point, though, you begin to wonder whether you should be thinking about any legal issues as you get your company off the ground. That’s where we come in. Bradley’s Cannabis Industry team has a deep understanding of the many unique legal and business issues that impact hemp companies...

The First COVID-19 Business Interruption Decision Sides In Favor of Insurers
Dinsmore & Shohl LLP, July 2020

In what appears to be the first substantive dispositive ruling on a COVID-19 related business interruption insurance claim, a Michigan court has dismissed an insured’s business interruption claim, finding that the insured did not suffer a direct physical loss and no insurance coverage exists for the insured’s claim...

Changes to Ohio’s Workers’ Compensation Statutes Expected to Benefit Employers
Dinsmore & Shohl LLP, July 2020

On June 16, 2020, Governor Mike DeWine signed into law House Bill 81. Its impact is significant for employers in the context of workers’ compensation. Governor DeWine touted the amendment that provided workers’ compensation coverage for medical diagnostic services to investigate whether a detention facility employee’s exposure to another’s blood or bodily fluids resulted in an injury or occupational disease...

Airborne COVID-19: Is “Physical Loss” a Factual Question for the Experts?
Haynes and Boone, LLP, July 2020

Thousands of denied claims and hundreds of lawsuits pending around the country are testament to the fact that business interruption coverage for losses sustained during the COVID-19 pandemic depends on the existence of “physical loss or damage...

Court Cuts Off Oxygen to Autoerotic Asphyxiation Insurance Claim
Bradley Arant Boult Cummings LLP, June 2020

To the average person, what constitutes an “accident” is likely clear. If someone trips and falls—in most instances, it would be considered an accident. If someone bumps her head getting out of a car—it’s probably just an accident. And if someone were to drop something heavy onto his foot—it would likely be deemed a careless accident...

Synthetic W&I Solutions Post Covid-19
Shoosmiths LLP, June 2020

We are seeing an increase in the use of warranty and indemnity insurance (W&I) on transactions, which is a theme we expect to continue as buyers target companies that are in financial distress in the wake of Covid-19. W&I has become commonplace in the UK M&A market as a way to ‘bridge the gap’ between buyer and seller when allocating risk...

Challenges for Insurers from the COVID-19 Pandemic
Wardynski & Partners, June 2020

The unstable economic situation connected with the COVID-19 pandemic is also impacting the insurance industry. Dependent on global phenomena and trends, the insurance market will soon have to face anew economic reality, develop appropriate solutions for clients, and prepare to defend against claims...

Does a Property Insurance Policy Still Provide Coverage if a Business does not Reopen after the COVID-19 Stay At Home Orders are lifted?
Verrill, June 2020

Most property insurance policies in today’s market include a provision that causes coverage to lapse if the property is vacant (as defined by the policy) for a period in excess of 30 days. Fortunately, insurers have generally not enforced this limitation while businesses were under the COVID-19 orders that precluded them from being open to the public. As a result, in most situations, the property policies continued to provide coverage even if the buildings were arguably vacant...

The New Insurance Landscape in the Face of COVID-19
MinterEllisonRuddWatts, June 2020

Business interruption (BI) insurance policyholders across the globe have raised concerns around their insurers’ responses to their claims for business interruption losses arising from the COVID-19 pandemic. With many countries in lockdown, many businesses have been significantly affected. Those business have typically found that their claims for lost revenue/profit have been declined. Many BI policies contain specific exclusions for loss arising from pandemics such as COVID-19...

Law No. 21,232 that Amends Law No. 21,227, Which Authorizes Access to the Benefits of the Unemployment Insurance under Law No. 19,728 in Exceptional Circumstances, in the Matters it Indicates
Carey, June 2020

On April 6, 2020, Law No. 21,227 entered into effect, authorizing access to the benefits of the unemployment insurance in the context of the sanitary crisis caused by Covid-19 (hereinafter, the “Law on Employment Protection” or “LEP”). In order to improve the practical application and implementation of the aforementioned act, on June 1, 2020, Law No...

Commission for the Financial Market Pronounces Regarding the Scope of the Application and Effects of the New Article 30 of Law No. 21,227 - Covid Unemployment Insurance Law
Carey, June 2020

The Commission for the Financial Market (“ CMF ”), on May 28, 2020, has issued the Official Letter No. 22,260 (the “ Official Letter ”) in response to the pronouncement request sent by the Treasury Minister of the Chilean Government, Mr Ignacio Briones Rojas, to clarify the scope of the enforcement and the effects of the new article 30 of Law No. 21,227, which empowers the access to the unemployment insurance benefits provided in Law No...

