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Articles 1 - 16 of 16
Full-Text Articles in Entire DC Network
Federalism And Antitrust Reform, Herbert J. Hovenkamp
Federalism And Antitrust Reform, Herbert J. Hovenkamp
All Faculty Scholarship
Currently the Antitrust Modernization Commission is considering numerous proposals for adjusting the relationship between federal antitrust authority and state regulation. This essay examines two areas that have produced a significant amount of state-federal conflict: state regulation of insurance and the state action immunity for general state regulation. It argues that no principle of efficiency, regulatory theory, or federalism justifies the McCarran-Ferguson Act, which creates an antitrust immunity for state regulation of insurance. What few benefits the Act confers could be fully realized by an appropriate interpretation of the state action doctrine. Second, the current formulation of the antitrust state action …
Terrorism Risk In A Post-9/11 Economy: The Convergence Of Capital Markets, Insurance, And Government Action, Robert J. Rhee
Terrorism Risk In A Post-9/11 Economy: The Convergence Of Capital Markets, Insurance, And Government Action, Robert J. Rhee
Faculty Scholarship
September 11 changed the American economy and the global insurance market. The insurance industry no longer covers terrorism risk for "free." The traditional insurance mechanism alone cannot spread the risk of repeated catastrophic losses. Beyond the Terrorism Risk Insurance Act of 2002 lingers the questions of a longterm solution and government's role therein. Government can assume different roles: reinsurer, wealth (re)distributor, regulator, or a combination thereof. This article suggests that the government should foster a regulatory and tax environment in which the private sector can develop a capital market solution for terrorism risk. Securitization is an alternative to reinsurance and …
Terrorism Risk In A Post-9/11 Economy: The Convergence Of Capital Markets, Insurance, And Government Action, Robert J. Rhee
Terrorism Risk In A Post-9/11 Economy: The Convergence Of Capital Markets, Insurance, And Government Action, Robert J. Rhee
UF Law Faculty Publications
September 11 changed the American economy and the global insurance market. The insurance industry no longer covers terrorism risk for "free." The traditional insurance mechanism alone cannot spread the risk of repeated catastrophic losses. Beyond the Terrorism Risk Insurance Act of 2002 lingers the questions of a longterm solution and government's role therein. Government can assume different roles: reinsurer, wealth (re)distributor, regulator, or a combination thereof. This article suggests that the government should foster a regulatory and tax environment in which the private sector can develop a capital market solution for terrorism risk. Securitization is an alternative to reinsurance and …
Made Whole Doctrine: Unraveling The Enigma Wrapped In The Mystery Of Insurance Subrogation, The, Johnny C. Parker
Made Whole Doctrine: Unraveling The Enigma Wrapped In The Mystery Of Insurance Subrogation, The, Johnny C. Parker
Missouri Law Review
Application of the doctrine of subrogation often occurs at the expense of the insured. As a result, the common law developed the made whole doctrine, which limits the use of subrogation prior to an insured party receiving full compensation for damages. The primary purpose of this article is to explore the made whole doctrine as the principal weapon used by contemporary courts to curb the harsh effect of contractual subrogation on the rights of the insured. Section I of this article provides an overview of the expansion and use of subrogation in various types of insurance contracts. Section II examines …
The Inevitable Reevaluation Of Best V. Taylor In Light Of Illinois' Health Care Crisis, Carolyn Victoria J. Lees
The Inevitable Reevaluation Of Best V. Taylor In Light Of Illinois' Health Care Crisis, Carolyn Victoria J. Lees
Northern Illinois University Law Review
In the 1997 Illinois Supreme Court decision of Best v. Taylor Machine Works, the court held that caps on non-compensatory damages violated the Illinois Constitution. However, in light of the current health care insurance crisis, the court may have to reconsider this issue. This article re-crafts the decision, ultimately arguing that caps are constitutional. The intention of the article is three-fold. First, the article attempts to bring greater attention to a growing problem that requires immediate addressing, while advocating a direct and administratively simple solution. Second, the article seeks to provide a historical overview of caps on non-compensatory damages relating …
Maritime Law, George Strathy
Maritime Law, George Strathy
Dalhousie Law Journal
This substantial work. written by three members of the faculty of the Marine and Environmental Law Institute at Dalhousie University, is part of the Irwin Law, Essentials of Canadian Law series. Running to just over 800 pages of text, it covers the waterfront, so to speak, of its subject matter. An indication of the scope of the text is reflected in the division of labour among the three authors. They co-authored an introductory chapter and each took responsibility for writing different chapters of the rest of the book. Edgar Gold, a former ship captain and a Master Mariner, has been …
Unleashing A Gatekeeper: Why The Sec Should Mandate Disclosure Of Details Concerning Directors' And Officers' Liability Insurance Policies, Sean J. Griffith
Unleashing A Gatekeeper: Why The Sec Should Mandate Disclosure Of Details Concerning Directors' And Officers' Liability Insurance Policies, Sean J. Griffith
All Faculty Scholarship
This Essay explores the connection between corporate governance and D&O insurance. It argues that D&O insurers act as gatekeepers and guarantors of corporate governance, screening and pricing corporate governance risks to maintain the profitability of their risk pools. As a result, D&O insurance premiums provide the insurer’s assessment of a firm’s governance quality. Most basically, firms with relatively worse corporate governance pay higher D&O premiums. This simple relationship could signal important information to investors and other capital market participants. Unfortunately, the signal is not being sent. Corporations lack the incentive to produce this disclosure themselves, and U.S. securities regulators do …
Known Unknowns: The Illusion Of Terrorism Insurance, Michelle Boardman
Known Unknowns: The Illusion Of Terrorism Insurance, Michelle Boardman
Michelle Boardman
No abstract provided.
