In two separate opinions, five to two majority of the New York Court of Appeals ruled that an insured can assert a claim form consequential damages for an insurer’s alleged bad faith breach of a first-party insurance contract. Bi-Economy Market, Inc. v. Harleysville Insurance Company of New York, No. 14 (N.Y. February 19, 2008); Panasia Estates, Inc. v. Hudson Insurance Company, No. 15 (N.Y. February 19, 2008) ...
In a decision issued on February 13, the New York Court of Appeals ruled that a policy’s contractual limitations provision requiring suit to be filed within two years of a loss is “unreasonable and unenforceable” when the insured’s property cannot be reasonably replaced (as necessary to fulfill a separate condition of coverage) within the two-year limitations period ...
The Insurance Act, 2017 (the “Act”) has recently been enacted to reform the law governing insurance in Uganda. The purpose of the Act is to bring Uganda’s insurance law in line with the Insurance Core Principles (“ICPs”) developed by the International Association of Insurance Supervisors and the Financial Action Task Force recommendations on combating money laundering and countering the financing of terrorism ...
The Russian insurance market is facing fundamental changes that will reshape the industry, by creating new opportunities for foreign insurance companies to operate in Russia. Within the framework of its obligations as a WTO member state, Russia must allow access of branches of foreign insurers, from WTO countries, to the Russian insurance market, by August 2021 ...
The Insurance (Bancassurance) Regulations, 2017 were recently gazetted, giving effect to bancassurance under the Insurance Act, 2017 (which is yet to commence) and the Financial Institutions Act, 2004.The introduction of Bancassurance in UgandaBancassurance refers to an arrangement where an insurance company uses a bank’s sales channels to sell insurance products ...
This article discusses new regulation introducing some novelties which in essence incorporate many comments coming from the industry. Some modifications to the legal framework provided for the previous regulation address the following: D&O Insurance; Side B. Coverage; Defense Costs; Individuals as Policyholders; Nominated Risks; Penalties; Environmental Risks.: and Side C. The Official Gazette published a new regulation enacted by SUSEP governing D&O insurance. Circular No ...
On 3 March 2015 IVASS published Regulation No.8 (the “Regulation”) on the simplification of procedures and requirements in the relationship between insurance companies, intermediaries and clients, implementing section 22, paragraph 15 bis, of Law Decree of 18 October 2012,No. 179, converted into Law No. 221 dated 17 December 2012 ...
On August 16, 2007, the Court of Appeal issued a judgment, written by Mr. Justice Paul-André Gendreau, pertaining to the absence of an initial disclosure of risk to the new insurer in the context of the transfer of an insurance portfolio by a broker.(1) An insurer who accepts the transfer of a policy without ascertaining its current exposure to risk, is deemed to have waived his right to this information ...
On, May 27th, Governor Greg Abbott signed into law what has become known as the Texas “Hailstorm Bill ...
On April 9, 2021, the IRS released Private Letter Ruling (PLR) 202114002 (January 13, 2021), which provides additional context to taxpayers worried about whether their Fintech or Insurtech shares represent Qualified Small Business Stock (QSBS) under Internal Revenue Code (IRC) section 1202 ...
New rules will apply to disability benefit claims and appeals under certain plans that are subject to the Employee Retirement Income Security Act of 1974 (ERISA), effective for claims made after April 1, 2018. According to the Department of Labor (DOL), the new rules are intended to provide greater protection to claimants, and are modeled on the enhanced claims and appeals procedures that apply to health benefit claims under the Affordable Care Act (ACA) ...
After being reviewed four times in three years, the Social Insurance Law of the People’s Republic of China (the “Social Insurance Law”) was finally adopted by the Standing Committee of the National People’s Congress of China on 28 October 2010. Its implementation rules (the “Implementation Rules”) were subsequently released by the Ministry of Human Resource and Social Security (“MHRSS”) on 29 June 2011. Both the Social Insurance Law and the Implementation Rules came into force on 1 July 2011 ...
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 ...
On 6 January 2019, UAE Cabinet Resolution No. 7 of 2019 Concerning the Administrative Fines Imposed by the Insurance Authority was published in the UAE Official Gazette, which lists a total of 204 items that are considered to be violations by the Insurance Authority and their corresponding penalties ...
The financial pressures resulting from the “narrow network” phenomenon are well-known to healthcare providers and payers. Many providers have been eliminated from existing networks in order to allow participating providers access to a greater volume of patients. Those remaining providers have seen lower reimbursement rates and other cost containment measures ...
Because American courts have interpreted insurance policies in some unexpected ways over the past several decades, many insurance carriers and policyholders have shied away from U.S.-based insurance coverage and have flocked to Bermuda to use what are commonly referred to as “Bermuda Form” policies. The idea is that the use of these foreign policies can mitigate some of the perceived risks posed by the American court system ...
It seems every week, there is a new story about a company being impacted by a major data breach and the consequences that follow from such breach, including the inevitable lawsuits, public relations nightmare, and governmental investigations. These breach stories are then followed by articles about the high costs to deal with these breach events, including costs to notify consumers, to identify the source of the breach, to pay for credit monitoring, among many other costs ...
The MFSA issued a Circular on the 22nd of December 2022 in which it proposed amendments to the Companies Act (Cell Companies carrying on business of Insurance) Regulations, Subsidiary Legislation 386.10 (“the PCC Regulations”). The PCC Regulations provide for the creation and regulation of cell companies ...
On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations ...
On March 17, 2020, the Trump administration announced an expansion of Medicare coverage for virtual health services. The Medicare expansion is intended to make medical offices more available to people who need to be seen in-person and to mitigate the spread of the novel Coronavirus. Medicare can now pay for office, hospital, and other visits furnished via virtual services across the country, including a patient’s place of residence, starting March 6, 2020 ...
Another natural disaster has devastated a community. By now, all are aware of the tragedy the tornado inflicted on residents of Moore, Oklahoma, destroying lives and property. We join in offering our condolences to those affected by the storm. Although there is no way to replace lost lives, as with other catastrophes, there are likely to be a myriad of financial issues that will need to be addressed to rebuild and replace property. Maximizing insurance recoveries is one component ...
Maximising benefits: The importance of efficiently leveraging W&I Insurance to structure M&A deals Warranty and Indemnity (“W&I”) insurance is a risk management tool that transfers the liability of the seller to the insurer. W&I insurance typically covers the breach of warranties and indemnities provided by a seller/warrantor and the occurrence of events that were unknown or undisclosed to a buyer ...
