Reinsurance

News & Analysis as of

NAIC Approves Seven Foreign Countries As Qualified Jurisdictions For Reinsurance Collateral Reduction Requirements And Announces...

At its December 11, 2014 meeting, the National Association of Insurance Commissioners (NAIC) approved seven foreign countries as Qualified Jurisdictions so that reinsurers licensed and domiciled in those jurisdictions will be...more

California Federal District Court Compels Arbitration In Reinsurance Dispute

Randazzo Enterprises sued its reinsurer, Applied Underwriters Captive Risk Assurance Company, Inc. in California federal court over Applied’s calculation of premiums of the reinsurance agreement entered between them. Invoking...more

Reinsurance Arbitration Award Confirmed, Reaching Result Contrary To Previous Award Against Different Reinsurer

On March 11, 2014, we reported on the First Circuit’s ruling in a contested arbitration between OneBeacon America Insurance Co. and certain of its reinsurers over reinsured asbestos claims. The reinsurers filed a declaratory...more

Insurance Carrier Battles Reinsurer For Expenses In Addition To Losses

On December 4, 2014, the Second Circuit addressed whether a facultative reinsurance certificate (“certificate”) covering an umbrella policy obligates a reinsurer to indemnify expense payments in addition to losses. The Court...more

Appeal Dismissed In Instituto Nacional De Seguros V. Hemispheric Reinsurance Group, L.L.C. Et Al.

We have posted on this case filed against two reinsurance brokers several times. Since our last posting regarding this case, which reported on the results of the trial, an appeal was filed in Florida’s Third District Court...more

Reinsurer’s Liability Capped At Amount Stated In Liability Clauses

In a case on which we previously reported on January 29, 2014, a federal court in New York recently ruled that a reinsurer was not required to pay amounts in excess of the sums stated in the Liability Clauses of two...more

Court Reverses Denial Of Petition To Compel Arbitration

In Mahmud v. Ralph’s Grocery Company, No. B237636 CA 2/4 (Nov. 10, 2014), the California Second Appellate District reversed and remanded a trial court denying the petition of an employer (Ralph’s) to compel arbitration of a...more

Reinsurance Newsletter - December 2014

In This Issue: - Recent Case Summaries - Recent Regulatory Developments - Recent Speeches and Publications - Excerpt from Recent Case Summaries: Seventh Circuit Holds FSIA Overrides State Statute...more

Court Rejects Insurer’s Argument That It Contracted To Its Reinsurer All Obligations Owed Under A Ceded Policy

A federal district court has denied an insurer’s motion for summary judgment on a breach of contract claim, rejecting Liberty National Life’s argument that it contracted to its reinsurer all obligations owed under a ceded...more

Cedent Loses Motion For Reinsurance Payments Due To Late Notice And “Unsatisfactory” Proof Of Loss, Notwithstanding “Follow The...

In a reinsurance coverage dispute involving coverage for an underlying settlement of asbestos liability, a New York court considered whether the defenses of failure to provide prompt notice and failure to provide satisfactory...more

ACA Fees, and Forms, and Delays, Oh My!

In the latest round of delays under the Affordable Care Act (ACA), the Employee Benefits Security Administration recently announced that the deadline for health plans to provide enrollment information to the transitional...more

HHS Extends November 17 Deadline to Submit Covered Lives Data under Reinsurance Program

The Health Care Reform Act created the transitional reinsurance program, which requires most self-insured health plans to make contributions to HHS for the 2014, 2015, and 2016 calendar years, in an attempt to stabilize...more

Seventh Circuit Declines To Require Pre-Pleading Security From Uruguay’s State-Owned Reinsurer And Refuses To Compel Arbitration

The Plaintiff, Pine Top Receivables of Illinois, LLC brought an action in Illinois federal court against Banco de Seguros del Estado, an entity wholly owned by Uruguay. Pine Top claimed that Banco de Seguros owed Pine Top...more

Court Refuses To Seal “Substantive Rulings” In Arbitration Award

A federal court in Michigan was recently presented with a motion to seal the briefing associated with a motion to confirm an arbitration award. The arbitration concerned a reinsurance dispute and had been conducted pursuant...more

Court Denies Motion To Compel Production Of Documents Relating To Reinsurance Coverage

A federal district court has denied that part of an insured’s motion seeking to compel the insurer to produce all documents relating to its reinsurance coverage. The court ordered the production of the reinsurance agreements...more

Untouchable? – New York Court Rules that Policyholders Have No Claims against Reinsurer (NICO) or Third-Party Claims Administrator...

In recent years, more than two dozen insurance companies, including Liberty Mutual, AIG, and CNA, have entered into reinsurance arrangements with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc....more

Court Dismisses All Claims Brought By Insured Against Reinsurance Intermediary And Agent In Connection With Fraudulent Scheme And...

A federal district court has dismissed all claims brought against American Special Risk (ASR), a reinsurance intermediary and agent for insurer Signet, by insured Car Sense. Car Sense sued Signet and ASR in connection with a...more

New York Appellate Court Dismisses Claims Against Reinsurer And Its Claims Administrator

In what began as a dispute between OneBeacon America Insurance Company and its insured, Colgate, over OneBeacon’s asserted right to control the defense of claims against Colgate in connection with numerous personal injury...more

The Seventh Circuit Refers Issue Of Scope Of Arbitration To Arbitrators

The Seventh Circuit Court of Appeals held that it lacked jurisdiction over an interlocutory appeal of an order that would direct the arbitrator to include year 2008 in a pending arbitration proceeding brought under the...more

Insurance Recovery Law -- November 2014

Payment of Costs Doesn’t Preclude Unfair Trade Practices Claim Against Insurer - Why it matters: In a significant victory for policyholders, Massachusetts’ highest court ruled that an insured had a valid unfair...more

Employee Benefits: The Registration Form For Transitional Reinsurance Program Fees Has Been Issued, and Must Be Submitted By...

The Patient Protection and Affordable Care Act (ACA) created new fees for covered health plans, including transitional reinsurance program fees (TRP Fees) that are designed to stabilize premium increases that are expected to...more

Primer On Civil And Common Law For The Int’l Insurer

In large, complex coverage disputes, it is common for international insurers and reinsurers based in a common law jurisdiction to get involved in the adjustment and dispute resolution of claims subject to the laws of civil...more

California Legislation Regarding Credit For Reinsurance Signed Into Law

On September 16, 2014, Assembly Bill No. 2734 (“AB 2734”) was signed into law. AB 2734 authorizes trusteed surplus to be reduced to not less than 30% of the assuming insurer’s liabilities attributable to reinsurance ceded by...more

Southern Title Insurance Company Declared Insolvent And Ordered Liquidated

In July of this year, the State Corporation Commission of the Commonwealth of Virginia issued an Order declaring Southern Title Insurance Company insolvent and ordering its liquidation. Among other things, the Order...more

Commonwealth Court Of Pennsylvania Approves Reinsurance Commutation Agreement

On September 4, 2014, the receivership court for the Reliance Insurance Company (“Reliance’) estate (the “Reliance Estate”) approved a settlement agreement allowing the Liquidator to terminate and commute the obligations...more

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