"To Sue Or Not To Sue": The Past, Present And Future Of Construction Defect Litigation In Nevada, Robert J. Aalberts
"To Sue Or Not To Sue": The Past, Present And Future Of Construction Defect Litigation In Nevada, Robert J. Aalberts
Nevada Law Journal
No abstract provided.
Rearranging Deck Chairs On The Titanic: Why The Incarceration Of Individuals With Serious Mental Illness Violates Public Health, Ethical, And Constitutional Principles And Therefore Cannot Be Made Right By Piecemeal Changes To The Insanity Defense, Jennifer Bard
Jennifer Bard
The author argues that the problem of adjudicating the mentally ill who commit crimes is too large a societal issue to be resolved by refining the insanity defense. Since this is a threat to the public's health, it is fair to describe the current situation as a public health crisis. First, by not providing adequate mental health resources we create conditions in which people with mental illness find themselves in situations where due to their illness they have the opportunity to commit criminal acts which are causally related to the impairment of their thought process. Second, when people with mental …
E Pluribus Unum -- Out Of Many, One: Why The United States Needs A Single Financial Services Agency, Elizabeth F. Brown
E Pluribus Unum -- Out Of Many, One: Why The United States Needs A Single Financial Services Agency, Elizabeth F. Brown
Elizabeth F Brown
The United States needs to consolidate the over 115 existing state and federal agencies that regulate banking, securities and insurance firms and their products and services into a single, federal financial services agency; a U.S. Financial Services Agency (“US FSA”). The US FSA would be able to more effectively regulate the U.S. financial services industry than the existing regulatory regime. The current U.S. financial regulatory regime suffers from a range of problems, including an inability to anticipate and plan for future financial crises, an inability by regulators to quickly adapt to market innovations and developments, inconsistent regulations for financial products …
Use Of Colossus To Measure The General Damages Of A Personal Injury Claim Demonstrates Good Faith Claims Handling, Dawn R. Bonnett
Use Of Colossus To Measure The General Damages Of A Personal Injury Claim Demonstrates Good Faith Claims Handling, Dawn R. Bonnett
Cleveland State Law Review
Because the law of bad faith is the most volatile of the causes of action, this Note will discuss how using Colossus demonstrates good faith claims handling by insurance companies. Initially, this Note will discuss how Colossus works so readers have an understanding of the product. Following the Colossus section, the Note will discuss the history of bad faith. Finally, this Note will analyze how Colossus assists insurers in meeting the different good faith standards across the nation.
Tax Law Uncertainty And The Role Of Tax Insurance, Kyle D. Logue
Tax Law Uncertainty And The Role Of Tax Insurance, Kyle D. Logue
Articles
In the broadest sense, this is an article about legal or regulatory uncertainty and the role that private and public insurance can play in managing it. More narrowly, the article is about tax law enforcement and the familiar if ill-defined distinctions between tax evasion, tax avoidance, and abusive tax avoidance. Most specifically, the article is about a new type of tax risk insurance policy, sometimes called tax indemnity insurance or transactional tax risk insurance that provides coverage against the risk that the Internal Revenue Service (Service) will disallow a taxpayer-insured's tax treatment of a particular transaction. The question is whether …
Liability Insurance As Tort Regulation: Six Ways That Liability Insurance Shapes Tort Law In Action, Tom Baker
Liability Insurance As Tort Regulation: Six Ways That Liability Insurance Shapes Tort Law In Action, Tom Baker
All Faculty Scholarship
Leaving aside difficult to interpret doctrinal developments, such as the abrogation of traditional immunities, liability insurance has at least the following six impacts on tort law in action. First, for claims against all but the wealthiest individuals and organizations, liability insurance is a de facto element of tort liability. Second, liability insurance limits are a de facto cap on tort damages. Third, tort claims are shaped to match the available liability insurance, with the result that liability insurance policy exclusions become de facto limits on tort liability. Fourth, liability insurance makes lawsuits against ordinary individuals and small organizations into repeat …
The Indemnity Principle: From A Financial To A Function Paradigm, Brad Wilson, Jeffrey E. Thomas
The Indemnity Principle: From A Financial To A Function Paradigm, Brad Wilson, Jeffrey E. Thomas
Faculty Works
Although the indemnity principle is well-accepted, its customary meaning has not kept up with insurance practice. This paper explores the evolution of the indemnity principle in the context of property insurance in the United States. When property insurance was standardized in the 19th century, "indemnity" had a strict, financial meaning. An insured was only entitled to receive actual cash value for a loss, less depreciation. This ensured that insureds received a financial recovery equal to the value of their property prior to the loss. This approach to indemnity was developed in the context of concerns about the morality of insurance, …
Uncovering A Gatekeeper: Why The Sec Should Mandate Disclosure Of Details Concerning Directors' And Officers' Liability Insurance Policies, Sean J. Griffith
Uncovering A Gatekeeper: Why The Sec Should Mandate Disclosure Of Details Concerning Directors' And Officers' Liability Insurance Policies, Sean J. Griffith
Faculty Scholarship
This Article explores the connection between corporate governance and directors’ and officers’ (D&O) insurance. It argues that D&O insurers act as gatekeepers and guarantors of corporate governance, screening and pricing corporate governance risks to maintain the profitability of their risk pools. As a result, in a well-working insurance market, D&O insurance premiums would convey the insurer's assessment of a firm's governance quality. Simply stated, firms with better corporate governance would pay relatively low D&O premiums, while firms with worse corporate governance would pay more. This simple relationship could signal important information to investors and other capital market participants. Unfortunately, the …