Riddle v. Bank of Am. Corp., Case No. 12-1740 2013 U.S. Dist. LEXIS 52091, 2013 WL 1482668 (E.D. Pa. Apr. 11, 2013). An outgrowth of the residential housing bubble was the creation of captive mortgage bank reinsurers. ...more
Munoz v. PHH Corp., No. 1:08-cv-0759-AWI-BAM, 2013 WL 684388 (E.D. Cal. Feb. 22, 2013) and Munoz v. PHH Corp., No. 1:08-cv-0759-AWI-BAM, 2013 WL 1278509 (E.D. Cal. Mar. 26, 2013). In two separate rulings, a California...more
AIU Ins. Co. v. TIG Ins. Co., No 07 Civ. 7052 (SHS), 2013 U.S. Dist. LEXIS 41716 (S.D.N.Y Mar. 25, 2013). In a rare late notice case, a New York federal court examined whether the cedent's notice under nine facultative...more
OneBeacon Ins. Co. v. Aviva Ins. Ltd., No. 10-7498, 2013 U.S. Dist. LEXIS 70212 (E.D. Pa. May 17, 2013). A Pennsylvania federal court granted partial summary judgment to a reinsurer on statute of limitations grounds,...more
The Travelers Indemn. Co. v. Excalibur Reinsurance Corp., No. 3:-CV-1209 (CHS), 2013 U.S. Dist. LEXIS 50134 (D. Conn. Apr. 8, 2013). We all know that reinsurance may not be the most exciting subject to read about. ...more
ROM Reinsurance Mgt. Co. v. Continental Ins. Co., No. 654480/12 (N.Y. Sup. Ct. Mar. 22, 2013). A New York motion court was presented with a petition to stay arbitration, based on the statute of limitations, of certain...more
Arrowood Indem. Co. v. Trustmark Ins. Co., No. 3:03cv1000 (JBA), 2013 U.S. Dist. LEXIS 46566 (D. Conn. Mar. 29, 2013). A Connecticut federal court denied a cedent’s motion for judgment and contempt against a reinsurer...more
IN THIS ISSUE: - Recent Case Summaries - Recent Speeches and Publications - Excerpt from Recent Case Summaries: CALIFORNIA FEDERAL COURT GRANTS MOTION TO COMPEL PRODUCTION OF REINSURANCE DOCUMENTS AND...more
N.H. Ins. Co. v. Magellan Reinsurance Co., Ltd., No. 02-12-00196-CV, 2013 WL 1830349 (Tex. App. Fort Worth May 2, 2013). A Texas appellate court held that a cedent was judicially estopped from compelling arbitration. ...more
Pine Top Receivables of Illinois, LLC v. Banco De Seguros Del Estado, No. 12 6357, 2013 U.S. Dist. LEXIS 15246; 2013 U.S. Dist. LEXIS 28040 (N. D. Ill. Feb. 5 & 25, 2013). An Illinois federal court in two decisions...more
AXA Versicherung AG v. New Hampshire Ins. Co., No. 12 Civ. 6009 (JSR), 2013 U.S. Dist. LEXIS 60802 (S.D.N.Y. Apr. 22, 3013). A New York federal court had confirmed an arbitration award on consent of all parties and...more
New Jersey Physicians United Reciprocal Exchange v. ACE Underwriting Agencies, Ltd., No. 12-04397 (FLW/LHG), 2013 U.S. Dist. LEXIS 52035 (D.N.J. Apr. 11, 2013). A New Jersey federal court stayed litigation brought by a...more
Union Electric Co. v. AEGIS Energy Syndicate 1225, 715 F.3d 366 (8th Cir. 2013). Many cases over the last several years have addressed the perceived conflict between the arbitration clause and the service-of-suit...more
In This Issue: - District of New Jersey Stays Medical Malpractice Suit Pending Arbitration: Finding that a dispute between a medical malpractice insurer and a reinsurance underwriter fell squarely within the...more
On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...more
The good news is that, under the recently released Foreign Account Tax Compliance Act (FATCA) regulations, most non-U.S. property and casualty (P&C) insurance and reinsurance companies will not be considered foreign financial...more
Prior to 2012, New York afforded surprisingly favorable tax treatment to life insurance companies that are not licensed to conduct business in New York ("unauthorized life insurers"), but that owned real estate investments in...more
The securities marketplace has experienced a resurgence of interest in insurance- and risk-linked securities, primarily as a result of Hurricane Katrina and Superstorm Sandy. First introduced after the Northridge earthquake...more
In This Issue: - Assignment of Right to Collect on Reinsurance Treaty Held Not to Include Underlying Arbitration Clause: On February 25, 2013, the United States District Court for the Northern District of...more
On July 31, 2013, the first of various fees will be due that are imposed by the Affordable Care Act on self-insured group health plans and/or issuers of insured health policies providing accident and health coverage. Beyond...more
The Consumer Financial Protection Bureau has entered into consent orders with four mortgage insurance companies involving captive reinsurance of mortgage insurance issued to mortgage lenders. Those consent orders impose fines...more
As both insurers and reinsurers are well aware by now, the destructive path left by Hurricane Sandy in many Northeast states such as New York, Connecticut, and New Jersey was devastating. To date, reports have estimated...more
On April 4, the CFPB announced enforcement actions against four mortgage insurers against which it filed complaints alleging that their captive reinsurance arrangements with mortgage lenders violated Section 8 of the Real...more
On April 10, the Obama Administration released its fiscal year 2014 budget (FY 2014 Budget). Of note, the FY 2014 Budget includes a number of tax proposals that target insurance companies or that otherwise would have a direct...more
On March 26, the FHFA released a notice seeking comment on certain restrictions it expects Fannie Mae and Freddie Mac (the Enterprises) will put in place with regard to lender placed insurance practices. The FHFA anticipates...more
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