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TODAY'S TOP DEVELOPMENTS Monday, February 3, 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 Federal Actions In AIG Bailout Suit against New York Fed, Second Circuit Holds that State Fiduciary Duty Law Is Preempted By Federal Common Law Citing the "extraordinary measures" taken by the Federal Reserve Bank of New York to rescue American International Group, Inc., from bankruptcy at "the height of the direst financial crisis in modern times," the U.S. Court of Appeals for the Second Circuit has affirmed a district court's decision dismissing a claim by AIG's former majority shareholder for breach of Delaware fiduciary duty law against the New York Fed. Read More Excess Archdiocese that Settled Father's Claim of Son's Sexual Abuse Loses Bid for Insurance Coverage The U.S. Court of Appeals for the Eighth Circuit, affirming a district court's decision, has ruled that the Archdiocese of St. Louis and Archbishop Robert J. Carlson (together, the "Archdiocese") were not entitled to have their secondary excess insurance carrier cover the amount the Archdiocese had paid to settle a father's sexual abuse claims, given Missouri law limiting negligence actions against religious organizations. Read More Automobile Insurance Evidence of UM Limits Was "Irrelevant and Prejudicial," Indiana Appeals Court Rules An Indiana appellate court has ruled that a trial court had erred when it allowed into evidence at a jury trial the $250,000 bodily injury limit provision contained in the insureds' insurance policy, concluding that that evidence was "both irrelevant and prejudicial." Read More Flood Court Denies Summary Judgment to FEMA, Finding that Insured Had Submitted Sufficient Information to Enable FEMA to Evaluate Her Claim A federal district court in Louisiana has denied a motion for summary judgment filed by the Federal Emergency Management Agency in a case brought by a homeowner seeking additional payments on a claim, concluding that the homeowner had supplied sufficient information to FEMA and rejecting its contention that she had to file a second proof of loss. Read More View All Case Law Developments    LEGISLATIVE/REGULATORY Health Insurance EmblemHealth Settles with New York over Young Adults' Claims and Will Offer to Reinstate Coverage to 8,300 EmblemHealth, Inc., has reached a settlement with New York regulators that requires that it offer reinstatement of health coverage to more than 8,000 young adults whose coverage, the government asserted, had been wrongly terminated, and that it pay approximately $90,000 in denied claims. Read More Homeowners Insurance Mortgage Lender Took Kickbacks from Insurers, Consumer Financial Protection Bureau Alleges  The Consumer Financial Protection Bureau has initiated an administrative proceeding against PHH Corporation and its affiliates, alleging that PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. Read More View All Legislative/Regulatory Developments      INDUSTRY NEWS New York State Bar Honors AXA's Darryl Gibbs for Diversity Efforts Read More Insurance Coverage Litigator Patrick J. Boyle Joins Venable LL Read More Homeowners Choice Now Offers Flood Insurance in Florida Read More XL Group Creates New Operational Risks Team to Meet the Needs of Financial Institutions Read More FC&S Legal Publishes Pamella A. Hopper's Article, "Texas Supreme Court Hands Big Insurance Win to Construction Industry" Read More View All Industry News Discussion Vandalism as Cause of Loss Browse our entire library of over 2,500 insurance resources and forms.    INSURANCE COVERAGE  LAW REPORT View Entire February 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. 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