Reinsurance

News & Analysis as of

New Wave of COI Rate Increase Lawsuits Hits the Industry

Historically, increases to cost of insurance (COI) rates on universal life (UL) policies have been met with legal challenges from policyholders, and sometimes, regulatory opposition spurred by policyholder complaints. The...more

Assumption Reinsurance Refresher

On August 9, 2016, the Office of the Superintendent of Financial Institutions (OSFI) posted revised transaction instructions on its website for reinsurance on an assumption basis (Assumption Reinsurance). OSFI stated that the...more

Excalibur Reinsurance Corporation Placed Into Liquidation

Excalibur had been in run-off status since 2003, and under regulatory supervision since at least 2013. A Pennsylvania court has now placed Excalibur into liquidation based on three grounds: (1) insolvency – Excalibur’s...more

The Insurance Act 2015 came into effect on Friday – a brief primer before you renew or buy a new policy

The Insurance Act 2015 (the Act) came into force on 12 August 2016, introducing major changes in English law in relation to insurance and all forms of reinsurance. It applies to all contracts of insurance and reinsurance...more

Final Judgment Entered And Notice Of Appeal Filed In Longstanding Reinsurance Dispute

In the ongoing reinsurance dispute between cedent Utica Mutual Insurance Company and reinsurer Clearwater Insurance Company, about which we most recently posted on February 9, 2016, two developments occurred on July 14, 2016....more

2016 Captive Insurance Update | Issue 2 | 2016

Governor Peter Shumlin (D-Vt.) is not running for re-election this fall, so Vermont will have a new governor in January 2017. In addition, the Commissioner of the Vermont Department of Financial Regulation (DFR), Susan...more

District Court Of Nebraska Determines Non-Signatory Of Arbitration Agreement Is Not Bound To Arbitrate

A signatory may bind a non-signatory to an arbitration agreement through principles of contract and agency law such as: (1) incorporation by reference; (2) assumption; (3) agency; (4) veil-piercing/alter-ego; and (5)...more

Alert: Insurance Act: Underwriter's Checklist

The Insurance Act 2015 will come into force on 12 August 2016. It will apply to all English law contracts of insurance and reinsurance (or variations to current contracts) underwritten on or after that date. Contracts of...more

Delaware Chancery Court Finds That Anti-Suit Injunction Bars Trustee Under Reinsurance Trust Agreement From Pursuing Third-Party...

Freestone Insurance Company is a Delaware-domiciled insurer that has been placed in liquidation. U.S. Bank National Association served as the trustee under a reinsurance trust agreement (the “Trust Agreement”) between...more

Illinois Federal Court Denies Motion To Transfer Where Contracts Entered Into And Party Located In Illinois

Earlier this month, a federal court in Illinois denied a motion to transfer a case to California. The motion arose out of a reinsurance dispute between the R&Q Reinsurance Company and American Insurance Company. R&Q filed its...more

U.S., E.U. Representatives Continue to Work on Covered Agreement for Insurance and Reinsurance Measures

Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. This is the third such meeting since the U.S....more

Surplus Lines Clearinghouse Provides Instructions Following The Dissolution Of The Non-Admitted Insurance Multistate Agreement...

In a Special Focus article posted on May 2, 2016, we addressed the uncertain future of the multi-state allocation of non-admitted premium tax revenue. The Non-admitted and Reinsurance Reform Act (NRRA) provides for individual...more

California Federal Court Dismisses Claims In Class Action To The Extent Plaintiff’s Claims Are Based On The Theory That Rates Were...

In this class action lawsuit in a California federal court, Shasta Linen Company and all those similarly situated brought an action against Applied Underwriters, Inc. and its affiliate entities. Shasta Linen alleges that the...more

The California Earthquake Authority (CEA) is Considering Purchasing Cat Bonds over Reinsurance

This year the CEA will buy more reinsurance than in prior years, but the CEA may be casting an eye towards revenue bonds as part of its overall claims-paying resources, believing that a bond program could be more effective...more

South Carolina District Court Finds Expert Report Does Not Satisfy Obligation Under Fed.R.Civ.P. 26(a)(1)(A)(iii) To Provide...

A South Carolina federal court found that Companion Property and Casualty Insurance Company’s expert’s testimony did not satisfy its obligation to provide a damages calculation. Companion argued that its failure to disclose...more

Massachusetts Federal Court Rejects Pre-Award Challenge To Party-Appointed Arbitrator

In a recent reinsurance case, a Massachusetts federal court denied a pre-award petition of a cedent to remove the reinsurer’s party-appointed arbitrator, finding that the Federal Arbitration Act (the “FAA”) did not authorize...more

Federal Court Dismisses Claims Against Third-Party Administrator

The Indiana Department of Environmental Management and the Environmental Protection Agency brought certain enforcement actions against Hartford Iron & Metal, Inc. to remediate alleged environmental damage at a scrapyard run...more

New York Federal Court Holds That Audit Firm’s Review Of TPA Is Attorney Work Product

In a case upon which we have reported on January 6, 2016, and November 24, 2015, a New York federal district court held that the work of an audit firm hired to review the billing practices of a third-party administrator...more

Blog: #Brexit. (Re)insurers “warn” that Solvency II’s here to stay. Are they right to do so?

Over the last week or two, a number of articles have “warned” us that Solvency II is here to stay – even in post-#Brexit Britain. This raises 2 questions: (i) is Solvency II really here to stay? And (ii) if it is, is that...more

One Step Closer to Single State Surplus Lines Taxation – the Rise and Fall of NIMA in the Post-NRRA Era

On July 21, 2010, President Obama signed the Nonadmitted and Reinsurance Reform Act of 2010 (“NRRA”) into law as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. NRRA took effect one year later on July...more

Manatt on Health Reform: Weekly Highlights - July 2016

Massachusetts extends coverage of Hepatitis C treatments and New Hampshire extends substance use disorder coverage to more Medicaid enrollees; Alaska’s Medicaid expansion now moves ahead uncontested; and CMS reports...more

Blog: Solvency II: external audit of the Solvency & Financial Condition Report

Under the PRA’s Solvency II-implementing rules, (re)insurers are required (*) to publish an annual Solvency & Financial Condition Report (SFCR), which describes: - the (re)insurer’s business and performance; - the...more

Missouri Court Of Appeals Finds Facultative Reinsurance Agreement Between Parties Was Truly A Liability Insurance Contract Which...

Although the parties had entered into what they called a Facultative Reinsurance Agreement (“FRA”), the Missouri Court of Appeals determined the agreement was a contact of indemnity against liability, and thus, pursuant to...more

High Court’s Encino Decision Means No Deference for CFPB View on RESPA, PHH Argues

On June 23, PHH filed a letter in the D.C. Circuit supplementing its appeal briefing in PHH Corp v. CFPB, No. 15-1177. For those of you who may have missed our prior posts on this, PHH is appealing a decision made by CFPB...more

South Carolina District Court Finds There Is No Separate Cause Of Action For Apportionment Under South Carolina’s Contribution...

Plaintiff Companion Property and Casualty Insurance Company (“Companion”) participated in a fronted insurance program with Redwood and Freestone. Reinsurance collateral trusts were established for Companion’s benefit and...more

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