March 31
Two into One
We believe–perhaps it’s self-delusion–that our column calling upon legislators and the governor to forego the idea of merging banking, insurance, and consumer protection, simply merging of insurance and banking, may have had some influence on the outcome. Frankly, we do hear regularly from legislators’ staff and of course from industry leaders all the time. We […]
Worksite and Indemnity Limited Benefit Medical Plans: Whats Fact, Whats Conjecture?
By Matthew Esposito Even such respected writers as Mr. Wendell Potter whose recent piece in the New York Times doubts the usefulness of this particular insurance product, may be correct about some things some of the time, but may be woefully wrong about others all of the time. Half-truths can prove inflammatory and unduly shake trust. While […]
Something Youll Want to Tell Your Insureds; One New Development; and Two Points Ive Overlooked
What Happens When Plaintiff Sues Your Insured By Serving the NY Secretary of State And the Summons Never Reaches Your Insured? When your insured incorporated or formed an LLC, it agreed to permit claimants to serve notice of suit on the Secretary of State instead of serving the insured. Upon receiving service, the Secretary of […]
You Want Sprinklers On That?
One hundred years ago this past March 25th, a fire at what was known as The Triangle Shirtwaist Factory in Manhattan, NY, killed 146 factory workers. At the time it was the largest number of deaths in one single incident (obviously that number was surpassed on September 11th) and caused cities around the country to […]
Spreading Some Good News
Reviewing recent headlines can be a depressing endeavor lately: The European economy; our northeast weather, the Libyan dictatorship and treatment of its people; the news of the earthquake, tsunami and subsequent nuclear crisis in Japan … I could go on and on, but I just don’t want to. … things seem just horrible in the […]
Retroactive Cancellation of Policy OKas to Insured and Anyone Else a Party to Misrepresentation Due to Lack of Insurable Interest
Defendant Allstate Insurance Company moved for summary judgment under CLPR 3212. Plaintiffs Luis Rodriguez and Rafael Jiminez subsequently moved to preclude defendant from testifying at trial and to strike its complaint, or in the alternative, for an order scheduling depositions with preclusionary language. Plaintiff Rodriguez was the holder of an automobile insurance policy with defendant. […]
Donating Commissions to Charity
New York State Insurance Laws prohibit rebating and inducements in the sale of insurance. But when, and under what circumstances, can a licensed agent or broker donate a portion of commissions to charity? By way of background, Sections 2324 and 4224 of the Insurance Laws prohibit licensees from directly or indirectly paying, allowing or giving […]
Annuities, Life Insurance Buyers Protected Under New State Regs
Two new regulations to combat misleading practices in the sales of annuities and life insurance to senior citizens and other consumers were introduced by Insurance Superintendent James J. Wrynn. The two emergency regulations that have been put in place by the New York State Insurance Department: • Require that only a suitable annuity, based on […]
