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TODAY'S TOP DEVELOPMENTS Friday, July 26, 2013 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 Commercial General Liability Price-Fixing Conspiracy Charges Did Not Implicate Policy's "Advertising Injury" Provisions, Court Rules A federal district court in California has rejected the argument by Epson Electronic America, Inc., one of dozens of entities alleged to have engaged in a price-fixing conspiracy for TFT– LCD (thin film transistor liquid crystal display) flat panels incorporated into various products, that 12 cases in which plaintiffs alleged that Epson had violated the unfair competition or deceptive trade practice statutes of various states – cases that Epson characterized as "State Law False Advertising Cases" – entitled it to receive a defense from its commercial general liability insurance carrier because the claims implicated the policy's "advertising injury" provisions. Read More Attorney's Fees Insurer that Prevailed in Its DJ Action is Awarded Statutory Attorney's Fees A federal district court in Oklahoma has awarded attorney's fees to an insurance company that prevailed in its declaratory judgment action and obtained a judgment that it had no duty to defend or indemnify its insureds. Read More Bad Faith Oral Binder May Form Basis for Policy Reformation and Retroactive Coverage, But Did Not Establish Bad Faith on Its Own, Court Rules A federal district court in California has ruled that although an oral binder may form the basis for policy reformation and retroactive coverage, it did not, on its own, establish bad faith and, even if it constituted an oral promise, did not open the door for retroactive application of the implied covenant of good faith and fair dealing. Read More Excess In Dispute with Excess Insurer, Insured Had Burden of Proving Allocation of Settlement Funds among Covered and Excluded Claims An appellate court in Pennsylvania has ruled that an insured, in a dispute with its excess insurer, had the burden of demonstrating the portion of a settlement that was for covered claims and the portion of the settlement that was for claims that were not covered by the policy. Read More View All Case Law Developments LEGISLATIVE/REGULATORY Federal Actions Senators Introduce Legislation to Alter Tax on Small Mutual Insurers Under current law, property and casualty insurance companies with annual premiums above $350,000 but less than $1.2 million can elect to be taxed on their net investment income as opposed to their annual operating income. The maximum limit for this election would change if a bill introduced in the U.S. Senate to increase the alternative tax liability limitation for small property and casualty insurance companies becomes law. Read More In the States Connecticut Now Requires Insurers to Participate in Climate Risk Surveys Connecticut-based insurance companies now are required to complete the annual Climate Risk Survey that was initially adopted in 2009 as a voluntary report by the National Association of Insurance Commissioners. Read More View All Legislative/Regulatory Developments INDUSTRY NEWS Several Insurers Hold Detroit Municipal Bonds, SNL Financial Reports Read More Study Finds Cybercrime Costs U.S. Economy $100 Billion Annually Read More Endurance Appoints New Chief Risk and Chief Operations Officers Read More Renewable Energy Sector Could Triple Annual Insurance Spending by 2020, Report Finds Read More George Spedding Named Vice President of Claims at Scottsdale Insurance Read More View All Industry News Discussion Automobile and Motor Vehicle Defined Browse our entire library of over 2,500 insurance resources and forms. INSURANCE COVERAGE LAW REPORT View Entire July Insurance Coverage Law Report View Insurance Coverage Law Report Archives Steven A. Meyerowitz, ESQ. Director, FC&S Legal Victoria Prussen Spears, ESQ. Associate Director, FC&S Legal 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 ($795 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 on how to subscribe to FCS& Legal, please contact customer service at 1-800-543-0874 or customerservice@sbmedia.com. 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