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 October 25, 2022, the Supreme Court of Georgia answered a certified question from the Eleventh Circuit Court of Appeals concerning Georgia’s insurable interest statute, OCGA § 33-24-3 (1995)....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
The absence of insurance regulations to limit or deter unlawful cost-of-insurance (“COI”) increases for universal life insurance (“ULI”) policies has resulted in a flurry of class action activity against carriers.
Some...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
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
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
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
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
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