Reinsurance

News & Analysis as of

NAIC Summer 2015 National Meeting (A)XXX Developments and Key Takeaways

A number of important developments in the regulation of (A)XXX reserve financing transactions ((A)XXX transactions) emerged during the NAIC Summer 2015 National Meeting (Summer Meeting). Our roadmap through the NAIC’s...more

Joint Letter to the Market by IVASS and the Bank of Italy of 26 August 2015

Considering the critical issues brought to light during the respective enquiries, in part in response to reports by several consumer associations, on 26 August 2015 IVASS and the Bank of Italy (the “Supervisory Authorities”)...more

Texas Appeals Court Affirms Summary Judgment For Texas Comptroller In Risk Pool Row

A Texas appeals court affirmed a summary judgment that rejected an attempt by two insurers to recover more than $1.1 million for taxes, penalties, and interest on certain reinsurance agreements. Argonaut Insurance Company and...more

PRA clarifies MA requirements

PRA has issued a statement explaining that: - even if an insurer and a reinsurer are part of the same group, their respective balance sheets must be valued independently and the insurer must not take credit for any...more

Reinsurer’s Motion For Reconsideration Over Liability Caps Denied

In a case on which we previously reported, a federal court in New York recently denied plaintiff insurer’s motion to reconsider the court’s order granting defendant reinsurer’s motion for partial summary judgment. In that...more

Pennsylvania District Court Rejects Reinsurer’s “First-Filed” Complaint As Improperly Anticipatory And Filed In Bad Faith

A reinsurer filed a complaint in the Eastern District of Pennsylvania seeking declaratory relief regarding its obligations under a reinsurance contract on May 7, 2015. The defendants filed an action concerning the same...more

PHH Fine on Hold, Says D.C. Circuit

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

Massachusetts Court Of Appeals Maintains “Severely Limited” De Novo Review Of Reinsurance-Related Arbitration Award

Collective defendants, Nationwide, appealed from a Massachusetts superior court judgment confirming an arbitration award in favor of collective plaintiffs, Liberty Mutual. The underlying dispute involved a 1972 reinsurance...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

Against the Tide: A New Take on RESPA’s Section 8(c)(2) Safe Harbor by the CFPB

Grab a flotation device – the final decision recently issued by Director Richard Cordray of the Consumer Financial Protection Bureau (“CFPB”) in the administrative enforcement proceedings against PHH Corp....more

Non-Disclosure, Inducement and Avoidance - A Blast From the Past in Reinsurance Litigation

The Commercial Court held in Axa Versicherung AG v Arab Insurance Group (B.S.C.) that, despite the reinsured's failure to disclose loss statistics and therefore to make a fair presentation of the risk, the reinsurer was not...more

The Nuclear Deal With Iran: The Lifting of Sanctions and Implications for Business

On July 14, 2015, after two years of sometimes intense negotiations, the United States, the United Kingdom, France, Germany, Russia, and China (known as the “P5+1” countries), along with the European Union, signed a Joint...more

Federal Court Dismisses Putative Class Action Accusing Life Insurer Of Failing To Disclose “Shadow Insurance”

Plaintiffs alleged that AXA Equitable Life Insurance Company violated New York insurance law prohibiting misrepresentations by insurers of their financial condition, because AXA had not disclosed “shadow transactions” in its...more

California Court Dismisses Tolling Subclass Claims With Prejudice, Finding Issues Barred By Law Of The Case Doctrine

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

Court Denies As Moot Insurer’s Motion To Review Discovery

A district court in Kansas denied as moot defendant Liberty Mutual Fire Insurance Company’s motion to review a magistrate’s order granting plaintiff Great Plains Ventures, Inc.’s motion to compel reinsurance, reserves, and...more

U.K. Court Denies Reinsurer’s Suit To Avoid Reinsurance Agreements

The Commercial Court (a subdivision of the Queen’s Bench Division of the U.K.’s High Court of Justice), recently held that an underwriter could not avoid the reinsurance contracts it had underwritten because it failed to...more

Court Limits Discovery Of Insurer’s Policies With Other Insureds, Compels Production Of Prior Arbitration Testimony

Utica Mutual Insurance Company (“Utica”) sued R&Q Reinsurance Company (“R&Q) in New York federal court for payment under reinsurance certificates R&Q issued to Utica covering umbrella policies Utica issued to its insured,...more

Global Tax News - July 2015

EUROPEAN UNION RE-LAUNCHES FORMULARY APPORTIONMENT: KEY POINTS ABOUT THE CCCTB The European Commission has recently released a Communication to the EU Parliament calling for a re-launch of its proposal from 2011...more

Century Indemnity Enters Stipulated Judgment Preserving Right To Appeal Declaratory Judgment In Favor Of Reinsurer

A New York federal court entered a stipulated judgment in favor of the plaintiff reinsurer that prevailed on its declaratory claim in a summary judgment previously ordered, which judgment capped its exposure to the dollar...more

Louisiana And North Dakota Adopt Amendments Related To Nonadmitted And Reinsurance Reform Act Of 2010

Louisiana and North Dakota amended their surplus lines statutes in line with the Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”), which was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

Insurance and Reinsurance Newsletter - Italy: July 2015

1. Solvency II - Insurance Code Amended - Legislative Decree No. 74 of 12 May 2015 was published in the Official Gazette on 15 June 2015, which has made all necessary amendments to the Insurance Code in order to...more

Legislation Reintroduced to Clarify Application of NRRA to Captives

In an attempt to add clarity to the issue, Senators Lindsey Graham (R-SC) and Patrick Leahy (D-VT) have reintroduced proposed legislation that would exclude captive insurance companies from the coverage of the relevant...more

Manatt on Health Reform: Weekly Highlights - July 2015

Ohio passes a budget mandating that the State request a waiver to implement Medicaid Health Savings Accounts; in Nevada, Marketplace enrollees who experienced technical difficulty obtaining coverage are eligible for a...more

District Court Denies Preliminary Relief In Reinsurance Dispute Over Related Litigation

Plaintiff Excalibur Reinsurance Corporation (“Excalibur”) sought a preliminary injunction in the Eastern District of Pennsylvania to enjoin Defendants Select Insurance Company and the Travelers Indemnity Company from...more

Health Care Update - July 2015

In This Issue: - Medicare Releases Set of Payment Rules, Physician Fee Schedule on Deck - Implementation of the Affordable Care Act - Federal Regulatory Initiatives - Congressional Initiatives - Other...more

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