Category: Regulatory / Legal

October 18, 2023

As we enter the last quarter of a year that saw historic flooding across the country, including most recently in New York City, it is a good time to review the National Flood Insurance Program (NFIP) and highlight a few […]

October 16, 2023

In most property insurance coverage litigation, the parties engage experts to elucidate the issues in the case. This is particularly true when there are multiple causes of loss, covered and not covered, that combine to cause the damage claimed. In […]

October 13, 2023

Consumer Watchdog filed a petition to intervene in an enforcement action initiated by the California Department of Insurance (CDI) against Mercury Insurance Group. The allegations revolve around accusations of overcharging, misleading practices, and discrimination against California homeowners and motorists. Consumer […]

October 3, 2023

The Bank of England (BoE) is planning to develop a new lending tool for insurers, and other non-bank financial institutions like pension funds, to provide access to emergency cash during times of market stress. This new tool is to be […]

October 2, 2023

Washington Insurance Commissioner Mike Kreidler sent a letter asking insurance companies and adjusters working with communities impacted by the Gray and Oregon Road fires to expedite the approval process for debris removal. Speeding up the process will help assure people […]

September 29, 2023

When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget earlier this year, Texas Comptroller […]

September 28, 2023

Indian authorities sent a $208 million tax demand to a private insurer, the latest in a growing list of firms slapped with similar notices as the government intensifies its crackdown on alleged evasion. ICICI Lombard General Insurance Co. Ltd. received […]

September 28, 2023

Britain set out plans on Thursday to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following the country’s departure from the European Union. Brexit has cut off Britain’s finance industry, which accounts […]

September 22, 2023

California insurance commissioner Ricardo Lara has unveiled a package of reforms that aims to alleviate the state’s troubled insurance market, including changes to the FAIR Plan and a deal with insurers that allows more people to transition back to the […]

September 19, 2023

A disbarred New York attorney has changed his plea to guilty in connection with an $19 million Ponzi scheme and a $30 million auto insurance fraud. Robert Wisnicki, 44, of Forest Hills, pleaded to guilty to conspiracy to commit wire […]

September 19, 2023

When the wording of insurance policies conflict with each other and can’t be reconciled, insurers must share defense expenses, a federal appeals court said in a case that stemmed from lawsuits against school personnel. “The district court concluded that the […]

September 18, 2023

Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, […]

September 15, 2023

Insurance reforms under consideration in the Michigan legislature could significantly increase costs for consumers, according to a new study from the American Property Casualty Insurance Association (APCIA). Proposed changes in House Bill 4681 and Senate Bill 329 introduce 35 new […]

September 1, 2023

The European Commission (EC) has approved the sale of American International Group’s (AIG) treaty reinsurance business to RenaissanceRe Holdings (RenRe). In an update, the regulatory body said: “The Commission concluded that the proposed acquisition would raise no competition concerns, given […]

August 30, 2023

GEICO is set to confront a nationwide class action lawsuit after allegedly compromising its customers’ privacy through the unauthorized release of their driver’s license numbers that were later used by identity thieves to secure fraudulent unemployment benefits. US District Judge […]

August 29, 2023

An opioid wholesaler’s court victory against an insurance giant opens the door to a new way for pharmaceutical companies to recoup legal bills stemming from the opioid crisis. Earlier this month, a federal district court ordered a Chubb unit to […]

August 28, 2023

California Senate Republicans are calling on state regulators to tackle the escalating crisis within the homeowners’ insurance market. In a letter penned to Insurance Commissioner Ricardo Lara, Senate Minority Leader Brian W. Jones (R-San Diego) expressed the need for intervention, […]

August 25, 2023

During its bankruptcy case, beleaguered insurtech Vesttoo has been approved by the court to continue paying its staff, including certain employee benefits and expenses, but at a hearing this week the US Trustee balked at the suggestion terminated staff and […]

August 15, 2023

Culminating a four-year-long process, a key working group of insurance regulators has adopted new standards for determining whether an investment held by an insurance company should be characterized as a “bond” evidencing a “creditor relationship.” This “principle-based” bond definition will […]

August 8, 2023

Insurance companies are increasingly incorporating environmental, social and governance (ESG) factors into their underwriting processes when they examine risk. However, despite the increasing adoption of ESG-related factors by insurers, political polarization and divergent political stances on the utility of ESG […]