COVID-19: A Practical Guide to Business Interruption Insurance Claims
Shepherd and Wedderburn LLP, June 2020

  Do I have a COVID-19 business interruption claim? Particularly if you operate in the leisure, retail or hospitality sectors, your business has likely suffered significant financial losses from the disruption caused by COVID-19. In trying to alleviate the impact of those losses, you might have identified that your business’s insurance policy offered cover for ‘business interruption’ (or ‘BI’)...

Insurance Recovery During the COVID-19 Pandemic: Navigating Your Policy's Microbe and Pollution Exclusions
Haynes and Boone, LLP, May 2020

As corporate policyholders continue to submit claims to their insurers for business interruption and related losses sustained from the COVID-19 pandemic, insurers appear to be denying such claims routinely where the policies at issue contain exclusionary language specific to viruses — whether in stand-alone virus exclusions or other types of exclusions...

Removal Ruling Raises Questions about Where COVID-19-Related Business Interruption Claims Should be Heard
Dinsmore & Shohl LLP, May 2020

Business interruption insurance claims related to the COVID-19 pandemic have raised numerous questions for practitioners, businesses, and insurers...

New Development in Insurance Regime: Insurance Amendment Bill and Insurance Amendment (No. 2) Bill
Deacons, May 2020

Two new bills, the Insurance Amendment Bill and the Insurance Amendment (No. 2) Bill have recently been gazetted making significant changes to the regulatory regime for insurance companies. Insurance Amendment Bill Special purpose insurer An amendment is made to allow registration of an insurance company which engages in special purpose business only...

How Captives Can Help Fill Pandemic Coverage Gaps
Bradley Arant Boult Cummings LLP, May 2020

An increasing number of captives have been looking at writing business interruption coverage for their owners. They should tread carefully, as doing so without following the correct procedures could have adverse tax implications. The outbreak of COVID-19 has caught many businesses off guard and in need of cash. Some hope their business interruption insurance policies will provide coverage for a loss of income suffered from a slowdown or suspension of operations...

IRS Issues Cafeteria Plan Relief to Address COVID-19 Pandemic
Hanson Bridgett LLP, May 2020

Key Points Cafeteria plans may permit mid-year election changes prospectively, including health and dependent care FSA contributions, to address effects of COVID-19 pandemic. Grace period for health and dependent care FSAs may be extended through 2020, even for plans that allow carryovers. Employers must notify eligible employees of temporary plan changes, and adopt plan amendments by the end of 2021...

Legislative Decree 1476: New Obligations for Private Schools are Established
Rodrigo, Elias & Medrano Abogados, May 2020

Legislative Decree No 1476 (hereinafter referred to as the Legislative Decree) was published on May 05 2020. This Legislative Decree, through which - as expressly established - the aim would be to guarantee the transparency of information in the provision of services provided by private educational institutions (hereinafter referred to as Schools), to enable users of said services to make an appropriate and timely decision on such services...

No Mask, No Service: Evolving COVID-19 Orders May Support Insurance Coverage for Retailers' Losses
Hunton Andrews Kurth LLP, April 2020

Many recent government orders require “nonessential” businesses to close due to COVID-19, resulting in massive financial losses for many retail businesses. The orders also change how “essential” retailers do business. For instance, Miami-Dade County’s mayor issued an executive order requiring people who visit or work at, among other places, grocery stores, restaurants and pharmacies to use face coverings...

Briefing on Issuances in Relation to the COVID-19 Pandemic (as of April 19, 2020)
SyCip Salazar Hernandez & Gatmaitan, April 2020

 This is a briefing on the following issuances as of April 19, 2020 in relation to the COVID-19 pandemic: A. Extension of Periods for the Filing and Submission of Various Documents and Payment of TaxesB. Mandatory Disclosure of Personal Information of COVID-19 Patients C. Securities and Exchange Commission (SEC) Issuances D. Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) Issuances E. Insurance Commission (IC) Issuances F...

COVID-19: Impacts and New Guidance for Skilled Nursing Facilities
Spilman Thomas & Battle, PLLC, April 2020

The COVID-19 pandemic has had a disproportionate impact on skilled nursing and assisted living facilities. While the following CMS recommendations and guidelines identify nursing homes as the target recipients, they are applicable to all facilities that receive Medicare and Medicaid funds, and are therefore subject to CMS's oversight...

 

 

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