Reinsurance Newsletter - September 2013: More Cases On Captive Reinsurance Mortgage Insurance


White v. The PNC Fin. Servs. Grp., Inc., No. 11-7928, 2013 U.S. Dist. LEXIS 86650 (E.D. Pa. Jun. 20, 2013).

In this case, plaintiffs accused one of the defendant banks and its affiliated reinsurer of carrying out an illegal captive reinsurance scheme.  The defendants moved to dismiss the RESPA allegations and the court granted the motion based on untimeliness and a failure of the plaintiffs to justify a tolling of the limitations period based on concealment.  Leave to replead was granted.

A similar result occurred in Menichino v. Citibank, N.A., No. 12-0058, 2013 U.S. Dist. LEXIS  101102 (W.D. Pa. Jul. 19, 2013) and Manners v. Fifth Third Bank, No. 12-0442, 2013 U.S. Dist. LEXIS 101100 (W.D. Pa. Jul. 19, 2013).

Topics:  Captive Insurance Company, Mortgage Insurance Fund, Mortgages, Reinsurance, RESPA

Published In: Civil Procedure Updates, Finance & Banking Updates, Insurance Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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