Archives: Insurance Insolvency & Regulatory

Subscribe to Insurance Insolvency & Regulatory RSS Feed

Insurance companies in run-off

By Elizabeth F. Vieyra and Tim Law on Posted in Insurance Coverage, Insurance Insolvency & Regulatory
What is an insurance company “in run-off”? An insurance company is considered to be in run-off when it ceases selling new insurance policies. The essential business of an insurance company is risk pooling. Insurance companies evaluate risks, price and sell insurance policies that assume risks, and pay claims to policyholders that suffer losses covered by … Continue Reading

Pollution exclusion should not preclude coverage for virus-related claims

By Mike Sampson on Posted in Commercial General Liability, Construction Coverage, Corporate and Transactional Insurance Coverage, Cyberliability, D&O, E&O, Professional Liability, Employment Practices Liability, Financial Insurance Coverage, Insurance Coverage, Insurance General, Insurance Insolvency & Regulatory, Insurance News of Note, London/Bermuda Arbitrations, Property Damage & Business Interruption, Uncategorized
Faced with mounting claims for insurance coverage as a result of the novel coronavirus (COVID-19) outbreak, commercial insurers are likely to search for any policy provision that they think will enable them to avoid paying virus-related claims.  One provision that insurers ultimately may invoke in an attempt to deny such claims is the so-called “pollution … Continue Reading

When Assessing Insurance Needs, Medical-Marijuana Dispensaries Must Consider Pennsylvania Regulations

By Mike Sampson on Posted in Commercial General Liability, D&O, E&O, Professional Liability, Insurance Coverage, Insurance General, Insurance Insolvency & Regulatory, Insurance News of Note
Pennsylvania’s burgeoning medical-marijuana industry is and will be carefully regulated. When purchasing insurance, medical-marijuana dispensaries should pay careful attention to the Commonwealth’s regulations, in particular to the regulations relating specifically to dispensaries. Pennsylvania’s medical-marijuana regulations are only temporary, and most of them (including the ones relating to dispensaries) will expire in 2018 Certain of those … Continue Reading

Lumbermens Liquidation: Deadline to File Liquidated Claims Extended to 2017

By Kevin Dreher and Caroline Upton on Posted in Insurance Coverage, Insurance Insolvency & Regulatory, Insurance News of Note
The deadline for submitting documentation to establish “closed” or “liquidated” claims in the Lumbermens Liquidation has been extended to November 10, 2017. To learn more about this important deadline extension, read our full alert on this topic by clicking here.… Continue Reading

Reed Smith’s Insurance Recovery Group Ready to Help Policyholders after U.S. Congress Fails to Extend TRIA

By Doug Widin, Gary Thompson, Mike Sampson, Ann Kramer, Amber Finch and Kit Chaskin on Posted in Insurance Coverage, Insurance General, Insurance Insolvency & Regulatory, Insurance News of Note
Last week, the U.S. Congress adjourned for the year without making any provision for extending the federal Terrorism Risk Insurance Act ("TRIA"). Absent some sort of extension, TRIA thus will expire next week - on December 31, 2014. As a result, insurers will no longer be required to offer terrorism insurance, and even those insurers that do offer the coverage may well reassess their risk and price the coverage at substantially increased premium rates.… Continue Reading
LexBlog