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United States To Sign Covered Agreement With European Union

The U.S. Department of the Treasury and the U.S. Trade Representative have ended the speculation about the fate of the Covered Agreement negotiated by the Obama Administration with the European Union by announcing their...more

Appellate Court Upholds Arbitration Award In Face Of Manifest Disregard Of Law And Public Policy Arguments

An arbitration panel entered an award in a legal malpractice matter in favor of the claimant and the attorneys and law firm moved to vacate the award. The district court denied the motion to vacate, and the Ninth Circuit...more

Court Compels Discovery Of Reinsurance Allocation Information

In an action involving claims under facultative reinsurance for the reinsurance of asbestos risks, the reinsurer sought discovery of documents concerning the allocation of losses among the reinsurers on the program, and...more

Court Must Rule On Motion To Compel Arbitration First

Plaintiff sued his former employer in a putative class action alleging that a payroll practice violated Pennsylvania law. The defendant filed a motion to compel arbitration and a separate motion to dismiss. The district court...more

First Circuit Finds FAA Applicability A Question For Court And Holds FAA Exemption Applicable To Independent-Contractor...

The case presented two issues to the court: 1) whether a court must determine the applicability of the FAA to the case when asked to compel arbitration, where parties delegated questions of arbitrability to the arbitrator;...more

First Circuit Finds FAA Applicability A Question For Court And Holds FAA Exemption Applicable To Independent-Contractor...

The case presented two issues to the court: 1) whether a court must determine the applicability of the FAA to the case when asked to compel arbitration, where parties delegated questions of arbitrability to the arbitrator;...more

Court Compels Arbitration, Rejecting Claim That Contract Is Void For Lack Of Mutual Assent

A New York court compelled the arbitration of a claim under a reinsurance agreement, rejecting the plaintiff reinsurer’s claim that the reinsurance policy is void because the reinsured issued an underlying insurance policy...more

Court Vacates Arbitration Award For Arbitrator’s Evident Partiality

A New York Court vacated an arbitration award, finding that a party appointed arbitrator’s undisclosed relationships with the appointing party amounted to a relatively infrequent instance in which such nondisclosure...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Second Circuit Affirms Dismissal of "Shadow Insurance" Lawsuits

In a summary order issued February 23, the United States Court of Appeals for the Second Circuit affirmed the dismissal of two so-called “shadow insurance” putative class action lawsuits — Ross v. AXA Equitable Life Insurance...more

Court Of Appeals Affirms Dismissal Of “Shadow Insurance” Lawsuits

In a summary order, the United States Court of Appeals for the Second Circuit has affirmed the dismissal of two “shadow insurance” putative class action lawsuits against Axa Equitable Life Insurance and Metropolitan Life...more

The U.S.-EU Covered Agreement: Different Assessments By Different Audiences

On January 13, 2017, the week before the inauguration of President Trump, the U.S. Department of Treasury and the Office of the U.S. Trade Representative announced that the negotiations between the full text of the agreement...more

The U.S. And The European Union Successfully Complete Negotiations For Covered Agreement

As we previously reported in June 2016, the United States and the European Union were in discussions to enter into a Covered Agreement. The Dodd-Frank Act introduced Covered Agreements as a means for limited federal intrusion...more

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

Dodd-Frank in a Trump Administration

During the recent campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act (DFA) if elected, criticizing the regulatory burdens it imposed and contending that it discouraged lending by banks and impaired...more

Recipient Of Arbitration Award In Reinsurance Dispute Permitted Discovery Of Funds Withheld Account

Plaintiffs secured an interim arbitration award in the amount of $7.8 million, plus interest, in what the court described as a complex insurance/reinsurance program. Seeking to collect on the award, plaintiffs served a...more

UK Court Considers Whether Later Conduct Stemming From A Loss Event Should Be Considered A Loss Under An Excess Of Loss...

This case considers an appeal against an arbitration award concerning whether health claims from persons involved in cleaning up the 9/11 World Trade Center site should be considered to be multiple claims or should be...more

What Might Be the Future of the Dodd -Frank Act’s Insurance and Reinsurance- Related Provisions in a Trump Administration?

During the recent election campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act if elected, criticizing the regulatory burdens it imposed on different portions of the financial services sector and...more

State-law Based Claims Against Parties Other than the United States Seeking Damages Arising Out of the Procurement of Flood...

Harris v. Nationwide Mutual Fire Insurance Company, __ F.3d __, 2016 WL 4174381 (6th Cir. Aug. 8, 2016) - Case at a Glance - Plaintiffs purchased a home located in a federal flood zone, but they did not purchase...more

Treaty Tip: Is it an Insurance Policy or a Reinsurance Agreement?

Whether a risk shifting agreement is an insurance policy or a reinsurance agreement may have important consequences. For example, many states prohibit the mandatory arbitration of disputes arising out of insurance policies,...more

STOLI Policies Cancelled, Insurers Retain Premium

Two federal appellate courts have affirmed, on different grounds, the cancellation of large life insurance policies that were alleged to be stranger originated life insurance (STOLI), permitting the issuing insurers to retain...more

Circuit Split Develops Over The Enforceability Of Class Waivers In Employment Agreements

Affirming a district court’s denial of a motion to compel arbitration, the United States Court of Appeals for the Seventh Circuit has held unenforceable a provision of an employment agreement mandating that wage-and-hour...more

What Is The Future Of The Multi-State Allocation Of Nonadmitted Premium Tax Revenue?

In the portion of the Dodd-Frank Act known as the Nonadmitted and Reinsurance Reform Act, Congress established a public policy and stated its desire that “each State adopt nationwide uniform requirements, forms, and...more

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

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