Reinsurance

News & Analysis as of

Recent Employee Benefits Developments

Amending Retirement Plans to Recognize Same-Sex Marriages Plan sponsors need to review retirement plan documents and operations to determine whether changes are needed in response to last year's Supreme Court decision in U.S....more

Rector Report on reforming reserve financing transactions: much work remains – 6 developments

On June 30, 2014, the NAIC Principle-Based Reserving Implementation (EX) Task Force (PBR Task Force) held a conference call to discuss comments to the modified recommendations to the report issued by Rector & Associates, Inc....more

Captive Insurance Trade Association Opposes Proposed Revisions To The National Standards For State Accreditation

In a letter dated May 19, 2014, the Captive Insurance Companies Association (CICA) urged the National Association of Insurance Commissioners (NAIC) to reject proposed revisions to the definition of “multi-state reinsurer” in...more

Colorado Amends Laws Governing Credit For Reinsurance And Receiverships

Colorado has amended its laws regarding credit for reinsurance and receiverships to conform to certain model acts adopted by the National Association of Insurance Commissioners (NAIC). House Bill 14-1315, conforms Colorado...more

Court Construes Disputed Insurance Policy Language And Requires Reinsurer To Follow The Settlements

The case involved two facultative reinsurance contracts, each of which covered excess liability for similar umbrella liability insurance policies, and each of which contained a “follow the settlements” provision. After the...more

CFTC Issues No Action Letter On Application Of Swap Rules To Longevity Reinsurance Transaction

There has been considerable concern in the insurance and reinsurance industries that certain hedging and reinsurance activities that companies have engaged in for a number of years, particularly with respect to life insurance...more

Vermont Amends Law Governing Credit For Reinsurance

Vermont has amended its law governing how ceding insurers take credit for reinsurance within the state. The law, in part, implements new eligibility requirements for assuming insurers to be accredited reinsurers and requires...more

Jury Awards Stonebridge Casualty $5.8 Million On Reinsurance Claim

A final judgment was recently entered on a jury verdict awarding $5.8 million to Stonebridge Casualty Insurance Company. The case involved a reinsurer’s failure to pay reinsurance claims arising out of an automobile tire...more

IRS Rules Captive Reinsurance Arrangement Involving Retiree Medical Benefits Qualifies as Insurance for Federal Tax Purposes

On May 18, 2014, the Internal Revenue Service (IRS) ruled that an employer’s wholly owned captive insurance subsidiary could reinsure the employer’s retiree medical benefit risks and still qualify as insurance for federal tax...more

Court Holds That Arbitrator Should Decide Whether An Arbitration Provision Survives The Commutation Of A Reinsurance Agreement

A federal judge in the District of Connecticut recently analyzed whether the arbitration provision in a reinsurance agreement was extinguished by a subsequent commutation agreement. The case involved an agreement between the...more

Connecticut Amends Law Concerning Captive Insurers

Connecticut has amended its law concerning captive insurers doing business in the state to include, in part, a new provision on how foreign captive insurers can become Connecticut domestic companies and revisions on how...more

CFTC Interprets “Swap” Definition In the Context of Longevity Risk Transfer

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (Division) recently addressed for the first time the CFTC’s definition of a “swap” as it applies to a specific insurance...more

A Court May Not, under the Guise of Adjudicating a Breach of Contract Dispute, Stay an Arbitration Which Is in Process Based upon...

Savers Property and Casualty Insurance Company v. National Union Fire Insurance Company, __ F.3d __, 2014 WL 1378134 (6th Cir. April 9, 2014) - Case at a Glance - A district court enjoined an ongoing...more

Clause Where Party Demanding Arbitration Is Not A Party To Allegedly Terminated Reinsurance Agreement

A federal district court has taken under advisement plaintiff’s motion for injunction and defendant’s cross-motion to compel arbitration after conducting a hearing on the matter. The issue to be decided is whether CX can...more

Claims Against Loan Servicer And Force-Placed Insurer Alleging Commission And Reinsurance Kickback Scheme Survive Dismissal

A putative class action involving force-placed home insurance and an alleged scheme for mortgage lenders to obtain kickbacks in the form of commissions, reinsurance premium, and other fees, has survived a motion to dismiss. ...more

Is SLIMPACT Losing Steam? Tennessee Switches To NIMA

As part of the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in July, 2010, Congress incorporated the Nonadmitted Insurance and Reinsurance Reform Act (“NRRA”), which provides that...more

Whose Risk Is It Anyway? New Revenue Ruling Provides Guidance for Employee Benefits Captives

On May 8, the IRS issued Rev. Rul. 2014-15, 2014-22 I.R.B. 1, which provides guidance in the rapidly expanding area of insuring or reinsuring employee benefits with captives. ...more

Court Vacates Arbitration Award Where Arbitration Held Under Incorrect Arbitration Rules

A federal judge in Houston recently vacated an arbitration award where the reinsurance agreement specified that the arbitration of any disputes would proceed “under the auspices of the ICC,” but the arbitration actually...more

Court Defers Ruling On Appointment Of Umpire Pending Disclosures To Determine Neutrality

We previously reported on December 17, 2013, about a dispute in federal court between Nationwide Mutual Insurance Company, National Casualty Company, and Employers Insurance Company of Wausau (collectively, “Nationwide”) and...more

Further Developments In Ongoing Reinsurance Dispute

A reinsurance dispute between Guarantee Trust and American Medical has been ongoing for some time; we posted prior updates in March 2011 and July 2013. Most recently, Guarantee Trust filed motions seeking to file a second...more

Court Construes Parties’ Agreement To Allow New York State Courts To Rule On Statute Of Limitations Defense

The issue confronting the court in In re ROM Reinsurance Management Co. v. Continental Insurance Company was whether the timeliness of a demand for arbitration was a determination for the Court or for the arbitrators. ...more

Bankruptcy Trustee’s Action For Crop Reinsurance Proceeds Is Time-Barred

A federal district court has held that a bankruptcy trustee’s action to compel payment of crop insurance proceeds is time-barred by virtue of the Federal Crop Insurance Act (FCIA) and the insurance policies’ arbitration...more

Parties Agree To Dismissal With Prejudice Of Reinsurance Dispute Pending In Illinois Federal Court

A dispute over two facultative reinsurance certificates pending in the United States District Court for the Northern District of Illinois was voluntarily dismissed on March 26, 2014. ...more

Court Affirms Interpretation Of Aviation Reinsurance Contracts Triggered In The Wake Of 9/11

In a summary order, the Second Circuit Court of Appeals has affirmed a federal district court’s interpretation of certain reinsurance contracts in favor of AIOI Nissay Dowa Insurance Company. The central issue in dispute was...more

Third Circuit Rejects Requests for Reserve and Reinsurance Information and Supplemental Payments During Appraisal Process in...

The United States Court of Appeals for the Third Circuit has upheld the right of insurance carriers to withhold reserve and reinsurance information in first-party bad faith actions. Although an unpublished decision, Mirarchi...more

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