Reinsurance

News & Analysis as of

Reinsurer Not Allowed To Intervene In Action Involving Cedent’s Risk

The United States District Court for the Southern District of New York denied a reinsurer’s motion to intervene in an interpleader action in which Battenkill Insurance Company argued it had an 85% interest in the funds at...more

FIO Focus, Issue No. 62: FIO Issues Second Annual Report

Pursuant to its mandate under the Dodd-Frank Act, the Federal Insurance Office (FIO) recently issued its second Annual Report on the Insurance Industry (Report). The Report provides information about the financial condition...more

Iowa Decision Underscores the Danger of Sharing Privileged Material with Reinsurers

Last month, a federal court in Iowa handed down a decision holding that neither work product nor attorney-client nor the common interest doctrine shield legal advice and analysis from production in discovery once it has been...more

Pennsylvania Court Affirms Liquidator’s Decision That A Claim Arising From A Reinsurance Policy Is Entitled To A Lower Payment...

A Pennsylvania appellate court has affirmed the liquidator’s determination that a group excess insurance policy issued by Reliance is a reinsurance policy and thereby entitled to a low level of priority of payment from the...more

The NAIC Considers a Stable of Issues at the Summer National Meeting

During the 2014 Summer National Meeting, contingent deferred annuities led the way with the most NAIC groups considering the regulation of CDAs. - At the head of the pack was the CDA (A) Working Group, which received...more

Hawaii Enacts NAIC-Recommended Revisions To Credit For Reinsurance Law

Hawaii’s House/Senate conference committee cleared the way for passage by the full houses of NAIC’s Model Act on Credit for Reinsurance, to address NAIC’s recommended updates pursuant to its Solvency Modernization Initiative....more

Third Circuit: Federal Court Should Decide Whether An Arbitration Clause Authorizes Classwide Arbitration – Not The Arbitrator

The Third Circuit recently was presented with the question of whether, in the context of an otherwise silent contract, the availability of classwide arbitration is to be decided by a court rather than an arbitrator. The...more

New Jersey’s “Direct Action Statute” Is Not A Bar To Judgment Creditor’s Coverage Action

A New Jersey appellate court recently addressed that state’s “direct action statute,” concluding that it did not prevent judgment creditors from pursuing a coverage action arising out of an LMX reinsurance spiral. The...more

Alaska Issues Bulletin On Regulations Modifying Surplus Lines Requirements

Alaska’s Division of Insurance has released a bulletin notifying licensees, surplus lines insurance companies in the State of Alaska, and other interested parties that it has adopted regulations modifying surplus lines...more

New York State Court Approves Confidentiality Agreement

A New York state court approved a stipulation entered into among the parties in a reinsurance dispute which set forth the terms and conditions upon which the parties agreed produce and exchange confidential and/or proprietary...more

Court Rejects Claims Of Privilege, Work Product, And The Common Interest Doctrine To Reinsurance Information

In a discovery dispute between insurer Progressive and the FDIC, as receiver of the insured bank, a federal district court has rejected all claims of attorney-client privilege and work product protection to reinsurance...more

Indiana DOR Finds Economic Nexus, Disregards UPS

The Indiana Department of Revenue recently concluded that a company that earned royalty income from licensing trademarks and trade names to two of its Indiana affiliates, and had no physical presence in the state, nonetheless...more

Reinsurance Broker And Cedent Settle Compensation Dispute

On March 26, 2014, we reported on a dispute surrounding whether a cedent was responsible to compensate a reinsurance broker under a particular broker authorization agreement. The court had denied summary judgment, finding...more

Second Circuit Finds That Late Notice Bars Claims Against Reinsurer

The Court of Appeals for the Second Circuit affirmed a lower court’s ruling in favor of TIG Insurance Company, finding that AIU Insurance Company’s belated notice of claim to TIG under nine certificates of facultative...more

English Appellate Court Dismisses Appeal Of Judgment Declaring No Liability Under A Cargo Liability Reinsurance Policy

A judgment found that certain Lloyd’s reinsurers were not liable to cover the destruction of cargo on board a vessel that capsized in the Philippines during a Typhoon. The trial court relied on a typhoon warranty clause...more

Reinsurance Newsletter - September 2014

In This Issue: • Recent Case Summaries • Recent Speeches and Publications - Excerpt from Recent Case Summaries: Second Circuit Affirms Reinsurer’s Late Notice Defense Under Illinois Law AIU Ins. Co. v....more

NAIC Moving Forward on Regulation of XXX/AXXX Financing Transactions

For more than two years, the National Association of Insurance Commissioners (the "NAIC") has been addressing the use by life insurers of captive reinsurers to finance reserves for certain term life insurance or universal...more

NAIC Executive Committee Adopts Framework For Changes To Captive Reserve Requirements

NAIC’s Executive Committee met at NAIC’s annual meeting in Louisville, Kentucky on August 16 and 17, 2014. The Executive Committee furthered its action on reserve requirements for captive reinsurers and adopted the “XXX/AXXX...more

Court Grants Motion For Partial Judgment On The Pleadings In RESPA Class Action Regarding Private Mortgage Insurance

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

Maryland Adopts Credit For Reinsurance Regulations

The Maryland Insurance Commissioner adopted regulations regarding Credit for Reinsurance effective August 18, 2014. The regulations will implement changes made to Title 5, Subtitle 9 of the Maryland Insurance Article, and are...more

RESPA Class Action Alleging “Captive Reinsurance Scheme” Allowed To Proceed

A Pennsylvania federal court recently denied a motion to dismiss a putative class action lawsuit in which homeowners claim violations of the Real Estate Settlement Procedures Act of 1974 based on an alleged “captive...more

Two Important Deadlines Approaching for Self-Insured Group Health Plans

If you sponsor a self-insured group health plan, then November includes two important deadlines: (1) you must obtain a health plan identifier for your plan, and (2) you must report the number of participants for whom a...more

Reinsurer’s Exposure Capped At The Certificate Limits: No Obligation To Pay Defense Expenses Above The Limits

A New York federal court recently was presented with a reinsurance dispute about the amount a reinsurer was required to pay under certain reinsurance Certificates. The issue was whether the reinsurer’s obligation was capped...more

Super Models Are Looking Better Than Ever - What Does That Mean For Insureds?

A recent article in August’s Best’s Review, The Rise of the Super Models, by Kate Smith (not Kate Upton, sorry), caught our eye. A lot is going on in the world of computer catastrophe modeling. First, demand by insurers and...more

Class Action Alleging Mortgage Kickback Captive Reinsurance Survives Dismissal Pending Discovery On Tolling Of Limitations

A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...more

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