The US Supreme Court's 2022 Dobbs ruling raises important questions for captive insurance companies writing medical malpractice coverage. Medical malpractice professionals must now consider coverage issues around medical procedures involving abortions or services tangentially related to abortions.
Captives underwriting medical professional and general liability coverages face new challenges as a result of the US Supreme Court's 2022 decision in Dobbs v. Jackson Women's Health Org., 142 S. Ct. 2228 (2022). These challenges should be evaluated and understood by captive boards of directors, risk managers, and claim managers.
Third-party litigation funding has become a multibillion-dollar business and is contributing to the growth of insurers' legal costs and the size of settlement payouts, according to a new report from the Insurance Information Institute. The lack of transparency around lawsuit financing can extend a suit's duration and increase costs.
Don't miss the July issue of "Captive Insurance Company Reports" ("CICR"), in which P. Bruce Wright and Saren Goldner from Eversheds Sutherland (US) LLP provide an analysis of a recent opinion by the US Court of Appeals for the Tenth Circuit in the micro-captive case Reserve Mechanical Corp. v. Commissioner.
A senate bill introduced in the state of Washington is seeking to formalize and clarify the position of captive insurers covering risks in the state. Senate Bill 5315 puts a number of requirements on captives that are writing Washington-based risks and are owned by Washington-headquartered companies.
Vermont's Department of Financial Regulation has filed a federal suit against a captive insurance executive and financial adviser alleging a multimillion-dollar fraud against policyholders. The suit names the former president of Global Hawk Risk Retention Group and several of Global Hawk's outside professional advisers.
AIG filed a lawsuit May 11, 2020, against Ambassador Captive Solutions, alleging Ambassador coordinated a scheme of counterfeit insurance policies. Ambassador denies the claims of forgery and instead argues a case of contract dispute.