Category: Regulatory / Legal

February 12, 2024

“The wholesale insurance market in particular has a long way to go in having an inclusive culture … areas for improvement include … preventing and handling non-financial misconduct,”1 stated the Financial Conduct Authority (FCA) last autumn. This message was reinforced […]

February 5, 2024

A California law has given Consumer Watchdog, a nonprofit advocacy group, the ability to block $3.16 billion in auto insurance overages since 2002, a new report from the group said. “The savings are thanks to a provision of Proposition 103 […]

February 5, 2024

Climate litigation against companies is increasing and the stakes are getting higher. Last year saw more headline-making claims being brought against corporations and a slew of important decisions from courts in jurisdictions around the world, and this trend looks set […]

February 2, 2024

On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the […]

January 30, 2024

For parties facing class action lawsuits, where the class seeks to recover for economic losses, there may still be opportunities for insurance coverage. Thus, where economic losses arise out of the purchase of products that have the potential for causing […]

January 25, 2024

More than 140 insurance industry plaintiffs, including State Farm, Swiss Re and Lloyd’s, have reportedly joined lawsuits filed against utilities and landowners related to the Maui, Hawaii wildfires, which destroyed much of Lahaina and killed 100 people back in August […]

January 19, 2024

The owner of a Michigan insurance agency has been charged with embezzling money from employees by misappropriating payroll deductions, announced Attorney General Dana Nessel. Nancy Caviston, 76, of Superior Charter Township, was arraigned Thursday on charges of embezzlement and wage […]

January 18, 2024

An insurance producer is a collective term given to industry professionals involved in selling policies. Before they can do so, however, the law requires them to secure the proper licenses. If you feel like a career in insurance sales is […]

January 18, 2024

Getting a Texas insurance license is often the first step if you want to pursue a career as an insurance professional in the Lone Star State. Just like in other states, the process isn’t always straightforward and requires you to […]

January 16, 2024

A Pennsylvania federal court, applying Pennsylvania law, held that a policy’s Wage and Hour Violation exclusion applied to the entirety of underlying class actions that alleged the insured employer schemed to underpay its prevailing wage workers. Twin City Fire Ins. […]

January 16, 2024

On January 12, Representative Adam Schiff (D-Calif.) introduced a bill, the “Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act.” The stated goal of the bill is to “stabilize the home insurance market while ensuring vulnerable communities are not […]

January 10, 2024

In what is being termed a landmark ruling, the Thai Court confirmed the denial of coverage in a case involving the catastrophic failure of a wind turbine, represented by Clyde & Co’s team in Thailand. The court ruled that the […]

January 10, 2024

The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo have objected to broking group Aon being allowed multiple votes on the proposed plan of bankruptcy, while also saying claims from equity holders in certain Vesttoo […]

December 28, 2023

The California Department of Insurance is investigating “numerous complaints” it has received from customers claiming they’ve struggled to secure auto insurance. Insurance Commissioner Ricardo Lara issued a bulletin last week in response to claims consumers were subjected to questionnaires, waiting […]

December 28, 2023

A Northern Illinois District Court judge has ordered a class action lawsuit to continue against State Farm by more than 20 plaintiffs over underpaid actual cash value (ACV) on total loss vehicles. Plaintiffs allege State Farm paid out 4-11% less […]

December 27, 2023

As per a report from Bloomberg, Japan’s Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Insurance, MS&AD Insurance, and Sompo Japan Insurance for “colluding to fix prices” in contracts with corporate clients. Japan’s […]

December 22, 2023

The Illinois Supreme Court handed down a big win for policyholders just in time for the holidays. In Acuity v. M/I Homes of Chicago, LLC, the court joined the mainstream of jurisdictions and reversed years-old precedent that severely limited policyholders’ […]

December 18, 2023

Law enforcement officials announced the final sentencing in their prosecution of an $18 million workers’ compensation fraud case and the return of $7.75 million to the New York State Insurance Fund (NYSIF). Manhattan District Attorney Alvin Bragg, Jr. on Friday […]

December 18, 2023

It appears that, in aggregate, creditors to the bankruptcy of forged reinsurance letter of credit (LOC) linked insurtech Vesttoo have filed over $4.8 billion in claims against the company and its entities, which provides another signal of the ramifications of […]

December 15, 2023

Rapid adoption of artificial intelligence (AI) could create new risks for the U.S. financial system if the technology is not properly supervised, a panel of regulators warned on Thursday. The Financial Stability Oversight Council, which comprises top financial regulators and […]