Legal
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The dispute centres on wordings around non-damage denial of access and public authority shutdown mandates. -
Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
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The comments come as AM Best earlier today warned over the impact of regulatory creep on BI claims.
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The ratings agency discussed impacts from the pandemic and noted that it is still awaiting responses to a “stress test” questionnaire.
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Montemayor also sits on the board of the insurance-focused private equity fund Black Diamond.
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SCGM says that the policy provides coverage because Covid-19 is a variant of SARS.
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The conduct regulator will review data collection and authorisation processes, assuming Covid-19 work allows it the time.
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The state has joined New York, Ohio and Massachusetts in considering the bill.
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Prime Time Sports Grill says its insurance claim was denied on 23 March.
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Trade credit sources welcomed plans for backstops but warned of reduced premium levels.
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The agency also asked carriers to be conservative on executive pay as the Covid-19 crisis continues.
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The order also forbids insurers operating in the state from charging fees for late payment.
