Insurance & Reinsurance

GAO Expects More Transparency in SIFI Designation Process

December 9, 2014
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The Government Accountability Office (“GAO”) has issued a report pointing out ways the Financial Stability Oversight Council (“FSOC”) could improve the process it uses to designate non-banks, such as insurers, as systemically important financial institutions (“SIFI”).  The report was prepared at the request of Michael Crapo, a member of the Senate Banking Committee, and could […]

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Insurance Companies Accused of Conspiring to Avoid Paying Superstorm Sandy Claims

December 8, 2014
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Owners of Superstorm Sandy-battered homes in Long Beach, New York are suing Wright National Flood Insurance Co. and U.S. Forensic LLC claiming that the insurer wrongfully rejected their claims by using baseless engineering reports prepared by U.S. Forensic LLC, an engineering firm.  According to the homeowners, the insurance company and engineering firm conspired to manipulate […]

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Banks Sue Target for Damages following Target’s Security Breach

December 5, 2014
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Several banks are suing Target Corp., seeking damages associated with Target’s major data breach.  The five banks leading the suit are Umpqua Bank, Mutual Bank, CSE Federal Credit Union, Village Bank, and First Federal Savings of Lorain. Last year, hackers exploited a flaw in Target’s computerized climate-control system and stole credit card account information for […]

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U.S. District Court for the District of Columbia Ruled FHA Does Not Allow Disparate Impact Lawsuits

December 4, 2014
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The U.S. District Court for the District of Columbia recently ruled thatthe Fair Housing Act only prohibits intentional discrimination, and does not allow lawsuits based on disparate impact.  In the case, American Insurance Association v. United States Department of Housing and Urban Development, the court eliminated disparate impact regulations that the Department of Housing and […]

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Court Holds Reinsurance Certificates of Reinsurance U.S. Customs and Border Protection Announced Mobile Passport Control App

October 6, 2014
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In a lawsuit involving a reinsurance contract dispute filed in the U.S. District Court for the Southern District, Global Reinsurance Corporation of America (“Global Reinsurance”) sued Century Indemnity Company (“Century”).  Global Reinsurance sought a declaration of its rights and obligations under nine certificates of reinsurance issued by its predecessor-in-interest, Constitution Reinsurance Corporation, to Century’s predecessor-in-interest, […]

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Insurance and Driverless Cars

September 30, 2014
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General Motors Co., America’s largest automaker, has announced plans to introduce a Cadillac that will hardly necessitate a driver.  In two years, the auto-giant will make available a car which can travel on the highway without the driver holding the steering wheel or putting a foot on a pedal.  As automobile manufacturers race to put […]

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Insurance Implications Surrounding Malaysia Airlines Flight MH17

September 29, 2014
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Malaysia Airlines Flight MH17 was on a scheduled flight from Amsterdam to Kuala Lumpur when it crashed in Eastern Ukraine last July.  With two plane crashes within a few months of each other, Malaysia Airlines has faced a nightmare of public relations and insurance issues.  The aviation war market has not had an easy year. […]

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With Cyber Attacks Escalating, Debate Surrounding Terrorism Insurance Resurfaces

September 26, 2014
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The recent cyber-attack on JPMorgan Chase & Co. served as a reminder that even banks with the most refined defenses are still vulnerable to hackers and data theft.  The attack has left bankers and U.S. officials concerned about the effects a large cyber-terrorist attack could have on the nation’s financial system. It is estimated that […]

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Four Insurers Subpoenaed for NYDFS Probe Into Iran Sanctions Violations

July 18, 2014
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The New York Department of Financial Services (“NYDFS”) has sent subpoenas to four insurance companies – Chubb Corp., CNA Financial, Liberty Mutual and Navigators Group – as part of its probe into potential Iran sanctions violations, according to a Wall Street Journal report. According to the WSJ report, the agency is investigating whether or not […]

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