United States: Insurance

The State of Michigan has approved new laws requiring health insurance companies to cover the diagnosis and treatment of autism spectrum disorders (Public Acts 99 and 100 of 2012, enacted on April 18, 2012).

The State of Michigan has approved new laws requiring health insurance companies to cover the diagnosis and treatment of autism spectrum disorders (Public Acts 99 and 100 of 2012, enacted on April 18, 2012).

The U.S. District Court for the Northern District of California, in an opinion dated May 24, 2012, holds that Section 3 of the Defense of Marriage Act, which defines "marriage," is unconstitutional to the extent that it limits same-sex couples from participation in the long-term care insurance program maintained by the California Public Employees’ Retirement System.

The United States District Court for the Central District of California, applying California law, has held that an insurer could rescind liability insurance policies based on misrepresentations in the application.

The United States District Court for the Southern District of California, applying California law, has held that an exception within an insured vs. insured (I v. I) exclusion of a D&O policy restored coverage for a suit between insured directors.

On June 23, HHS Secretary Kennedy and CMS Administrator Dr. Mehmet Oz held a roundtable with health insurance companies to discuss a new pledge to "streamline and improve the prior authorization processes...

While traditional investments struggle with single-digit returns, reinsurance sidecars are delivering up to 30%+ returns to institutional investors.

Broadly, the proposed reduction in reporting requirements will be welcome, especially for transactions classified as "private securitisations" (although the detail of such changes will not be available for some time).

U.S. life carriers engaging in "asset intensive reinsurance transactions" should consider new requirements for reporting and actuarial testing...