Search Results for: new york

Reinsurance

Amendment to New York’s Credit for Reinsurance from Unauthorized Insurers Regulation issued.

Today, amendments to New York’s Regulation No. 20 (11 NYCRR 125), Credit for Reinsurance, took effect. The amended regulation includes numerous changes, including repeal and renumbering of sections as well as major modification to credits insurers may take as to recoverable reinsurance available from unauthorized reinsures.

 Section 125.1 was repealed and a new Section 125.1 was promulgated which permits ceding insurers “act with financial prudence” when entering into reinsurance arrangements. The new Section 125.1 provides 8 risk criteria that ceding insurers should consider. Section 125.1 …

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Emerging Issues

SECOND CIRCUIT CERTIFIES QUESTION TO NEW YORK COURT OF APPEALS RE: CREATION OF COVERAGE BY ESTOPPEL BASED UPON A CERTIFICATE OF INSURANCE

10 Ellicott Court Corp. v. Mountain Valley Indemnity Corp.  (2nd Cir. December 23, 2010)

In 10 Ellicott Square Court Corp. v. Mountain Valley Indemnity Company, the Second Circuit noted the divergence between New York’s Appellate Divisions regarding whether a Certificate of Insurance can create coverage.  In the First and Second Departments, courts have held that Certificates of Insurance are insufficient standing alone to provide a basis for estoppel.  The Third and Fourth Departments have held that where a party seeking coverage reasonably relied on a …

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Uncategorized

New Insurance Agent and Broker Rules Regarding Disclosure of Contingent Commissions Which Take Effect in New York January 1, 2011

New insurance agent and broker disclosure rules regarding contingent commissions are scheduled to take effect in New York on January 1, 2011:  “NYCRR 30 (Regulation 194 Producer Compensation Transparency).  This regulation has spurred much debate in the insurance industry.  Terry Fleming, President of Risk and Insurance Management Society, stated in an opinion column in the September 6, 2010 edition of The National Underwriter that contingent commissions for insurance brokers cause “an inherent conflict of interest” and he defended the New York law mandating greater …

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Industry News

New York State Bar Association Law School for the Claim Professional

Join insurance industry professional and their counsel for interactive day exploring topics which confront the insurance professional daily. New York's most respected attorneys will provide insight and update the law affecting the evaluation of claims, legal procedures and their impact on the claims process. This program runs in 5 locations throughout New York on three seperate days – 9/28, 9/29 and 10/1.For more information, click here.

Paul D. McCormick

https://www.goldbergsegalla.com/attorneys/McCormick.html

Daniel W. Gerber

https://www.goldbergsegalla.com/attorneys/Gerber.html…

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Reinsurance

Inside FAC: New York Roundtable 2010

Attached please find the transcript from the Inside Fac Roundtable which was conducted in New York recently.  The roundtable participants included:  Bill Jackson, Senior Vice President at Brit Insurance; Daniel Gerber, Partner at Goldberg Segalla; Elliot Richardson, CEO of Aon Benfield Fac; Frank Costa, President of Berkley Offshore; Jeffrey Kingsley, Partner at Goldberg Segalla; John Trace, Head of US Facultative GCFac; Martha Flanagan, Senior Vice President Facultative Gen Re; and Matthew Keeping, CEO of Willis Facultative.

There were several interesting topics that were discussed including the future …

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Industry News

Two Bermuda Programs Offer Unique Perspective on the Power of Social Media and the Potential of the New York Insurance Exchange

Social Media for Insurers and Reinsurers Explores — How International Business Can Use Social Media

Social media and its use in international business will be the focus for talk held at the Bermuda Underwater Exploration Institute on March 15, 2010

The speakers at the event will be Mairi Mallon, managing director of specialist re/insurance public relations firm rein4ce Ltd., and Dan Gerber, chair of attorney and litigators Goldberg Segalla LLP's Global Insurance Services Practice Group.

Both have written and spoken extensively about social media and …

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Emerging Issues

New York State Superintendent of Insurance Discusses the Possible Re-Emergence of the New York Insurance Exchange

Last week in London, James Wrynn, New York's Superintendent of Insurance, discussed the possibility of reconstituting a New York Insurance Exchange during a panel conference at the invitation of the Insurance Insider.  While recognizing the challenges to a New York Insurance Exchange, Mr. Wrynn believes that such an exchange could be a tremendous asset in providing the flexibility and technological advancements to the claims process.

A copy of the article summarizing Mr. Wynn's discussion can be found here

Sharon Angelino, Tom Segalla and Dan Gerber

https://www.goldbergsegalla.com/attorneys/Angelino.html…

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Bad Faith and Extra-Contractual Liability

New York Appellate Division, First Department, Reversed Trial Court Finding that Plaintiff’s Motion to Amend Complaint For Consequential Damages Against Insurer Was Duplicative

Panasia Estates v. Hudson Insurance Co. (New York Appellate Division, First Department, December 15, 2009)

In an insurance coverage dispute, plaintiff commenced this action against  Hudson Insurance Co. alleging that it breached the insurance contract by failing to properly investigate the loss and denying the loss as not covered under the policy.  In a historic decision, the Court of Appeals, in 2008, allowed plaintiff to proceed forward with asserting a claim for consequential damages despite a contractual exclusion contained in the insurance policy prohibiting such relief.…

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Arbitration

New York Appellate Court Denies Plaintiff’s Motion to Stay Arbitration on Arbitrability Grounds

Life Receivables Trust v. Goshawk Syndicate 102 at Lloyd’s

(New York Appellate Division, 1st Dept., October 13, 2009)

 

A New York appellate court upheld a denial of plaintiff’s motion to stay or enjoin arbitration before the American Arbitration Association.  The agreement provides that all disputes be referred to arbitration under the AAA.  While arbitrability is often a judicial determination, the court held because the parties incorporated by referenced the AAA rules, which allows the tribunal to rule on its own jurisdiction, the arbitrators …

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