|
|
|
|
|
To read all
ten (10) of the articles summarized below, click
here.
Liability
Insurance
Illinois Trial Court Rules That Insured Fails To Prove
Exhaustion Or Impairment Of $41 Million In Primary Coverage Related
To Underlying Asbestos Bodily Injury Suits
On
March 10, 2009, the Circuit Court of Cook County issued a judgment in
favor of the Defendant umbrella excess insurers that the insured,
John Crane Inc., failed to meet its burden in establishing the
impairment of exhaustion of its primary insurance.
To read the complete article, click
here.
Illinois Appellate Court Affirms Anti-Suit
Injunction
On March 27, 2009, the Appellate Court of Illinois First
District, Fifth Division affirmed an Anti-Suit Injunction enjoining
an insured from pursuing duplicative lawsuits outside of Cook County,
Illinois.
Wisconsin Supreme Court Rules On Number Of
Occurrences, Allocation
Answering questions certified by the U.S. Court of
Appeals for the 7th Circuit, the Wisconsin Supreme Court has recently
issued an opinion addressing the issues of number of occurrences and
allocation.
United States Supreme Court Hears Oral Argument In
Travelers Appeal Of Manville Related Liability
On March 30, 2009, the United States Supreme Court heard
oral argument in an action against Travelers relating to the
Johns-Manville bankruptcy in the 1980s.
Reinsurance
NAIC Adopts The Reinsurance Regulatory Modernization
Proposal
In its Winter Meeting, the National Association of
Insurance Commissioners (NAIC) adopted the Reinsurance Regulatory
Modernization Proposal drafted and previously adopted by the
Reinsurance Task Force of the Financial Condition (E) Committee.
D&O
Coverage
New York Trial Court Denies Insured's Claim For
Attorneys Fees And Costs Paid In Connection With The Settlement Of
Public Investigations For "Market Timing" Of Mutual Funds
On March 10, 2009, the Supreme Court of the State of New
York, County of New York, granted Summary Judgment in favor of Select
Insurance Company against Millennium Partners, L.P. with respect to
Millennium's claim to recover defense costs that it paid in
connection with the settlement of public investigations against it
for market timing of mutual funds.
Liability Insurer And Self Insured Entity
Reporting Requirements Under The Medicare, Medicaid and SCHIP
Extension Act Of 2007 Near Implementation
Beginning May, 2009, liability (including
self-insurers), no-fault and workers' compensation insurers will be
required to begin the registration process with the Centers for
Medicare and Medicaid Services ("CMS") pursuant to the
mandate issued in the Medicare, Medicaid and SCHIP Extension Act of
2007 (hereinafter the "Act").
To read the complete article, click here.
NAIC Adopts Mandatory Requirement That
Insurers Disclose Climate Change Risk
On March 17, 2009, the National Association of Insurance
Commissioners (NAIC) adopted a mandatory requirement that insurance
companies disclose to regulators the financial risks they face from
climate change, as well as actions the companies are taking to
respond to those risks.
Transamerica Life Found To Infringe "Business Method
Patent" On Variable Annuities
On
February 13, 2009, a jury found that certain benefit riders on
products sold by Transamerica Life Insurance Company infridged a
Lincoln National Life Insurance Company patent.
Tax
Supreme Court Of Missouri Rules Stoploss Insurers Liable For
Direct Premium Tax Under Section 148.340 Of The Revised Statutes
In American National Life Insurance Company of
Texas v. Director of Revenue, American National, a Texas
domiciled insurance company that sells stoploss insurance policies in
Missouri to employers who maintainted self-funded health benefit
plans, claimed a refund for direct premium taxes specified in Section
148.340.
To read the complete article, click here.
|
|
|
|
|
The
Insurance and Reinsurance Law Update has been prepared by Clark Hill
PLC for informational purposes only and does not constitute legal
advice. This information is not intended to create and receipt
of this information does not constitute a lawyer-client
relationship. Readers should not act upon this without seeking
advice from professional advisors.
Federal
Tax Advice Disclaimer: Under U.S. Treasury Regulations, we are
informing you that, to the extent this message includes any federal
tax advice, this message is not intended or written by the sender to
be used, and cannot be used, for the purposes of avoiding federal tax
penalties.
For further information about the content of
this Insurance Law Update, please contact Benjamin
Blume at 312-985-5937 or John
LaBarbera at 312-985-5936. To find out more about Clark
Hill and our Insurance and Reinsurance Law team, visit clarkhill.com
or call 800.949.3124
|
|
|
