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TODAY'S TOP DEVELOPMENTS Monday, March 10, 2014   Industry news, expert analysis, and daily updates on the most significant insurance coverage legal developments—from the insurance and legal experts of The National Underwriter Company.  CASE LAW Directors & Officers D & O Policy Does Not Cover FDIC’s Claims against Former Bank Directors, Court Rules A federal district court in Kansas has ruled that an insurance company owed no duty of coverage under a directors and officers insurance policy that it had issued to the Columbian Bank and Trust Company and its directors and officers for claims that the Federal Deposit Insurance Corporation asserted against former directors of the bank. Read More Homeowners Insurance Court Approves $950 Million Settlement by JPMorgan Chase in National Forced-Place Insurance Class Action The U.S. District Court for the Southern District of Florida has entered an order granting final approval of a settlement in a class action brought against JPMorgan Chase Bank, N.A., stemming from the bank’s forced-placed insurance arrangements. Read More Commercial General Liability Irrebuttable Presumption of Prejudice under New York Law Does Not Apply Where Default Judgment Entered Against Insured Prior to Notice to Insurer Was Vacated Thereafter In a case of apparent first impression, a New York trial court has ruled that the irrebuttable presumption of prejudice to an insurance company from late notice of a claim that is set forth in New York Insurance Law §3420(c)(2)(B) did not apply where a default judgment entered against an insured prior to notice was vacated after notice. Read More Eye on the Experts Insurance Coverage for Statutory Class Action Claims Involving Privacy Class action lawsuits alleging statutory violations for privacy-related claims are on the rise. Like all class actions, these suits are expensive to defend and often expensive to resolve. Whether there is insurance coverage for such suits is hotly contested, and insurance companies increasingly are rushing into court trying to obtain determinations that they are not obligated to cover the latest lawsuit. Although statutory class claims can present novel coverage issues, they can be addressed or mitigated with prompt and careful attention. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY Reinsurance International Coalition Objects to Obama Administration’s Proposal to Deny Deductibility for Certain Reinsurance Premiums Members of the Coalition for Competitive Insurance Rates and others have expressed their concern about a proposal in the Obama Administration’s fiscal year 2015 budget that would deny a tax deduction for certain reinsurance premiums paid to foreign-based affiliates by domestic insurers. Read More Life Insurance Illinois Insurance Department Warns Consumers about Stranger-Originated Life Insurance Arrangements Illinois Department of Insurance Director Andrew Boron has issued a warning to consumers about stranger-originated life insurance arrangements. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS FC&S Legal Publishes “Let Me Be Direct: ‘Direct’ Is Not an Ambiguous Term”  Read More Insurance Attorneys Mark Meyer and Paul Dowsey Join Cozen O’Connor in London Read More XL Group Launches Automotive Recall Plus in Germany, Austria, and Switzerland Read More John Hancock Insurance Offers New Long Term Care Rider on All Single Life Products Read More AIG Appoints Michael Smith, James Shea, and Robert Thomas to Senior Positions Read More View All Industry News Discussion Installation Floaters Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire March Insurance Coverage Law Report   View Insurance Coverage Law Report Archives Steven A. Meyerowitz, ESQ. Director, FC&S Legal [email protected] Victoria Prussen Spears, ESQ. Associate Director, FC&S Legal [email protected] FC&S Legal Editorial Advisory Board Mitchell J. Auslander, Willkie Farr & Gallagher LLP Carrie Cope, Schuyler, Roche & Crisham, P.C. Anjali C. Das, Wilson Elser John F. Finnegan, Chadbourne & Parke LLP Michele L. Jacobson, Stroock & Stroock & Lavan LLP Timothy P. Law, Reed Smith LLP Donald S. Malecki, Malecki, Deimling, Nielander & Associates, LLC Cort T. Malone, Anderson Kill & Olick, P.C. D. Milone, Kelley Drye & Warren LLP Joseph P. Monteleone, Tressler LLP Anne M. Murray, Rivkin Radler LLP Jerold Oshinsky, Kasowitz, Benson, Torres & Friedman LLP Seth B. Schafler, Proskauer Rose LLP David D. Thamann, The National Underwriter Company FC&S Daily Legal Report ($1,295 annual subscription) is included as part of your subscription to FC&S Legal: The Insurance Information Center. FC&S Daily Legal Report and The Insurance Coverage Law Report are publications of The National Underwriter Company. For more information, visit www.fcandslegal.com. To subscribe to FC&S Legal, please contact customer service at 1-800-543-0874 or [email protected]. FC&S Legal: The Insurance Coverage Law Information Center    LinkedIn   To ensure future delivery of email, please add [email protected] to your address book, contacts or safe sender list. You have received this email at %%merge members_.emailaddr_%%. Click here to unsubscribe from %%merge list.descshort%%. ©2014 Summit Professional Networks, All rights reserved. Privacy Policy 5081 Olympic Blvd Erlanger, KY 41018 1-800-543-0874