The Bermuda Ministry of Economy and Labour has recently declared a renewal of the expedited Actuarial Work Permit process. This renewal, effective from 1st August 2023 up until 31st July 2024, is an attempt to respond to the high global demand for skilled actuaries. This initiative has been ongoing since mid-2022. The expedited Actuarial Work…
Dealing with the aftermath of a truck accident can be an overwhelming experience. Specifically, in the state of Florida, numerous legal complexities can come into play, making it critical for victims to have a sound understanding of their rights and how to protect them. Such knowledge can heavily influence the success of compensation claims and…
In a recent development within the insurance industry, insurers may find themselves accountable for pre-suit attorney’s fees, according to a bulletin from Butler Weihmuller Katz Craig LLP. However, it is noted that such circumstances may be circumvented if pre-suit settlements are considered. Under section 627.70152 of the Florida Statutes (2021), if insurers tender policy limits…
In a recent dispute highlighted by Law.com, Nationwide Mutual Insurance Co. contended that its homeowner and auto insurance policies do not cover individuals alleged to have assisted in abductions. This marks a significant episode in the broader discussion regarding the coverage and limitations of insurance policies. Nationwide’s argument has emerged in the midst of a…
In the often chaotic aftermath of a car accident, victims may overlook the immediate need to seek medical attention, especially when injuries are not immediately apparent. This oversight can greatly affect personal injury claims in court, particularly in Florida. Reporting from a piece by Searcy Denney Scarola Barnhart & Shipley on JD Supra, highlights the…
The Bermuda Monetary Authority (BMA) has opened up further consultations on improving its insurance regulatory regime, as detailed in an update made public on July 28, 2023. Information disseminated by law firm Skadden, Arps, Slate, Meagher & Flom LLP, outlines the key points of this updated proposal. Discussion encompasses the BMA’s plan to strengthen its…
In today’s digital landscape, everyone tries to navigate the labyrinth of cybersecurity, and legal professionals are no exception. The disturbing question raised repeatedly- “Why are Lawyers so Terrible at Cybersecurity ?” is the focal point of a recent article published by Sensei Enterprises, a reputable provider of IT, cybersecurity, and digital forensics services. It outlines…
On August 28, 2023, California State Senator Dave Cortese (D-15) announced last-minute amendments to Senate Bill (SB) No. 553. Known as the Workplace Violence Prevention Bill, which has already made its way through Assembly Appropriations Committee, is on track to create significant changes in California labor law, focused explicitly on enhancing the safety of employees…
In a noteworthy ruling, a U.S. court has followed Fifth Circuit jurisprudence to enforce an unsigned insurance arbitration agreement under the New York Convention. This case pertained to an arbitration agreement under scrutiny, argued by the insured to be unenforceable in light of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (commonly…
Acting Comptroller of the Currency, Michael J. Hsu, recently expressed his backing for the Insured Depository Institution (IDI) Resolution Plan Rule at a Federal Deposit Insurance Corporation (FDIC) board meeting. According to the detailed brief by Troutman Pepper, this rule presses the need for insured financial institutions to put in place and submit extensive plans…
As we move with intensity through 2023, it’s pivotal to reflect on the earlier made projections for the casualty insurance market. This article will focus on the mid-year outlook of the original five predictions, analyzing their trajectory and offering insights to legal professionals navigating this sphere. An article by Woodruff Sawyer at the end of…
In a recent legal update, the United States Department of Justice (DOJ) and an unidentified bank in Oklahoma have entered a consent agreement to settle allegations surrounding the practice of redlining. It was announced on August 28, that the resolution involves significant claims of redlining performed by the Oklahoma-based bank. Read more… The term ‘redlining’…
The Federal Deposit Insurance Corporation (FDIC) issued a number of enforcement actions against various banks and individuals in July, as detailed in their recent announcement made on August 25. Read the full FDIC report here. The published report consists of ten administrative actions. These actions include two orders that combined a prohibition order with an…
Regulatory enforcement; a word that stirs apprehension, yet it remains a keystone of the financial sector’s operational landscape. A periodic assessment of such actions provides advantageous insights for corporations wanting to stay within the regulatory boundaries. This article explores several recent enforcement actions by the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), and…
Following the U.S. Securities and Exchange Commission’s (“SEC”) implementation of cybersecurity disclosure rules on July 26, 2023, new concerns and challenges are emerging with regards to public companies’ insurance portfolios; specifically directors’ and officers’ liability (“D&O”) and cyber insurance policies. The rules, which were set out to govern registrants’ disclosure requirements relating to cybersecurity risk…
The decision to hire a mutual fund company as a 401(k) Third Party Administrator (TPA) poses many unique considerations. In the context of business distribution methodology, there are key parallels to be drawn from other industries, such as the way that British breweries leverage beer pubs as strategic distribution channels in the UK. To save…
In a significant ruling, the Tenth Circuit Court of Appeals has bolstered the position of ERISA (Employee Retirement Income Security Act of 1974) with a decision favoring pharmacy benefit managers (PBMs). The case, Pharmaceutical Care Management Association v. Mulready, highlighted the ongoing tension between state laws and the powers granted by the aforementioned federal statute….
In a significant ruling, the United States District Court for the Middle District of North Carolina applied North Carolina law to address an important issue surrounding exclusions in Directors and Officers (D&O) insurance policies. The court ruled that neither a contract exclusion nor a professional services exclusion contained in a D&O policy barred coverage for…
The domain of public health and privacy is constantly evolving, requiring stringent compliance with certain regulations – notably, the Health Insurance Portability and Accountability Act of 1996 (HIPAA). Of particular interest is the recent guidance issued by the U.S. Department of Health and Human Services (HHS) in June 2022, pertaining to the use of remote…
On August 31, the Office of California Healthcare Affordability (OCHA) will conclude its public comment period regarding proposed regulations under a new law focusing on healthcare M&A deal oversight in California, due to be enacted next year. OCHA’s chief objective is to bridge the existing oversight gaps in healthcare consolidation. The California attorney general currently…
In a recent episode of Payments Pros, leading legal practitioners and industry insiders Keith Barnett, Rich Zack and Christy Tuttle discussed the impact of U.S. government sanction programs on payment processors, banks, and the payments industry broadly speaking. The discussion is situated in the current atmosphere of sanctions in the payments industry. The discussion also…
In the field of data protection, the significance of Personally Identifiable Information (PII) redaction cannot be understated. Traditional cornerstones in the safeguarding of client information exist in the form of compliance standards like the Health Insurance Portability and Accountability Act (HIPAA), the Gramm-Leach-Bliley Act (GLBA), and the Family Educational Rights and Privacy Act (FERPA). These…
In the delicate and highly-detailed domain of mergers and acquisitions (M&A), insurance is a factor that often goes overlooked. However, disregard for this critical area can lead to unplanned financial exposure, thereby threatening the acquiring party’s economic stability. The form of the M&A transaction, the specifics of the policy, and the applicable state law all…
UK Top 50 firm, Kennedys, has recently added a new partner to its branch in Chile. Rodrigo Hayvard, previously acting as general counsel and chief compliance officer for leading Chilean insurance company FID Seguros, is making a return to Kennedys where he had formerly held a senior associate position. This move further bolsters Kennedy’s strong…
In addition to approving the long-term debt proposal, the Federal Deposit Insurance Corporation (“FDIC”) Board had a full docket this Tuesday. The announcement for the meeting specified a hefty agenda, outspreading rumors of significant activity within the legal sector. The board’s discussions and decisions during this meeting are particularly noteworthy considering its influence on major…