Effective January 1, 2020, New Hampshire’s new Insurance Data Security Law will impose certain information security requirements on entities that (1) are licensed under the state’s insurance laws and (2) handle “nonpublic information.” “Nonpublic information” is defined as information that is not publicly available and falls into one of the two following categories:
Last week, the Eighth Circuit upheld a lower court’s ruling in State Bank of Bellingham v. BancInsure Inc., finding that a bank employee’s negligence in securing its computer network did not preclude coverage for a data breach resulting in a fraudulent funds transfer. The decision affirms the lower court’s ruling granting summary judgment in
As data breaches have continued to grow over the past few years, interest in cyber insurance coverage has grown along with it. This week, the Fourth Circuit upheld a lower court’s ruling in Travelers Indemnity Co. of America v. Portal Healthcare Solutions, LLC, finding that a commercial general liability (CGL) insurance policy covered the
If your company has suffered property damage or lost business as a result of recent catastrophic events – the extended closure of airspace due to volcanic ash from Iceland, the flooding of Nashville, Tennessee and surrounding areas, and the oil spill in the Gulf of Mexico – help may be on the way. While some insurance
Numerous class action suits have been brought over the past several years under the Telephone Consumer Protection Act (“TCPA”) against entities that fax unsolicited advertisements (so-called “blast faxes”) to individuals and businesses. Companies facing such suits in turn have sought insurance coverage under their comprehensive general liability (“CGL”) policies for costs incurred defending TCPA suits
The recently filed case of First Bank v. Federal Insurance Company reflects yet another financial services provider that was the subject of a data breach incident, and was forced into litigation with its insurers as a result. As detailed in our recent article, First Bank is not alone in having their insurance company
You may have noticed that premiums for Directors and Officers Liability (“D&O”) insurance are skyrocketing, largely as a result of the subprime lending crisis, stock market volatility, and the ensuing financial uncertainty. According to the American Banker, since 2008 D&O premiums, depending on the coverage type, have increased between 15% to 40% since last
Which among the following businesses are potentially subject to consumer financial services laws, rules, and regulations?
A. a retail clothing chain
B. a bank or mortgage company
C. an internet retailer
D. a fast food franchisor
E. all of the above
If you answered E, “All of the above,” you are CORRECT. However, many companies do not
