Reinsurance

News & Analysis as of

IRS Revokes Ruling That Imposed Excise Tax On Wholly Foreign Reinsurance Transactions

The Internal Revenue Service recently revoked a 2008 ruling that a 1% excise tax under section 4371(3) of the Internal Revenue Code applied to “reinsurance premiums paid by one foreign insurer or reinsurer to another.” The...more

Washington Adopts New Rules Regarding Credit For Reinsurance

The Office of the Insurance Commissioner for Washington State recently adopted rules that amend the existing Credit for Reinsurance rules within the state. In addition, that office adopted new rules to conform Washington’s...more

Federal Tax Advisory: Extraterritorial Taxation: Rev. Rul. 2016-03

Not a State Tax – State tax disputes commonly involve claims that a state cannot tax beyond its geographical boundaries. That principle is at the root of Quill Corp. v. N.D., 504 U.S. 298 (1992), requiring that a...more

SPECIAL FOCUS: The Arbitrability Of Statutes Of Limitations In Reinsurance Disputes

Whether a particular jurisdiction’s statute of limitations provides a reinsurer with a valid basis to deny payment of a cedent’s claim is sometimes a hotly-contested issue. Where a dispute is litigated in state or federal...more

Court Denies Motion To Dismiss By Bank And Its Affiliated Reinsurer In RICO Suit

This dispute involves class action claims under RICO, claims for unjust enrichment and allegations that Bank of America and its affiliate reinsurer engaged in a conspiracy to defraud home mortgage borrowers into funding sham...more

Court Holds That Service-Of-Suit Clause Waives Right To Seek Removal

The Northern District of Illinois recently granted a motion to remand filed by an insolvent insurer’s assignee because the removal contravened the forum-selection clauses of the reinsurance agreements at issue. Pine Top...more

Court Confirms Final Arbitration Award In Reinsurance Dispute

Certain Underwriters at Lloyd’s of London petitioned the U.S. District Court for the District of Massachusetts to confirm an award issued by a three-member panel in an arbitration against Transport Insurance Company. The...more

New York Federal District Court Dismisses Third Party Claim Against Insurance Brokerage Service

In what the court termed a “risk-free reinsurance scheme [that] proved anything but,” a New York federal court dismissed a third-party claim against the insurance brokerage service that put the two parties to the insurance...more

South Carolina Federal Court Grants In Part, Denies In Part, Trustee’s Motion To Dismiss Claims Brought By Fronting Insurer In...

Plaintiff Companion Property and Casualty Insurance Company (“Companion”) brought suit against U.S. Bank National Association (“US Bank”) arising from its role as trustee under various reinsurance collateral trusts that...more

Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny

One of several class actions that arose in the wake of a 2013 investigation by the New York Department of Financial Services (NYDFS) into so-called “shadow insurance,” Robainas v. Metropolitan Life Insurance Co., has been...more

FCA clarifies new financial crime form scope

FCA has published its addendum to its latest quarterly consultation paper (see FReD 11 December) to clarify that it expects both EEA pure reinsurers and insurance intermediaries which generated over £5 million in revenue as...more

Court Denies Counsel’s Attempt To Use Confidential Documents Obtained In Reinsurance Arbitration In Separate Litigation

A reinsurer that was engaged in a London arbitration against a captive insurer of a defense contractor for the U.S. Navy had obtained documents from the Navy subject to a an agreed confidentiality protective order limiting...more

Connecticut Insurance Department Publishes Three Bulletins Mandating Financial Reporting

The Connecticut Insurance Department issued three bulletins on November 17, 2015, each of which mandate financial reporting by insurers to the Department. Bulletin Number FS-4AR-15 requires all accredited reinsurers doing...more

PRA proposes modification to Solvency 2 supervision for Bermudian undertakings

PRA has proposed a rule modification to Solvency 2 group supervision rules in respect of Bermudian-parented undertakings. PRA proposes that until their equivalence under the Solvency 2 regime is confirmed, a temporary...more

Congress Amends Section 831(b): Is This the Beginning of the End of Section 831(b) Abuses?

On December 18, 2015, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (Act), which made several significant amendments to section 831(b) of the Internal Revenue Code....more

Insurance News, December 2015

Schaeffler Holding, LLP v. United States, No. 14-1965, 2015 WL 6874979 (2d Cir. 2015) - Generally speaking, the “common interest doctrine” is an “exception to the general rule that voluntary disclosure of confidential,...more

Excess Workers’ Compensation And Employers’ Liability Policy Held Not To Be Reinsurance

The United States District Court for the Middle District of Louisiana recently granted an insurer’s motion for summary judgment, finding that an excess workers’ compensation and employers’ liability policy was not reinsurance...more

EIOPA updates on relevant risk-free interest rate term structures

EIOPA has updated its technical information on the relevant risk-free interest rate term structures to be applied by (re)insurance undertakings when calculating their technical provisions under Solvency 2. EIOPA has also...more

New York Appellate Court Affirms Denial Of Competing Summary Judgment Motions In Reinsurance Dispute

In a short, unanimous opinion, the New York Appellate Division, First Department, affirmed a trial court’s ruling that genuine issues of fact precluded it from granting summary judgment to a reinsurer or the plaintiff-cedents...more

The Argument for Utmost Good Faith in Property Insurance

The term “bad faith” is commonly understood as a breach of the implied duty of good faith and fair dealing recognized in insurance contracts due to the “special relationship” between an insured and an insurer. Breach of this...more

PRA sets out expectations for insurance market

PRA has issued a “Dear CEO” letter on continuing soft market conditions in the UK general insurance sector. The letter explains that continuing low interest rates and another year without significant natural catastrophes are...more

BoE discusses prudential regulation and supervision priorities

BoE Director of General Insurance, Chris Moulder, has spoken to the Westminster Business Forum on the policy priorities for prudential regulation and supervision. He discussed the approach to the Solvency 2 regime, preferred...more

Court Approves Replacement Arbitrator In Reinsurance Dispute Despite Technical Violation Of Arbitration Agreement

In a short handwritten ruling, a court recently denied Odyssey Reinsurance Company’s challenge to a replacement arbitrator appointed by its opponents, Certain Underwriters at Lloyds London Syndicate 53 and Reliastar...more

PRA finalises approach to Solvency 2 insurance branches

PRA has published a supervisory statement on third-country insurance and pure reinsurance branches under Solvency 2. It is addressed to non-EEA insurance undertakings that have a UK branch (third-country branch undertakings)....more

IREG Update - December 2015

US to negotiate insurance and reinsurance "covered agreement" with EU - The US Treasury Department and US Trade Representative (USTR) recently announced controversial plans to negotiate a “covered agreement” on insurance...more

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