The Federal Insurance Office on Thursday set out its vision for modernizing insurance regulation in the U.S., calling for a hybrid state-federal regulatory regime in a highly-anticipated report that is just shy of two years late.
General Motors Co. has unloaded the last of its stake in onetime insurance division Ally Financial Inc. in a private placement worth $900 million, the automaker said Thursday, making good on its plan to fully exit the business.
I am often the only woman at the table. At my firm, I am the only female department chair and one of only a few women at our departmental and practice group meetings. This needs to change, says Patricia Santelle, managing partner of White and Williams LLP, chairwoman of the firm's commercial litigation department and co-chairwoman of the firm's insurance coverage and bad faith group.
Exxon Mobil Corp. on Wednesday urged a New Jersey federal judge to reconsider his denial of its bid to force the government to produce reports in a $367 million Superfund cleanup suit against Cornell-Dubilier Electronics Inc., arguing that the court is being prejudicial by not allowing Exxon to view the documents.
Centerbridge swooped in with a multibillion-dollar offer for LightSquared that could stymie a previous $2.2 billion bid from Dish, while European competition regulators are planning an in-depth probe into a proposed $11.9 deal that would combine the German operations of Telefonica and KPN.
The mistakes that the Kentucky Supreme Court made in deciding Cincinnati v. Motorists were recently replicated in a Sixth Circuit decision. Perhaps it is time for the high court to do what it believed it was doing when it decided Cincinnati — bring itself into line with the majority rule by overturning that decision and finding that faulty workmanship can be a covered “occurrence” under a commercial general liability policy, says Carl Salisbury of Kilpatrick Townsend & Stockton LLP.
A First American Title Insurance Co. subsidiary on Wednesday sought preliminarily approval of a settlement of a class action accusing it of securing title insurance for itself without ever searching for less expensive coverage from other companies when it acted as an escrow agent for plaintiffs trying to pay off home loans.
A California federal judge has again tossed claims in a putative class action accusing Old Republic Home Protection Co. of ripping off homeowners who purchased its warranties, saying the named plaintiff has still failed to support his allegations that the company had a duty to disclose alleged unfair business practices.
A former claims manager for the New Jersey Turnpike Authority on Wednesday admitted that he defrauded the agency and insurance companies of at least $1.5 million by using a scheme to receive illegitimate payments through the U.S. mail system.
A Florida federal judge ruled Tuesday that a Marriott International Inc. subsidiary cannot entirely dodge a proposed class action accusing the company of fraudulently increasing time share prices by forcing customers to buy worthless insurance.
Sen. Pat Roberts, R-Kan., on Wednesday blocked efforts to bring about a quick vote on a bill that would delay flood insurance rate increases required under a 2012 law that overhauled the badly indebted National Flood Insurance Program.
A former New Jersey public employee who lost administrative appeals for expanded benefits couldn't then bring a fresh suit against program administrators for consumer fraud, since the case hinges on the merits of a state agency's decision, an appeals court ruled Wednesday.
An Illinois federal court kept intact on Monday most claims in an insurance agency's more than $5 million contract dispute with Leading Insurance Group Insurance Co. Ltd. (US), but tossed deceptive practices counts brought under state law.
Questions remain about the Federal Deposit Insurance Corp.'s outline for unwinding failed global financial institutions, but observers say the vision the agency laid out Tuesday remains the best among bad options for handling a future crisis.
The lender to a failed $100 million real estate project urged the Seventh Circuit on Wednesday to order First American Title Insurance Co. to indemnify it against construction liens asserted in the developer's bankruptcy, arguing that the policy exclusion the insurer relies upon doesn’t apply.
If Yucca Mountain or another spent nuclear fuel disposal facility were finally licensed, the financial picture for nuclear power plant owners could be very different — which includes insurance. A detailed "proof of loss" is often required when a policyholder gives notice of an event giving rise to a claim for coverage at a nuclear facility, says Erin Webb of Dickstein Shaprio LLP.
The extensive amendments to Federal Rule of Civil Procedure 45 that took effect on Dec. 1, 2013, bring welcome changes that simplify and streamline subpoena practice. In particular, the elimination of uncertainty in determining where compliance can be required and where service can be effected will reduce the effort and costs involved in issuing subpoenas, say Lawrence Friedman and Sheilah Kane of Cleary Gottlieb Steen & Hamilton LLP.
A legislator in Pennsylvania’s House of Representatives introduced a bill on Tuesday that would establish a new consumer advocate post in the state’s Office of Attorney General to represent the interests of state residents dealing with regulatory or legal issues related to the rapidly evolving health insurance landscape.
Insurance giant MetLife Inc. and real estate company UDR Inc. have formed a joint venture to invest about $317 million in the construction of a 42-story, luxury high-rise apartment complex in San Francisco, the companies announced Wednesday, marking the third joint venture between the firms.
Pennsylvania officials defending the state's gay marriage ban from a constitutional challenge asked a federal court Tuesday to ignore their opponents' jurisdiction arguments and allow an interlocutory appeal to the Third Circuit for review of whether the plaintiffs' claims fall under federal jurisdiction.
China's Anbang Insurance Group Co. Ltd. spent $2.2 billion to bring its China Merchants Banks Co. stake to 5 percent, the lender said late Tuesday, suggesting the insurer could be hunting for new banking targets as its bid for a Hong Kong lender reportedly collapses.
An Illinois appeals court on Tuesday rejected St. Paul Mercury Insurance Co.'s efforts to blame a building security provider for an explosion at a Chicago high-rise that caused $14.5 million in losses, finding the security company did not violate its contract with the building owner.
Health and Human Services Secretary Kathleen Sebelius addressed the troubled rollout of the Affordable Care Act before a House committee on Wednesday, testifying that the insurance marketplace system is back on track and saying her office is looking into its government contracting practices.
A universal tax incentive for buying health insurance and tax-free health savings accounts are among a list of ideas that 33 House Republicans want to bring to President Barack Obama as alternatives to Affordable Care Act provisions, the congressmen announced Tuesday.
Roughly 365,000 Americans have enrolled in health insurance plans in state and federal marketplaces since the open enrollment period launched, but the bumpy rollout of the website for the Affordable Care Act must be investigated, top health official Kathleen Sebelius said Wednesday.