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Reinsurance, the insurance of insurance companies, arose in the 14th century, the same century that saw the rise of the Ming Dynasty and the decimation of Europe's population by the Black Plague. Despite its 600-year history, however, until recently, judicial decisions on reinsurance disputes were few and far between. Instead, "differences [were] often ... settled by handshakes and umpires[.]" <i>Sumitomo Marine & Fire Ins. Co. v. Cologne Reins. Co.</i>, 75 N.Y.2d 295, 298, 552 N.E.2d 139, 140 (1990). But with the flood of mass tort and environmental litigation in the last 20 years, there has been a rise in reinsurance litigation. One historic response to deflect protracted reinsurance litigation is the "follow the fortunes" doctrine. When courts and insurers talk about follow the fortunes, they may mean one of two similar concepts: follow the fortunes or "follow the settlements." While the follow the fortunes doctrine "requires reinsurers to accept a reinsured's good faith decision that a particular loss is covered by the terms of the underlying policy," the follow the settlements clause "requires reinsurers to abide by a reinsured's good faith decision to settle, rather than litigate, claims on that policy. <i>Commercial Union Ins. Co. v. Seven Provinces Ins. Co.</i>, 9 F. Supp. 2d 49, 66 (D. Mass. 1998), <i>aff'd,</i> 217 F.3d 33 (1st Cir. 2000), <i>cert. denied,</i> 531 U.S. 1146 (2001). Typically, the follow the fortunes doctrine is implied in the reinsurance contract whereas the follow the settlements clause is a specific provision in the agreement. While these doctrines share the underlying predicate of "good faith," this article focuses on the follow the fortunes doctrine: the doctrine that requires a reinsurer to indemnify its reinsured whenever the reinsured makes a good faith payment of an insured loss.
The hours have been billed, the client invoiced and the payment recorded, what happens next in your firm? Does your financial management software preserve a detailed financial history? For many firms, once an invoice has been collected in full, the process of utilizing the associated data stops ' a hard copy of the invoice is filed and the numbers lie dormant in the financial system. This scenario is problematic because it does not allow for long-term flexibility in accessing and manipulating the data for best practices and/or analysis purposes. The truth is, many financial systems ' even those designed in the last few years ' don't maintain enough historic detail to solve tomorrow's problems.
Have you been looking at your Web site thinking it's time for a change? Want to make sure you are getting the most out of your Web site investment? Here are 20 simple ways you can spruce up and enhance your site, without breaking the bank in the process.
This little device would seem to come in handy in finding the hot spot zones without the necessity of taking out our laptops and powering up to see if we can connect. But when put to the test, it seems that Kensington has a few more hours of development in its schedule to make this thing give us a proper result!
Voice-mail has traditionally been the most personalized and candid form of communication in business. Even with the proliferation of e-mail and other electronic documents, voice mail continues to have a greater impact on juries and judges. <br>While voice mail has always been subject to discovery and investigation, the process for electronically saving voice mail and filtering through the saved messages has been spotty and very time consuming. All of this is about to change.
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If a technical application existed that coded litigation documents at a fraction of the time and cost, would you use it? As new technologies emerge, Winston & Strawn, a 150 year-old firm with nearly 900 attorneys and multiple offices worldwide, asks this question time and again. As litigation support project manager at the Washington, DC office, my latest conclusion is that autocoding is an important piece of litigation technology and the time has come.
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The latest rulings of importance to you and your practice.
The truth is apparently no defense for the state when it comes to issuing warning labels for nicotine gums and patches. Recently, the California Supreme Court unanimously ruled in <i>Dowhal v. SmithKline Beecham Consumer Healthcare</i>, 04 C.D.O.S. 3259 that federal regulations trump state statutes when it comes to putting pregnant women on alert about the possible dangers of Nicorette' and other nicotine-replacement therapies -- even if the state warnings are legitimate. "Whether a label is potentially misleading or incomprehensible is essentially a judgment of how the consumer will respond to the language of the label," Justice Joyce Kennard wrote. "A truthful warning of an uncertain or remote danger may mislead the consumer into misjudging the dangers stemming from the use of the product, and consequently making a medically unwise decision."
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In a decision issued March 9 in the case of <i>Pharmaceutical Care Management Ass'n v. Rowe</i>, No. 03-153-B-W, 2004 U.S. Dist. LEXIS 3758 (D. Maine 3/9/04), U.S. District Judge John A. Woodcock Jr. delayed enforcement of a novel Maine law whose intent is to make the business practices of companies that negotiate drug prices on behalf of health plans more transparent. The preliminary injunction has at least temporarily prevented the state of Maine from implementing Maine's 2003 "Act to Protect Against Unfair Prescription Drug Practices (M.R.S.A. ' 2699), known as UPDPA, against pharmaceutical benefits managers (PBMs).
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The most recent news from the agency.
