Reinsurance

News & Analysis as of

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

Illinois Federal Court Rules That Cedent’s Claims Are Time-Barred

Our prior discussion of this case, and relevant background, can be found here. In 2012, Pine Top Receivables of Illinois, LLC (“PTRIL”) brought an action against Banco de Seguros del Estado (“Banco”) to recover sums...more

New Hampshire Bill Amends Credit For Reinsurance Laws

New Hampshire recently amended its credit for reinsurance laws for domestic ceding insurers, revising RSA § 405:47 as follows: “No credit under this section shall be allowed, as an admitted asset or deduction from...more

Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers

As we have previously reported, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a...more

Court Dismisses Second-Filed Reinsurance Dispute Under First-Filed Rule Though Both Cases Assigned To Same Judge

Earlier this month, a federal court in Pennsylvania faced the issue of whether it must file a second-filed suit even though the first-filed suit was transferred to the same court, and judge, as the second. The issue arose out...more

UK Financial Regulatory Developments - June 2016 #7

Treasury updates sanctions - Treasury has updated the sanctions lists in respect of North Korea, to reflect new prohibitions on dealing with any person in the country. It has also updated the guidance from the Office of...more

Update On Covered Agreement Negotiations Between The U.S. And The European Union

As we previously reported in March 2016, the United States initiated discussions with the European Union to enter into a Covered Agreement addressing: (1) the equivalence of the U.S. insurance and reinsurance regulatory...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

U.S.-E.U. Insurance Regulatory Negotiations Continue

Representatives of the U.S. and E.U. continued negotiations of a potential bilateral agreement regarding regulation of insurance and reinsurance in Washington D.C. on May 24th and 25th....more

Pennsylvania Insurance Department Amends Requirements For Qualified And Certified Reinsurers To Conform With NAIC’s Model Law And...

On May 14, 2016, Pennsylvania issued Bulletin No. 16-819, advising that the Pennsylvania Insurance Department amended Chapter 161 of the Pennsylvania Insurance Code related to the requirements for qualified and certified...more

Insurance & Reinsurance Newsletter

In Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., 135 S. Ct. 2507 (2015), one of the most watched cases of 2015, the Supreme Court held that plaintiffs may rely on a disparate impact...more

Q&A on SCOTUS and Arbitration

Q: Why has the Supreme Court of the United States taken more cases involving disputes over arbitration over the past decade or so and what does it mean for the insurance and reinsurance industry? Arbitration law used to...more

Reinsurer “Access to Records” and “Common Interest” – Permitting Access and Preserving Privilege

An integral part of the relationship between the reinsurer and cedant is that the reinsurer be permitted access to the ceding company’s books and records. A cedant, however, may face the dilemma of risking waiver of privilege...more

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