News & Analysis as of

Swiss Solvency 2 equivalence published in OJEU

The Delegated Decision on the equivalence of the Swiss solvency and prudential regime for insurance and reinsurance undertakings has been published in the OJEU. ...more

European Commission Adopts Delegated Regulation Amending Solvency II Delegated Regulation on Treatment of infrastructure and ELTIF...

The European Commission has adopted a Delegated Regulation amending the Solvency II Delegated Regulation (EU 2015(35)) concerning the calculation of regulatory capital requirements for several categories of assets held by...more

Phantom Injury Dooms “Shadow Insurance” Case

A recent federal district court decision dismissing a putative class action complaint against AXA Equitable Life Insurance Company may portend trouble for plaintiffs pursuing a number of similar so-called "shadow insurance"...more

EP finishes Swiss Solvency 2 equivalence process

EP has updated its procedure file on the delegated act dealing with the equivalence of the solvency and prudential regime for insurance and reinsurance undertakings for Solvency 2 purposes....more

Rhode Island Enacts Amendments To Credit For Reinsurance Act

Rhode Island recently amended its Credit for Reinsurance Act to include two provisions regarding credits for reinsurance relating to the insolvency of the ceding insurer. Specifically, the first provision states that no...more

In Reinsurance-Related Commission Dispute, Court Grants Defendant Leave To Amend Answer Rather Than Grant Plaintiff Summary...

A lawsuit filed in the United States Court for the District of Connecticut between Odyssey Reinsurance Company and Cal-Regent Insurance Services Corporation involves a dispute over commission payments in a reinsurance scheme...more

Insurance Newsletter September 2015

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

EIOPA reports on Bermudian supervisory regime

EIOPA has published a progress report on the latest developments in the supervisory regime of Bermuda. In March 2015, EIOPA provided the Commission with additional advice regarding the full equivalence assessment under...more

Solvency II Briefing Note - September 2015

SOLVENCY II AND OUTSOURCING Solvency II comes into force on 1 January 2016 after many years of anticipation and postponed implementation dates. Whilst much of the focus is on the capital and solvency requirements that it...more

Insurer And Reinsurer Locked In Discovery Row

In a row between Granite State Insurance Company (“Granite”) and R & Q Reinsurance Company (“R & Q”), a New York trial court denied R & Q’s attempt to (1) vacate a prior court order, (2) appoint a special referee, and (3)...more

Wealth Management Update - September 2015

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Several Insurance Related Issues to Dominate as Congress Returns to Work

As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing...more

Court May Appoint Arbitration Umpire Under FAA

On August 26, the Second Circuit Court of Appeals considered whether a trial court had appointment authority under the Federal Arbitration Act (“FAA”). Overturning a prior order that denied Odyssey Reinsurance Company’s...more

Texas Amends Captive Insurance Regulation

Governor Greg Abbott of Texas has recently signed into law amendments to the Texas Insurance Code broadening the authority of captives. This law is effective as of September 1, 2015. There are three amendments in this...more

Validus Round Two: Court of Appeals’ Decision Holding That Wholly-Foreign Retrocessions Are Not Subject to Federal Excise Tax...

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

District Court Won’t Allow Insurer To “Repackage” Its Breach Of Utmost Good Faith Claims

We previously reported on Old Republic National Title Insurance Co. v. First American Title Insurance Co., in which the court partially dismissed First American’s claim for breach of good faith and fair dealing to the extent...more

PRA publishes Solvency 2 consultations and statement

PRA has published two consultation papers and a supervisory statement for all UK firms within the scope of Solvency 2: - one consultation seeks feedback on a draft supervisory statement setting out PRA expectations of...more

Court Rules Panel Must Determine Whether Arbitrators Or Actuaries Determine Amount Of Disputed Reinsurance Payment

In a dispute involving an earlier arbitration ordering American United Life Insurance Company (“AUL”) to make a commutation payment to The Travelers Indemnity, the parties filed cross petitions for arbitration pursuant to...more

IREG Update - September 2015

Hot Topic: New York's certificates of insurance law now in effect - The new law addresses long-standing industry concerns and codifies opinions issued by the New York Insurance Department's (predecessor to the Department...more

NAIC Report: 2015 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2015 Summer National Meeting from August 13 through August 18 in Chicago, Illinois. The meeting was notable for the number of new insurance commissioners...more

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

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