PHL Variable Insurance Company (PHL) and its subsidiaries, Concord Re, Inc. and Palisado Re, Inc., have been placed into rehabilitation as of May 20, by order of the Superior Court of the State of Connecticut, Judicial...more
On February 21, Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) unveiled a proposed regulation, 11 NYCRR 38.
If adopted, this regulation, would establish network adequacy...more
3/1/2024
/ Centers for Medicare & Medicaid Services (CMS) ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Health Care Providers ,
Health Insurance ,
Healthcare ,
Insurance Industry ,
Mental Health ,
NYDFS ,
Proposed Regulation ,
Substance Abuse
The New York State Department of Financial Services (DFS) has set forth a revised proposed second amendment to 11 NYCRR Part 500, the regulation regarding cybersecurity requirements for financial services companies (the...more
Almost all states promulgate regulations regarding “diligent efforts” that licensed excess line brokers must perform while wishing to offer permissible coverage from unlicensed insurance companies in that state’s market, when...more
On May 25, 2022, in Grossman v. GEICO Cas. Co. (No. 21-278), the Second Circuit Court of Appeals affirmed the District Court’s dismissal of an attempted class action by two automobile policyholders alleging that GEICO...more
Under legislation signed on December 31 by Governor Kathy Hochul, (S.3762/A. 1396; L2021, ch. 828), all pharmacy benefit managers operating in New York State will be required to register with the State Department of Financial...more
On June 25 the federal Department of Housing and Urban Development announced that it would re-codify its 2013 regulation subjecting the practices and policies of homeowners insurers to scrutiny under a disparate impact...more
The New York Department of Financial Services (DFS) became the first US financial regulator to issue climate-related guidance intended to require insurers to manage the complex financial risks of climate change.
The...more
On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2 (2021) to all authorized property and casualty insurers in New York, outlining a “Cyber Risk Framework” that all authorized...more
On January 19, 2021, the U.S. District Court for the Northern District of Ohio Eastern Division ruled in Henderson Road Restaurant Systems, Inc. dba Hyde Park Grille, et al. v. Zurich Am. Ins. Co., No. 1:20-cv-01239, that a...more
In our November 11, 2020 Alert covering COVID-19 Business Interruption Insurance, we reported on The Financial Conduct Authority v. Arch Insurance (UK) and Others, a case in which the High Court of Justice in England ruled...more
Congressional Rep. Carolyn Maloney of New York has introduced a bill, H.R. 7011, titled the Pandemic Risk Insurance Act of 2020 (the Act).
The purpose of the Act is to establish a Federal program, including a Pandemic Risk...more
A number of state legislators in New York, New Jersey, Ohio, and Massachusetts have proposed bills which would require insurers on some business interruption policies—those covering businesses with less than a specified...more
4/1/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Federal Loans ,
Financial Stimulus ,
Health Care Providers ,
Lenders ,
Medicaid ,
Medicare ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
In some of our previous Legal Alerts concerning insurance coverage for coronavirus related issues, we have highlighted some of the types of coverage that could apply to a COVID-19 related loss, such as business interruption,...more
The typical path for the Antitrust Division of the US Department of Justice when it determines that a contemplated merger is anticompetitive is to sue in federal court to block the merger. Recently, however, the DOJ, for the...more
As noted in our previous Legal Alerts concerning insurance coverage for coronavirus related issues, as businesses are forced to close, travel is restricted, and supply chains are disrupted, COVID-19 insurance claims will...more
On March 10, 2020, the New York Department of Financial Services issued Insurance Circular Letter No. 5, titled “Guidance to Department of Financial Services Regulated Insurance Entities and Request for Assurance Relating to...more
Employers and workers’ compensation insurers face a potentially huge number of claims for coverage by employees sickened with the coronavirus. State workers' compensation statutes, however, will erect significant evidentiary...more
Commercial property policies may include coverage for losses caused by the forced closure of property by a civil authority. The coverage generally applies when an insured is unable to access its property due to a government...more
We previously reported that New York and New Jersey have taken extraordinary measures. The New York Department of Financial Services recently mandated insurers to provide a COVID-19 “Explanation of Benefits” for all business...more
As businesses are forced to close, travel is restricted, and supply chains are disrupted, it is a certainty that the COVID-19 virus will engender a plethora of insurance claims affecting all lines of coverage, particularly...more
Many companies that have suffered business income disruptions and losses as a result of the coronavirus are asking their insurance brokers if there is coverage for such losses under the business interruption or contingent...more
Companies across the country are canceling meetings and events over travel concerns because of the coronavirus. The first question to ask is whether the company’s existing insurance policies provide coverage, in whole or in...more