Reinsurance

News & Analysis as of

U.S.-EU Covered Agreement Gets First Congressional Review

On February 16, 2017, the House Financial Services Subcommittee on Housing & Insurance held a hearing entitled “Assessing the U.S.-EU Covered Agreement.” The hearing was the first opportunity for Committee members—or any...more

Court Upholds Attorney-Client Privilege In Reinsurance Dispute, Rejecting Assertion Of The Crime-Fraud Exception And Questions...

The case involves a dispute over Utica Mutual Insurance Company’s claims for reinsurance proceeds from Munich Re. One of Munich Re’s defenses in the litigation asserts that Utica “strategically orchestrated a settlement...more

French Legal and Regulatory Update

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...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

CMS: Quota share reinsurance

In an abrupt change in position, the US Centers for Medicare & Medicaid Services ("CMS"), in its Advance Notice of Methodological Changes for Calendar Year (CY) 2018, the "Call Letter", published February 1, 2017, announced,...more

No Quota Share Reinsurance For Medicare Advantage Organizations, Says CMS

On February 1, 2017, the Centers for Medicare & Medicaid Services (CMS), in connection with its 2018 Advance Notice (the Notice), advised that quota share reinsurance arrangements are not a statutorily permitted form of...more

U.S. - EU Covered Agreement: The Road Ahead

On Thursday, February 16, the Housing and Insurance subcommittee of the Financial Services Committee of the United States House of Representatives will hold a public hearing entitled, “Assessing the U.S.-EU Covered...more

Court Refuses To Compel Production Of Cedent’s Documents To Reinsurer When Extent Of Cedent’s Obligation To Provide Documents Is...

A court has denied a motion to reconsider its decision denying a reinsurer’s (Century Indemnity Co.) motion to compel an insurer (Travelers Casualty and Surety Company) to produce certain documents in a case in which...more

EU/U.S. Covered Agreement: What’s Next?

On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered...more

Insurance & Reinsurance Newsletter

New Corporate Governance Annual Disclosure Requirements for Connecticut Insurers to Take Effect in 2017 - A recently enacted Connecticut statute intended to compel insurance companies to improve their corporate...more

Rhode Island Regulation 68, Voluntary Restructuring of Solvent Insurers Act

Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval,...more

Court Affirms Dismissal Of Cedent’s Claims Asserting Reinsurance Premium Fraud Scheme, Based On Expiration Of Limitations Period

The appellant (Guarantee Trust) had forwarded reinsurance premiums to the reinsurer to be held in a custodial account for the payment of claims. Guarantee Trust initially sued Kribbs, the founder of the reinsurer, alleging...more

US, EU Enter Into Covered Agreement on Insurance

On Jan. 13, 2017, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative ("USTR") released the terms of the long-awaited covered agreement between the United States and the European Union (the...more

French Legal and Regulatory Update – December 2016

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for December 2016. Please see full...more

Policyholders Beware: AIG-NICO Deal Requires Caution

American International Group, Inc. (“AIG”) recently announced that it entered into a significant reinsurance agreement with a subsidiary of Berkshire Hathaway Inc. (“Berkshire”). Reportedly, that agreement “covers 80% of...more

New York Appellate Court Affirms Denial Of Motion For Change Of Venue

In this reinsurance coverage case in a New York court, certain defendant reinsurers made a motion for a change of venue under NY CPLR 510 (2) on the ground that “an impartial trial could not be had” based on the fact that...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

New guidance note on reinsurance for Hong Kong insurers

A new guidance note on reinsurance for Hong Kong insurers (“GN17“) came into effect on 1 January 2017. GN17 contains a number of general requirements with regard to the management and monitoring of reinsurance...more

The US and EU finalize a Covered Agreement on insurance and reinsurance regulation

On January 13, 2017, the US Treasury reported to Congress that Treasury and the US Trade Representative (USTR) had successfully concluded negotiations with the EU on a Covered Agreement (the Agreement) that would presumably...more

Court Approves Direct Payment Of Reinsurance To Insured In Reliance Insurance Company Liquidation

The court handling the liquidation of Reliance Insurance Company has approved an application for the direct payment of reinsurance proceeds by United Insurance Company to Reliance’s insured, Hoechst Celanese Corporation, with...more

US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

On January 13, 2017, the US Department of the Treasury and the Office of the US Trade Representative (USTR) announced they have negotiated a “covered agreement” on behalf of the United States (US) with the European Union...more

The Obama Administration Eases Sanctions Against Sudan

On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

Court Grants Motion Compelling 30(B)(6) Deposition Testimony On Reinsurance From Insurance Company Following Liquidation

In a discovery dispute following the liquidation of Western Insurance Company (“Western”), a Utah federal district court granted a motion to compel a 30(b)(6) deposition testimony regarding Western’s reinsurance agreements....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

NY Highest Court Asked Certified Question On Reinsurer Liability Cap

The Second Circuit certified to the New York Court of Appeals the question of whether its 2004 decision (Excess Insurance Co. v. Factory Mutual Insurance Co., 3 N.Y.3d 577 (2004)) imposed “either a rule of construction, or...more

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