Category: Regulatory / Legal

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 […]

December 12, 2023

Insurance company GEICO has filed suit against a New York pharmacy and five medical clinics and their owners alleging they perpetrated a fraudulent scheme under the New York no-fault insurance system by submitting more than $3.7 million in fraudulent pharmaceutical […]

December 11, 2023

At a recent event held in the city, speakers representing the government of the Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China were keen to promote the development of its insurance-linked securities (ILS) market offering […]

December 8, 2023

U.S. Senator Katie Britt (R-Ala.) and 16 co-sponsors have introduced the “Insurance Data Protection Act” to amend current law and mitigate what they call overstepping by the Federal Insurance Office (FIO) into state-regulated insurance. The bill would prohibit the FIO […]

December 5, 2023

In a landmark decision, the Illinois Supreme Court has granted a major victory for policyholders seeking general liability insurance coverage for construction defect and faulty workmanship claims. For years, Illinois’ intermediate appellate courts rewrote general liability policies to eviscerate coverage […]

December 4, 2023

As per a new report from Reuters, former U.S. Secretary of State Hillary Clinton has called for a reform of the insurance sector at COP28, citing the unavailability of coverage amid a new wave of climate shocks. Speaking during a […]

November 30, 2023

Alabama senator Katie Britt has introduced a new bill that she said would counter recent attempts made by the Federal Insurance Office (FIO) to “overstep into the state-regulated insurance industry.” The Insurance Data Protection Act, which was co-sponsored by 16 […]

November 28, 2023

The New York State Department of Financial Services (DFS) announced that First American Title Insurance Co. will pay a $1 million penalty to New York State for violations of DFS’s cybersecurity regulation stemming from a large-scale cybersecurity breach in May […]

November 20, 2023

Unable to rule on GEICO’s appeal of a Florida district court order that sided with Glassco Auto Glass in its claim payment lawsuit against the carrier, the U.S. 11th Circuit Court of Appeals has sent the case up to the […]

November 13, 2023

The state of West Virginia has agreed to pay $4 million to settle a class-action lawsuit filed by inmates who described conditions at a jail as inhumane, an attorney for the plaintiffs said. Attorney Stephen New disclosed the figure Thursday […]

November 13, 2023

Liability insurers that write in West Virginia and beyond received some unsettling and expensive news from the state Supreme Court last week: Without iron-clad policy language barring coverage, long-tail illness claims must be covered and a carrier has a duty […]

November 8, 2023

Vesttoo is now insisting that there is value recoverable in some reinsurance transactions that were “bona fide”, while at the same time both Vesttoo as the debtor and the creditor committee in the Chapter 11 bankruptcy case, have objected to […]

November 7, 2023

The Florida Office of Insurance Regulation wants property insurers to remember that another deadline for enhanced catastrophe reporting on Hurricane Idalia claims is Nov. 16. The OIR is required by law to collect a range of data on hurricane claims. […]

November 7, 2023

Footwear giant Nike filed federal lawsuits on Monday against rivals New Balance and Skechers, accusing them of infringing patents related to Nike’s technology for making upper portions of sneakers. The lawsuits said that several New Balance athletic shoes and Skechers […]

November 6, 2023

The Texas Legislature this year adopted House Bill 1900, which amends the notice requirements for non-renewal and policy changes in Texas Insurance Code Section 551.105. The statutory changes, effective Sept. 1, increase the notice period from 30 days to 60 […]

November 3, 2023

Ohio law must be used to resolve an insurance dispute involving a polluted site in Michigan caused by manufacturing companies based in Ohio and Indiana, the Ohio Supreme Court ruled Wednesday. The 5-2 decision may force Travelers to turn over […]

November 3, 2023

A consumer advocacy group in California has claimed that a rule introduced by insurance commissioner Ricardo Lara lacks substantial consumer benefits and is marred by “loopholes.” The rule, which is part of a larger reform package set to be implemented […]

November 2, 2023

Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh, responsible. Harvard’s excess insurer Zurich American […]

November 1, 2023

China has taken a move that effectively allows insurance firms to make longer-term investment in shares, adding to a drumbeat of support measures to revitalize the country’s stock market. The Ministry of Finance will from now on evaluate insurers’ return […]