Category: Regulatory / Legal

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 […]

August 7, 2023

Britain said on Wednesday [Aug. 2] it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system. Regulators have already introduced rules to deal with ailing banks after […]

August 1, 2023

New Hampshire Governor Chris Sununu has signed into law legislation establishing pet insurance regulations. “Pets become family,” said Governor Chris Sununu. “This law will provide Granite Staters with peace of mind and opportunity to ensure their pets can receive the […]

July 26, 2023

The New Jersey Supreme Court has agreed to decide whether a hostile/warlike action exclusion in an all risks property insurance policy applies in a case involving insurance coverage for a 2017 Russian cyberattack. The state’s high court will hear an […]

July 25, 2023

Farmers Insurance has been forced to rescind tens of thousands of nonrenewal notices to Georgia customers that were scheduled to take effect in August, according to the state’s insurance and safety fire commissioner. Commissioner John F. King said that Farmers […]

July 25, 2023

AM Best will review collateral arrangements at rated fronting insurance companies following fraud claims at Vesttoo, an insurtech that connects capital markets participants with reinsurance risks. “Although the details and scope of this issue remain unclear, AM Best is monitoring […]

July 18, 2023

Tesla sued Australian company Cap-XX in Texas federal court on Friday, claiming its supercapacitors used for storing energy in electric-vehicle batteries infringe two U.S. patents owned by a Tesla subsidiary. Tesla CEO Elon Musk pledged in 2014 not to “initiate […]

July 17, 2023

Florida State Senator Tracie Davis has called on Governor Ron DeSantis to take immediate action and convene another special session to address skyrocketing insurance premiums and policy cancellations. Davis, who represents Jacksonville, said the property insurance reforms passed after a […]

July 11, 2023

Since workers’ compensation shields an employer from liability, an insurer may not be able to rely on an employer liability exclusion in a commercial general liability policy to avoid claims. That’s the potentially costly message a federal appeals court has […]

June 20, 2023

An insurance leader is calling for increased disclosure and regulation around third-party litigation financing. Speaking from his Chicago-area office, Casey Petersen (pictured), head of US casualty for McGill and Partners, said that fund managers and other third parties who finance […]

May 25, 2023

On the eve of another drought-ridden growing season, farmers from the High Plains are asking state and national lawmakers to provide a stronger financial safety net. In Austin and Washington, D.C., farmers from the 41-county High Plains region, which includes […]

May 22, 2023

Insurers and reinsurers who are members of the Net-Zero Insurance Alliance (NZIA), received a letter from 23 attorneys general raising potential legal concerns that might arise from their commitment to collaborate with other insurers to advance an “activist climate agenda.” […]

May 18, 2023

An aircraft leasing company is pursuing an $80 million claim for commercial airplanes lost in Russia following the invasion of Ukraine, despite the claimant never having seen the relevant policy documents. Shearwater Aircraft Leasing made the claim, which relates to […]

May 17, 2023

An attorney with one of Florida’s largest insurance defense firms must pay more than $100,000 in sanctions after deliberately trying to sabotage a medical malpractice suit in order to win a mistrial, a Florida appeals court has decided. The 6th […]

May 17, 2023

If an insurer or licensed insurance agent uses unfair or deceptive business practices to sell to their clients not only is it unethical but it’s also against the law. When individuals or insurance businesses profit unfairly off of their clients, […]