Supreme Court Annuls Agency Overreach in Title Insurance Regulations

In “Supreme Court Annuls Agency Overreach in Title Insurance Regulations,” a bylined article for the New York Law Journal by O’Melveny partners Tancred Schiavoni and Gary Svirsky and associate Janine Panchok-Berry, the authors discuss a recent decision by Justice Eileen Rakower of New York State Supreme Court to strike down Regulation 208. Enacted in October 2017 by New York Department of Financial Services Superintendent Maria Vullo, the regulation “broadly barred basic marketing practices that are common in most service industries,” and was met with a legal challenge by insurers.

The authors write that the Justice’s decision “corrected the superintendent’s overreach” when she held that to prohibit title insurance companies from marketing their business would be an “absurd proposition.” Read their full analysis of the decision here.

Schiavoni is chair of O’Melveny’s insurance practice. He represents insurance and reinsurance companies in a variety of disputes, including bad faith claims and environmental coverage litigation. Svirsky represents clients in complex commercial litigation matters with a special focus on disputes involving insurance coverage, distressed debt investments and sophisticated securities. Panchok-Berry is an associate in O’Melveny’s New York office.