In order to be arbitrable, a dispute must fall within the scope of the parties’ operative arbitration agreement. Here, a non-signatory to the relevant agreement was seeking to “invoke an arbitration provision that was not...more
Relying on its authority pursuant to the Federal Arbitration Act (“FAA”) and the language of the operative contract, the U.S. District Court for the Southern District of New York selected an umpire for an arbitration from a...more
Plaintiffs sought coverage from the insurer Defendants for a $212.5 million dollar settlement of a claim of violation of the False Claims Act relating to errors and omissions in underwriting and origination of HUD mortgage...more
In September, the Federal Insurance Office (“FIO”) issued its Annual Report on the Insurance Industry for 2015, including its “outlook” for 2016 based upon results reported through June 30, 2016....more
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial
- Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation
- On The Horizon: Global...more
10/31/2016
/ Administrative Proceedings ,
Annuities ,
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CFTC ,
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European Economic Area (EEA) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
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Healthcare ,
Industry Examinations ,
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Solvency II ,
UK ,
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Unicorns
Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more
10/27/2016
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Data Protection ,
Encryption ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NYDFS ,
Popular ,
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Third-Party Risk
Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more
10/10/2016
/ Banking Sector ,
Banks ,
Certification Requirements ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Encryption ,
Financial Institutions ,
Financial Services Industry ,
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Mobile Apps ,
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Popular ,
Reporting Requirements ,
Risk Management
Relying on past New York precedent, a New York state trial court determined the language of certain reinsurance certificates at issue were unambiguous, declining to accept plaintiff’s extraneous evidence “that the custom and...more
Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more
9/20/2016
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Data Protection ,
Encryption ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NYDFS ,
Popular ,
Proposed Regulation ,
Risk Management
Based on the plain and ordinary meaning of the service of suit clause, the Seventh Circuit Court of Appeals found a reinsurer waived its right of removal. The service of suit clause provided...more
Despite a pending motion to compel arbitration in state court, a party (MetLife) petitioned a Tennessee district court under the Federal Arbitration Act for the same relief. As that Act itself does not create federal-question...more
A signatory may bind a non-signatory to an arbitration agreement through principles of contract and agency law such as: (1) incorporation by reference; (2) assumption; (3) agency; (4) veil-piercing/alter-ego; and (5)...more
A South Carolina federal court found that Companion Property and Casualty Insurance Company’s expert’s testimony did not satisfy its obligation to provide a damages calculation. Companion argued that its failure to disclose...more
Although the parties had entered into what they called a Facultative Reinsurance Agreement (“FRA”), the Missouri Court of Appeals determined the agreement was a contact of indemnity against liability, and thus, pursuant to...more
Plaintiff Companion Property and Casualty Insurance Company (“Companion”) participated in a fronted insurance program with Redwood and Freestone. Reinsurance collateral trusts were established for Companion’s benefit and...more
Where an automobile policy covers someone other than the named insured, a “step-down” provision may subject the amount of available coverage to the limit on “similar coverage” that is imposed by the injured person’s own...more
In a case of first impression, the Southern District of New York determined Montana Code § 33-28-108(3) did not mandate the Montana Commissioner of Insurance’s report on a captive insurer was privileged. The Code provision...more
On Plaintiffs’ motion to compel discovery in a bad faith action against first-party property insurer Liberty Mutual Fire Insurance Company (“Liberty Mutual”), an Alabama federal court limited, but allowed, discovery related...more
In an action to compel arbitration under payment agreements entered into between National Union and its insured, the New York Court of Appeals held the determination of arbitrability was not barred by the McCarran Ferguson...more
Where an insurance policy contains a “per occurrence” limit on coverage, New York courts apply what they call the “unfortunate event” test to determine how many “occurrences” are involved in a given claim or set of claims. ...more
It is of paramount importance that liability insurers doing business in New York be aware of the heightened disclaimer obligations applicable to claims implicating Insurance Law § 3420(d)(2). The statute, which applies to...more
Liability insurers issuing or delivering policies in New York are well apprised of the statutory requirement that the insured is to be provided written notice of a disclaimer or denial of a bodily injury or death claim “as...more