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Paul Zimmerman
pzimmerman@mrllp.com
310.299.5500

Showing 72 posts in Insurance.

Insurance
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California Insurance Commissioner Issues Bulletin Notifying Insurers of Moratorium on Wildfire-Related Cancellations and Non-Renewals

Early last year, California enacted Senate Bill 824 (codified as section 675.1(b)(1) of the California Insurance Code), which serves to prohibit insurers from canceling or non-renewing policies of residential property insurance placed on homes located in certain ZIP codes for a year after the declaration of a state of emergency related to a California wildfire. The statutory provision also requires the California Insurance Commissioner to issue a bulletin informing insurers of the ZIP codes subject to the moratorium. (Read More)

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House Introduces Pandemic Risk Insurance Act of 2020 in the Wake of COVID-19 Business Interruption Claims

Legislation known as the Pandemic Risk Insurance Act of 2020 (the PRIA), which was introduced in the U.S. House of Representatives this week, aims to create a reinsurance program in response to the growing COVID-19 crisis and in anticipation of future pandemics and their effects on the insurance industry and broader economy. Similar in scope and with language comparable to the Terrorism Risk Insurance Act of 2002 (TRIA) that was passed after 9/11, the PRIA, if signed into law, would cap the total pandemic-related insurance losses that carriers might face going forward. Michelman & Robinson explains. (Read More)

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California Insurance Commissioner Extends Order for Insurers to Partially Refund Premiums

This is an update to Michelman & Robinson's previous report about California Insurance Commissioner Ricardo Lara’s bulletin (Bulletin 2020-3) to insurance companies requiring the return of premiums to businesses and consumers in an effort to provide financial relief during the coronavirus crisis. By way of a new bulletin (Bulletin 2020-4issued today (May 15, 2020), Commissioner Lara has extended his prior mandate directed at all admitted and non-admitted property and casualty and workers’ compensation carriers doing business in CaliforniaM&R explains the scope of Commissioner Lara’s updated directive here. (Read More)

Insurance
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U.S. Supreme Court Agrees to Hear Challenge to Scope of Anti-Injunction Act in Micro-Captive Insurance Company Transactions Case

This week, the U.S. Supreme Court agreed to hear a case of great consequence when it comes to judicial review of IRS guidance that arguably concerns tax collection or assessment. At issue in CIC Services LLC v. Internal Revenue Service is the scope of the Anti-Injunction Act and, more specifically, what constitutes the collection or assessment of taxes for purposes of the statute. (Read More)

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NAIC Issues Business Interruption Data Call in the Wake of COVID-19

Late last week, the National Association of Insurance Commissioners (“NAIC”) issued a letter online to all property and casualty insurers on behalf of insurance regulators nationwide regarding a data call to collect information related to business interruption insurance and COVID-19. Carriers can expect to receive the letter directly on—or shortly after—Friday, May 8, 2020. In the meantime, Michelman & Robinson breaks down the information included in the correspondence and answers questions about the data call, the information requested, and who is affected by the NAIC’s outreach. (Read More)

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Attention Insurers: the CDI Has Ordered You to Fairly Investigate All Business Interruption Claims Caused By the COVID-19 Outbreak

That businesses have seen a sharp—and in some instances, total—decline in revenue due to the coronavirus crisis is something we all continue to grapple with. Indeed, the stay-at-home and similar orders in place throughout the nation have served to bring commerce to a screeching halt across industries. Consequently, business owners are turning to their insurance portfolios, seeking to invoke business interruption coverage—to the extent they have it available to them—to compensate for mounting losses of income and the like. (Read More)

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Insurance Companies Have Been Ordered to Provide COVID-19-Related Premium Relief to Businesses and Drivers in California

By virtue of the COVID-19 outbreak and resulting stay-at-home orders in effect throughout California, a substantial number of businesses have closed (at least temporarily) and the roads are virtually free of traffic.

Consequently, premiums paid for certain business-facing policies as well as private passenger automobile insurance may not reflect the present-day risk of loss associated with operating a company or driving a car. In fact, diminished payroll and receipts due to closure orders have, according to some, dramatically reduced the risk of liability loss for businesses, and reduced driving has resulted in fewer accidents, injuries, and fatalities on public highways and roads. (Read More)

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5 Key Considerations When Starting Your Cannabusiness

The estimate is staggering: $30,000,000,000. That’s a lot of zeros and a forecast of annual legal cannabis sales by 2025—this as more and more states legalize marijuana for medical or recreational use. No question, the cannabis business is booming, which is something of a given. Less obvious is what you, as a budding cannabusiness entrepreneur, should consider in making cannabis your business. Toward that end, there’s a broad range of issues to think about. (Read More)

Insurance
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Attention Agents: Fees Charged May Be Unlawful

Brokers and agents take note – an appellate court in California handed down a decision earlier this month that strikes at the legality of “broker fees” charged by agents. (Read More)

Insurance
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A Bit of Coverage on Coverage: Insurance 101 for Juvenile Products Manufacturers

For many, just the mention of the word is enough for eyes to glaze over and minds to wander. Bring it up as fodder for cocktail party conversation, and the universal response is oftentimes a collective yawn. But insurance, though not the sexiest of topics, is a critical cog in the wheel of commerce, and one that cannot be ignored. And that is because this intangible product is an invaluable tool that allows businesses, including those in the juvenile products space, to manage the risk of financial loss – catastrophic and otherwise – by transferring it to third parties (read: insurance companies). (Read More)