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December 3, 2015 Regulatory

NYDFS Has New Acting Superintendent

New York State Governor Andrew Cuomo recently named Shirin Emami as Acting Superintendent of the New York Department of Financial Services (NYDFS). She is the second acting superintendent since the resignation of Benjamin Lawsky, who left NYDFS in June 2015 for a private-sector position specializing in cyber security research and consulting. Ms. Emami replaces Anthony Albanese, who also left for the private sector.

Prior to her appointment, Ms. Emami served as both the Executive Deputy Superintendent and the General Counsel of the NYDFS Banking Division. …

November 18, 2015 Emerging Issues / Regulatory

NYDFS Notifies Federal Regulators of New Potential Cyber Security Regulations

On November 9, 2015, the New York State Department of Financial Services (NYDFS) sent a memorandum entitled Potential New NYDFS Cyber Security Regulation Requirements to several federal and state financial services regulators, including banking, securities and insurance regulatory, administrative and supervisory bodies.

These potential regulations are based on results of two sets of surveys of financial entities about their “cyber security programs, costs and future plans.” NYDFS surveyed 150 banks and 43 insurance companies. The results of the May 2014 banking industry survey are here…

December 15, 2014 Reinsurance

New Reinsurance Deskbook from Thomson Reuters and DRI Features Thomas Segalla as Editor, Seven Goldberg Segalla Contributors

Goldberg Segalla founding partner Thomas F. Segalla led the team of lawyers who wrote the inaugural edition of the Reinsurance Professional’s Deskbook: A Practical Guide, a new treatise co-produced by leading legal publisher Thomson Reuters and DRI – The Voice of the Defense Bar, the largest organization of defense lawyers in the country.

The Reinsurance Professional’s Deskbook is a comprehensive resource that explores in depth traditional insurance and reinsurance concepts as well as emerging trends in today’s insurance markets, with a focus on …

February 27, 2014 Emerging Issues

NYDFS Announces New Extension to Sandy Mediation Program

The New York Department of Financial Services (NYDFS) has extended the emergency regulation (15^th Amendment to Regulation 64, 11 NYCRR 216) surrounding mediations relating to Hurricane Sandy. The current version was filed with the Secretary of State on February 14,2014 and will expire on or about May 15, 2014 under the 90 day rule.

Originally promulgated in the aftermath of Superstorm Sandy, the amendment applies to any claim for loss or damage, other than claims made under flood policies issued under the national flood …

June 27, 2013 Emerging Issues

New Connecticut Law Allows Disaster Mediation Program for Property Insurance Claims

On June 21, Connecticut Governor Dannel Malloy signed into law Substitute House Bill No. 6549, Public Act No. 13-148, which allows the Connecticut State Insurance Department to set up a mediation program for insurance claims arising from a catastrophic event. The bill will allow for a program which permits policyholders to mediate property insurance claims which arise out of a catastrophic event, if the catastrophic event gives rise to a declared state of emergency.

The law follows was designed after to promote efficiencies in …

February 27, 2013 Uncategorized

NYS DFS Announces Sandy Mediation Program – New Requirements for Insurers

15th Amendment to Regulation 64, 11 NYCRR 216

The New York State Department of Financial Services has enacted an emergency amendment to Insurance Regulation 64, effective February 25, 2013, targeting claims resulting from Hurricane Sandy. The amendment applies to any claim for loss or damage, other than claims made under flood policies issued under the national flood insurance program, that occurred from October 26, 2012 through November 15, 2012, in the counties of Bronx, Kings, Nassau, New York, Orange, Queens, Richmond, Rockland, Suffolk, or Westchester. …

May 25, 2010 Environmental

Breaking News on Deepwater Horizon Coverage Issues: Excess Insurers Sue Over Oil Spill Liabilities

On May 21, 2010, several insurers
that issued excess liability insurance policies to Transocean Ltd. filed a
declaratory judgment action in the United States District Court for the
Southern District of Texas against BP PLC and its subsidiaries seeking a
judgment that they have no obligation to cover pollution claims arising out of
the Gulf of Mexico oil spill.

On April 20, 2010, the Deepwater
Horizon rig owned by Transocean Ltd. and under contract to BP PLC exploded,
causing a massive oil leak that …

January 11, 2010 Directors and Officers

Two Legal Malpractice Claims Against Former Stonewall Attorney Dismissed

Stonewall Corp. v. Conestoga Title Ins. Co. et al

(Southern District of New York, January 7, 2010)

Stonewall Corporation commenced a third-party action against its former attorney alleging he committed legal malpractice while providing it representation with respect to property rights in New Jersey. Stonewall claims that its attorney (1) failed to pursue certain legal actions, as well as failed to provide proper advice regarding related proceedings; (2) failed to convey a settlement offer; and, (3) failed to produce documents. The court dismissed …

March 16, 2020 Class Actions

Coronavirus Consumer Protection Class Action: First Up – Germ-X

In what will likely be the first of many consumer protection lawsuits involving the Coronavirus (COVID-19), a group of California consumers filed a federal class action complaint alleging Vi-Jon, Inc. falsely advertised, marketed, and sold its Germ-X brand hand sanitizers as being able to prevent viruses, including COVID-19. As the COVID-19 pandemic grows in size and scope, consumers are gravitating to products to provide some degree of security and comfort. In light of the CDC’s recommendations to use hand sanitizer to prevent the spread of …

January 23, 2020 General

Ohio Supreme Court Holds Insurers Not Responsible for Charging Liens

The Ohio Supreme Court held that an insurer who settles a personal injury claim with an accident victim has no duty to issue payment directly to the victim’s former lawyer pursuant to a charging lien.[1]

In the underlying personal injury matter, an automobile accident victim hired a law firm to represent him. The victim and his law firm entered into a contract that granted the law firm a charging lien on the proceeds of any insurance payment, settlement, judgment, or verdict that might be …