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November 22, 2017 Automobile Coverage / Regulatory

Changes to New York State Insurance Law Affect Auto Policies, Neonatal Intensive Care Coverage, and Exposures for Mortgage Guaranty Insurers

Frederick J. Pomerantz, a partner in Goldberg Segalla’s Global Insurance Services and Insurance Regulatory Practice Groups, has authored three alerts on changes to New York State insurance regulations in the November 2017 edition of the Federation of Regulatory Counsel (FORC) Alerts. In the alerts, Fred details notable recent changes pertaining to private passenger auto policies, neonatal intensive care services, and exposures for mortgage guaranty insurers.

Analysis of Non-Renewals of Private Passenger Auto Policies

Effective October 23, 2017, Section 1, Paragraph 2 of Subsection (l) …

August 7, 2017 Life, Health, Disability & ERISA

New York Court Denies Reinstatement of STOLI Policies for Lack of Standing, Finds Issue of Fact on Good Faith and Fair Dealing

The plaintiff was an investment trust that purchased life insurance contracts. It brought the instant action seeking damages for the insurer’s alleged breach of nine lapsed life insurance policies on three different individuals with a collective face value of over $80 million.

It was undisputed that all nine policies were pieces of a “Stranger Originated Life Insurance” or “STOLI” transaction. Although purchasing life insurance with the intent of selling it to strangers became illegal in 2009, these transactions were legal at the time the policies …

March 22, 2017 Regulatory

ELANY Publishes Practical Tips on Applying New York’s New Cybersecurity Regulation to “Unique Situations”

There has been a lot of commentary on New York’s new regulation entitled Cybersecurity Requirements for Financial Services Companies (23 NYCRR 500) (the Regulation) which went into effect on March 1, 2017. On March 16, 2017, The Excess Line Association of New York (ELANY) released Bulletin 2017-12 which contains some practical guidance for insurance producers that will face some “unique situations” not addressed in the other commentary.

Specifically, the bulletin refers to insurance producers that “may not meet the technical definition of a ‘Third Party …

March 7, 2017 Regulatory

New York Issues Final Cybersecurity Regulation

On February 13, 2017, the New York Department of Financial Services (NYDFS) adopted the final version of its first-of-its-kind cybersecurity regulation, “Cybersecurity Requirements For Financial Services Companies” (23 NYCRR 500). This regulation took effect on March 1, 2017. The final regulation reflects several of the comments offered during the final comment period that concluded on January 27, 2017. For a prior list of significant changes from the initial version to the second version, please see our blog post located here.

Most of …

January 23, 2017 Legislative Update / Life, Health, Disability & ERISA

President Trump Takes Aim at Affordable Care Act; New York Governor Responds

Within hours of taking the Presidential oath of office, President Donald J. Trump issued his first executive order and it was directed at the Patient Protection and Affordable Care Act (ACA). The executive order formalized the Trump Administration’s policy to “seek the prompt repeal of the [“ACA”].” President Trump then directed executive department heads to “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement” of the [ACA] that would impose a fiscal or regulatory burden on those affected in any …

January 26, 2016 Regulatory

New York Governor Andrew Cuomo Nominates New DFS Superintendent

Governor Andrew Cuomo has nominated Maria T. Vullo as the new Superintendent of the Department of Financial Services. If confirmed by the New York State Senate, she would replace Benjamin Lawsky who resigned as Superintendent in June 2015.

Ms. Vullo, an experienced litigator, is currently of counsel at Paul Weiss in its New York City office. She has over 25 years of litigation experience at the trial and appellate levels including at the United States Supreme Court and in U.S. Circuit Courts of Appeal around …

December 3, 2015 Occurrence

New York Court Takes a Bite Out of Multiple Occurrences Argument

A New York Federal District Court recently held that an attack by two dogs upon two pedestrians constituted a single occurrence under the dog owners’ homeowners policy. In so holding, the court rejected use of the “unfortunate events” test to determine the number of occurrences because the policy language required that all injuries arising from the same general conditions would be considered to be the result of one occurrence, regardless of the number of claimants. As a result, the insurer’s liability was limited to the …

October 15, 2015 Regulatory

Reminder to Eligible Excess Line Insurers with Policyholders in the State of New York — Minimum Surplus Requirement Increases for Excess Line Insurers

A Twelfth Amendment to New York’s Insurance Regulation 41 was promulgated by the Department of Financial Services after the President signed the Nonadmitted and Reinsurance Reform Act (NRRA), which was Title V, Section I in the Dodd-Frank Wall Street Reform and Consumer Protection Act, 15 U.SC. 8201.

This amendment adopted most of the provisions of the NRRA on or about April 18, 2011. Like New York, most states incorporated, as amendments to their statutes or regulations, the provision in the NRRA that the primary regulator …

October 12, 2015 Occurrence

One Detached Dump Truck, Three Occurrences: The “Unfortunate Event” Test in New York

One of the key issues in many insurance disputes is the number of “occurrences,” which are presented by a particular set of facts relating to a claim submitted by the policy holder. In its recent decision of Nat’l Liab. & Fire Ins. Co. v. Itzkowitz, the Second Circuit was called upon to determine whether the events surrounding an incident on the highway involving three separate vehicles were part of one single occurrence under New York law.

The events surrounding this coverage action were caused …

August 27, 2015 Emerging Issues

Earth, Wind, and Water: New York Court Enforces Anti-Concurrency Clause In Superstorm Sandy Case

In Clarke v. Travco Insurance Company, 2015 U.S. Dist. LEXIS 104267 (SDNY, August 7, 2015), a federal judge sitting for the United States District Court, Southern District of New York granted a homeowners insurer summary judgment in a dispute with its policyholder regarding coverage for a Superstorm Sandy claim.

The homeowner was insured for first-party property damage to his home pursuant to a standard homeowners policy. His home, located near the Hudson River, sustained damage as a result of flood water during the storm. …