The US Department of the Treasury (Treasury) has finalized a long overdue update to federal rules governing the Federal surety bond program (Program). The Final Rule (Rule) adds two new classes of reinsurers, including...more
While reinsurance deals with some of the most complex risks in the insurance system, understanding reinsurance doesn’t have to be complex. Join Goldberg Segalla partners Bruce Engel and Larry Mason as they present an overview...more
On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more
In Housing & Redevelopment Insurance Exchange v. Guy Carpenter & Co., a Pennsylvania federal court considered the enforceability of a forum selection clause in a services agreement between Pennsylvania-based insurer Housing...more
The U.S. District Court for the Northern District of Texas recently dismissed certain claims brought by a reinsurer related to its efforts to audit an insurer’s broker....more
As I always say, the factual underpinnings of every FCPA enforcement action provides important insights into bribery schemes. At the core of every scheme is the misappropriation of money from the company coffers for improper...more
There are only 9 days until all licensed insurers are required to comply with the Cayman Islands Monetary Authority’s (“CIMA”) new Rule on Corporate Governance (the “Rule”) (which replaces the Rule on Corporate Governance for...more
Bermuda has announced that it is considering the implementation of a new corporate income tax regime to be effective on or after January 1, 2025, in response to the OECD’s BEPS Pillar II global minimum tax rules. The...more
On 17 October 2022, the English Commercial Court delivered three very significant, related judgments, which in part considered aggregation of business interruption losses arising from COVID-19....more
DIFC Court jurisdiction – Judicial Authority Law – Syndicated agreements - Introduction In a decision that will be of particular interest for insurers and lenders entering into syndicated agreements, the Dubai...more
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
In 2016, Best's Review published our article titled "The Bellefonte Cap Returns." As we explained, the Cap stemmed from the decision of the U.S. Court of Appeals for the Second Circuit in 1990 in Bellefonte Reinsurance Co. v....more
As a leading jurisdiction for the domicile of captive insurance companies and, more recently, reinsurance companies (together “insurance vehicles”), the laws of the Cayman Islands have a central role and require careful...more
Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more
A recent decision by a North Carolina federal court adds to a list of cases requiring insurance company defendants in coverage actions to produce reinsurance agreements as part of their initial disclosures under Federal Rule...more
The Eastern District of California recently granted partial summary judgment to a class of plaintiffs suing a reinsurer and related entities with respect to a reinsurance arrangement regarding private mortgage insurance that...more
We don’t expect many of you to remember a 1950’s song (as most weren’t yet born!), What’s Behind the Green Door.* The vocalist, Jim Lowe, was certainly not thinking about insurance when he sang it, but in the insurance world...more
PB Life and Annuity Co. Ltd. brought this action seeking a declaratory judgment that a breach of contract dispute with Universal Life Insurance Co. was not subject to arbitration and must be litigated in federal or state...more
The question before the Southern District of New York was whether, under English law, certain facultative reinsurance policies obligated a reinsurer to indemnify its cedent for a $20 million settlement. The finding was...more
As has been reported widely in the press, policyholders are seeking damages from insurers for “late payment” due to insurers rejection of their Covid-19 BI related claims. In particular, many small and medium sized businesses...more
PB Life and Annuity Co. Ltd. sought a judgment that its dispute with Universal Life Insurance Co. was subject to litigation, not arbitration. In response, Universal Life moved to compel arbitration, and PB Life sought a...more
A key question being asked in the markets is whether reinsurers are obliged to follow their cedants’ Covid-19 related settlements? Covid-19 continues to dominate the headlines and the lives of people around the world....more
As legislators in New Jersey debate a new law that would force insurers to pay COVID-19-related claims that are excluded under the plain language of their new law, insurers are left to contemplate a number of critical...more
The Bellefonte Cap - The Bellefonte Cap is a shorthand reference to the "reinsurance accepted" limit set forth in a facultative certificate generally capping the reinsurer's obligations with respect to loss and expense...more
On March 2, 2020, the U.S. District Court for the Southern District of New York issued its long-anticipated ruling in the Global v. Century case. More than five years after applying the Bellefonte Rule to hold that a...more