Reinsurance

News & Analysis as of

Court Confirms Arbitration Award Relating To Three Arbitration Agreements And Orders Certain Documents Unsealed

The court confirmed a final arbitration award in favor of the Petitioner, Employers Insurance Company of Wausau (“Wausau”), pursuant to Section 9 of the Federal Arbitration Action (FAA). Wausau and Ace Property and Casualty...more

What Is The Future Of The Multi-State Allocation Of Nonadmitted Premium Tax Revenue?

In the portion of the Dodd-Frank Act known as the Nonadmitted and Reinsurance Reform Act, Congress established a public policy and stated its desire that “each State adopt nationwide uniform requirements, forms, and...more

Insurance Europe Raises Concerns over Misunderstanding of Ultimate Forward Rate

On April 21, 2016, Insurance Europe, the European insurance and reinsurance federation, released a press release raising concerns over how Solvency II liabilities are currently calculated, including discount rates. This press...more

Court Denies Discovery Of Reserve Information

On Plaintiffs’ motion to compel discovery in a bad faith action against first-party property insurer Liberty Mutual Fire Insurance Company (“Liberty Mutual”), an Alabama federal court limited, but allowed, discovery related...more

Blog: PRA Explains Its Supervisory Priorities For General Insurers In 2016 / 7

The PRA has published a letter from Chris Moulder, its general insurance director, to the CEOs of the 26 general insurers and Lloyd’s syndicates that participated in its 2015 General Insurance Stress Testing exercise. The...more

UK Financial Regulatory Developments - April 2016 #16

Payments UK launches Standards Collaboration Framework - Payments UK has launched a new Standards Collaboration Framework to help the industry better access and implement the standards it relies on. Payments UK also...more

Third Circuit Affirms Summary Judgment Of Captive Reinsurance Dispute As Being Time-Barred

In early January, the Third Circuit Court of Appeals affirmed summary judgment of a putative class action dispute regarding private mortgage insurance and captive reinsurance of the same by M&T. We previously blogged about...more

Arbitrator, Not Court, Must Determine Arbitrability Of Dispute Under Reinsurance Participation Agreement

Adopting in part a magistrate judge’s recommendation, a federal court in Maine recently held that the enforceability of an arbitration clause in a reinsurance agreement must be determined by an arbitrator, as opposed to a...more

Is Your Workers Compensation Program Unlawful?

A popular workers compensation insurance program offered by Berkshire Hathaway subsidiaries Applied Underwriters Captive Risk Assurance Company (Applied Underwriters) and California Insurance Company may be in trouble. On...more

PHH v. CFPB: "What is a Kickback?"

On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument,...more

New York Federal Court Considers Procedural Attacks To Arbitration Confirmation Proceedings

Late last month, a federal district court in New York tackled procedural challenges to an arbitration confirmation proceeding. The arbitration arose from a dispute between an insurer and its reinsurer over the amount due to...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

Congressional Health Policy Hearings - April 2016

The Senate Special Committee on Aging recently held a hearing on the status of efforts to find a cure for Alzheimer’s disease, and the panel plans an April 27, 2016 hearing to examine prescription drug price increases....more

Oral Arguments in PHH Case Signal Trouble for CFPB

The D.C. Circuit held oral arguments on April 12, 2016 in the case PHH Corp v. Consumer Financial Protection Bureau (CFPB), a case challenging the CFPB’s constitutionality as well as its interpretations of the Real Estate...more

Court Looks To Prior Related Reinsurance Litigation In Ruling That Reinsurer Must Post Pre-Pleading Security

We previously reported on reinsurance litigation in Connecticut federal court between Travelers Indemnity Co. and Excalibur Reinsurance Corp, which the parties settled in May 2014. See prior post dated July 31, 2014. A year...more

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Insurance Focus (Italy): Electronic signature requirement for insurance and reinsurance intermediaries - IVASS - Consultation...

On 30 March 2016 IVASS published Consultation paper no. 7 intended to amend Regulation 5/2006, by introducing new methods for transmitting requests and communications required for the purpose of keeping the Single register of...more

Life and Annuity Series: Cost-of-Insurance Charge Litigation

Plaintiffs' lawyers have been challenging cost-of-insurance (COI) charges for years, with mixed results. The following outline reviews the most recent flurry of cases. ...more

Federal Court Confirms Reinsurance Arbitration Award, Finding That Panel’s Alleged Calculation Error Did Not Justify Modification...

A federal court recently granted a reinsurer’s motion to confirm an arbitration award, and denied a cedent’s petition to modify the same, holding that the panel’s alleged error in computing the amount due to the cedent was...more

U.S. PFIC Taxation Exemption to be Narrowed?

The last 15 years have seen the advent of a new reinsurance platform, where hedge funds have sponsored non-U.S. reinsurers, who in turn invest their capital in the sponsoring hedge funds. While there are business rationales...more

Life and Annuity Series: Significant Litigation Risks

WilmerHale Partner Charles Platt, a leading commercial litigator who is recognized nationally for his work defending financial services and insurance companies, periodically drafts legal news alerts for clients about the life...more

New York Federal Court Addresses Umpire’s “Pre-Selection” Disclosure Obligations In Reinsurance Dispute

In a dispute arising out of a series of contentious reinsurance arbitrations over a seven-year period between National Indemnity Company (“NICO”) and IRB Brasil Ressegurous S.A., the court confirmed three awards issued by an...more

OFR Issues Report on Life Insurers Use of Captives

U.S. Department of the Treasury’s Office of Financial Research, or OFR, has issued a brief titled “Mind the Gaps: What Do New Disclosures Tell Us About Life Insurers’ Use of Off-Balance-Sheet Captives?” The brief analyzes...more

Federal Court Weighs Personal Jurisdiction In Retrocession Dispute

A New Jersey federal district court recently weighed whether it had personal jurisdiction over a foreign corporation in a reinsurance and retrocession dispute. The case involved insurance coverage for Companhia Siderurgica...more

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