Reinsurance

News & Analysis as of

Dodd-Frank in a Trump Administration

During the recent campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act (DFA) if elected, criticizing the regulatory burdens it imposed and contending that it discouraged lending by banks and impaired...more

NY Highest Court Asked Certified Question On Reinsurer Liability Cap

The Second Circuit certified to the New York Court of Appeals the question of whether its 2004 decision (Excess Insurance Co. v. Factory Mutual Insurance Co., 3 N.Y.3d 577 (2004)) imposed “either a rule of construction, or...more

Court Tosses Time-Barred Rico Claims Alleging Captive Reinsurance Kickback Scheme

Plaintiffs asserted class claims for RICO violations based on allegations that Bank of America referred borrowers to private mortgage insurance providers in exchange for kickbacks, funneled through a captive reinsurance...more

For Whom the Bell(efonte) Tolls

“It ain’t over until it’s over.” but it appeared to be over, although, and it did come as a bit of a surprise for most of the industry. Capping the limits on defense costs/expenses under facultative certificates caught many...more

Connecticut Issues Bulletins Regarding Financial Reporting Requirements For Surplus Lines Insurers And Accredited Reinsurers

The Connecticut Insurance Department has issued two bulletins addressing 2016 and 2017 financial reporting requirements for foreign eligible surplus lines insurers and accredited reinsurers. Regarding surplus lines insurers,...more

Adding Fuel to the Bellefonte Fire? Second Circuit Asks New York’s Highest Court For Guidance as to Reinsurer’s Limit of Liability

In Global Reins. Corp. of Am. v. Century Indem. Co., 2016 WL 7156549 (Dec. 8, 2016), the U.S. Court of Appeals for the Second Circuit asked New York’s highest court, the New York Court of Appeals, to provide guidance as to...more

South Carolina Federal Court Makes Two Rulings On Motions To Dismiss In Dispute Involving Reinsurance Trust Agreements

This case was previously reported by us on our blog on January 5, 2016, June 28, 2016 and July 20, 2016. For the full procedural background, we refer to the recent November 3, 2016 and November 16, 2016 decisions. In sum,...more

Recipient Of Arbitration Award In Reinsurance Dispute Permitted Discovery Of Funds Withheld Account

Plaintiffs secured an interim arbitration award in the amount of $7.8 million, plus interest, in what the court described as a complex insurance/reinsurance program. Seeking to collect on the award, plaintiffs served a...more

UK Court Considers Whether Later Conduct Stemming From A Loss Event Should Be Considered A Loss Under An Excess Of Loss...

This case considers an appeal against an arbitration award concerning whether health claims from persons involved in cleaning up the 9/11 World Trade Center site should be considered to be multiple claims or should be...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Reinsurance Arbitration Award Stands In Face Of Challenges To Rationality And Impartiality Of Decision

Yosemite Insurance Co. (“Yosemite”) lost its challenge to an arbitration award that found Nationwide Mutual Insurance Co. (“Nationwide”) was not required to cover a share of Yosemite’s settlement with the State of California...more

Arbitration Clause In Body Of Reinsurance Agreement Governs Over Provision In Endorsement

In a dispute between First Mutual, a ceding company, and its reinsurer, Infrassure, over which of two competing arbitration clauses in a reinsurance contract governed, the Second Circuit affirmed a lower court decision in...more

Court Upholds Prior Ruling That Unfiled Rates Charged Under Reinsurance Agreement Were Not Void

On July 21, 2016, we reported on a putative class action filed in a California U.S. district court by Shasta Linen Company against Applied Underwriters, Inc. and its affiliate entities, alleging that the “EquityComp” workers’...more

Manatt on Health Reform: Weekly Highlights - November 2016 #5

The incoming Trump Administration selects HHS and CMS leadership; Alaska moves forward with its proposed 1332 waiver for its ACA reinsurance program; and a new Manatt Health report considers the role of Medicaid supplemental...more

Blog: Commercial Court Dismisses Appeal By Reinsurers Disputing That Certain Losses Arising From The World Trade Centre Attack In...

In Simmonds v Gammell [2016] EWHC 2515 (Comm) the respondent insurer had participated in various layers of an excess liability insurance programme, insuring the Port of New York (PONY). The appellant reinsurer had...more

Third Circuit Reverses Order Denying Arbitration, Ruling That State Law Prohibiting Arbitration Of Insurance Matters Challenged...

Applied Underwriters Captive Risk Assurance Company appealed from the denial of its motion to compel arbitration in a dispute related to a reinsurance participation contract with South Jersey Sanitation Company. The trial...more

Health Update - November 2016

Post-Election Analysis: Healthcare Antitrust in a Trump Administration - In a Republican sweep of all the elected branches of the federal government, Donald Trump won the presidential election and Republicans retained...more

President-elect Trump's potential priorities for insurance regulation

Apart from a fundamental disagreement between the parties as to whether the Affordable Care Act ("ACA") should be repealed and replaced, insurance regulatory issues did not play a large role in the Presidential campaign. That...more

Consumer Financial Services Newsletter - November 2016

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

Seventh Circuit Upholds Denial Of Motion To Compel Arbitration

Applying Wisconsin law, the Seventh Circuit Court of Appeals determined the parties did not have an agreement to arbitrate because, even though their excess/reinsurance agreement contained “follow form” language, and the...more

IRS Adjusted ACA Fee Amounts for the 2017 Policy or Plan Years

The Patient-Centered Outcomes Research Institute (PCORI) fee was established under the Affordable Care Act (ACA) to advance comparative clinical effectiveness research. The PCORI fee is assessed on issuers of health insurance...more

What Might Be the Future of the Dodd -Frank Act’s Insurance and Reinsurance- Related Provisions in a Trump Administration?

During the recent election campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act if elected, criticizing the regulatory burdens it imposed on different portions of the financial services sector and...more

Rhode Island Regulation 68, Voluntary Restructuring of Solvent Insurers Act

Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval,...more

Title Bout: Second Circuit Limits Parties’ Control Over Construction Of Policies

Like other contracts, insurance policies are divided into parts, and most of the parts appear under headings or captions. A separate contract term (known as a “titles clause” or a “headings clause”) sometimes specifies that...more

No Thanksgiving Vacation for This Arbitration Award

A New York Federal Court recently rejected a cedant’s request to vacate an arbitration award on the grounds that it was in manifest disregard of the law or because the umpire failed to disclose his prior representation of...more

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