Business as never before: court decisions in 2004 are changing the way insurers work.
On the property/casualty side, for example, the World Trade Center insurance litigation has made insurers and brokers acutely aware of the need to document complex transactions carefully.
Following the U.S. Supreme Court's decision in the consolidated cases of Aetna Health Inc. vs. Juan Davila and Cigna Healthcare of Texas Inc. and Cigna Corp. vs. Ruby R. Calad, health insurers can operate knowing that the Employee Retirement Income Security Act pre-empts any state law claims regarding employee benefit plans.
Life insurers are examining their premium disclosure policies as numerous lawsuits regarding modal premiums make their way through the courts.
Looking to 2005, Best's Review selected these and a small group of others as the court cases of 2004 that will have the most significant influence on the insurance industry. Although one criterion for selection was that an initial verdict was reached during the year, the pervasiveness of the charges and investigation launched by New York Attorney General Eliot Spitzer over contingent commissions and allegations of bid rigging demanded that they be included in the listing. They have already begun to reshape the industry.
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|Article Type:||Brief Article|
|Date:||Jan 1, 2005|
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