Reinsurance

News & Analysis as of

Seventh Circuit Determines that Service-of-Suit Clauses Can Waive Statutory Right of Removal

Pine Top Receivables has returned to the published opinions of the U.S. Court of Appeals for the Seventh Circuit. We previously wrote about Pine Top’s successful attempt to compel arbitration with a Uruguayan company and the...more

Seventh Circuit Affirms Service Of Suit Clause In Reinsurance Treaties And Grants Cedent Absolute Right To Select Forum

Based on the plain and ordinary meaning of the service of suit clause, the Seventh Circuit Court of Appeals found a reinsurer waived its right of removal. The service of suit clause provided...more

Florida Open for Captive Insurance Business

After several decades, Florida is back in the business of licensing captive insurance companies. On Aug. 11, 2016, the Florida Office of Insurance Regulation issued a license to a nonprofit Florida corporation, pursuant to...more

Reliance Liquidation Court Approves Application For Direct Payments From Reliance’s Reinsurers To Certain Insureds

Recently, there have been several developments in the ongoing liquidation of Reliance Insurance Company. The liquidation court recently approved the application for the assumption by one of Reliance’s reinsurers, EFH Vermont...more

Blog: Solvency II: external audit of the Solvency & Financial Condition Report – PRA made rules

The UK’s Prudential Regulation Authority has published: - a brief Policy Statement: “Solvency II: external audit of the public disclosure requirement – PS24/16“; - a short Supervisory Statement: “SS11/16: Solvency...more

7th Circuit: Service of Suit Clause Resulted In Reinsurer’s Waiver Of The Right To Removal And Granted Cedent The Right To Choose...

The U.S. Court of Appeals for the Seventh Circuit recently affirmed a district court’s decision remanding a reinsurance dispute to state court because the language of the service of suit provision in the reinsurance treaties...more

NAIC Summer 2016 National Meeting: key developments

The National Association of Insurance Commissioners Summer National Meeting, held on August 24 - 28 in San Diego, produced a number of noteworthy developments related to international, financial, and other regulatory matters....more

Ex Parte Communications Between Reinsurer’s Attorney And Party-Appointed Arbitrator Lead To Vacatur Of Award

The Sixth Circuit recently held that a lower court erred by refusing to vacate an arbitration panel’s interim and final awards due to ex parte communications between one of the arbitrators and the attorney for the appellee,...more

Argentina’s New Leadership and How it Affects Insurance

Following last year’s elections, the political and economic landscape is changing in Argentina. Where new economic opportunities arise, (re)insurance follows. Along with new demand for commercial insurance products, the legal...more

District Of Arizona Awards Broad Fee Award Where There Were Competing Motions To Confirm Arbitral Award

On March 31, 2016, we wrote regarding an arbitration confirmation fight between the Scottsdale Insurance Company (“Scottsdale”) and the John Deere Insurance Company (“John Deere”) in a reinsurance dispute relating to whether...more

Treaty Tip: Is it an Insurance Policy or a Reinsurance Agreement?

Whether a risk shifting agreement is an insurance policy or a reinsurance agreement may have important consequences. For example, many states prohibit the mandatory arbitration of disputes arising out of insurance policies,...more

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

Federal Court Grants Cedents’ Request For Expedited Discovery In Reinsurance Dispute

A federal court in Georgia recently granted the plaintiffs-cedents’ motion for leave to conduct certain expedited discovery from their reinsurer, holding that the potential prejudice to the cedents if discovery is not allowed...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

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