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Insolvency Reinsurance

A&O Shearman

Enhancing the insolvency tools for insurance companies

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In July 2022, the UK government proposed two key changes to the existing insolvency arrangements in respect of insurance companies as part of a wider set of reforms to the existing Financial Services and Markets Act 2000...more

Walkers

Chambers Global Aviation Finance & Leasing Guide 2022: Ireland

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1.1.1 Taxes/Duties Payable Upon Execution of the Sales Agreement VAT Whether there will be any VAT payable on the sale of an aircraft is determined by its physical location at the point of sale. If the aircraft is physically...more

Walkers

Chambers Global Aviation Finance & Leasing Guide 2022: Guernsey

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1 . Aircraft and Engine Purchase and Sale - 1.1 Sales Agreements - 1.1.1 Taxes/Duties Payable Upon Execution of the Sales Agreement There are no Guernsey taxes or duties payable upon executing an aircraft or engine...more

Conyers

Conyers Coverage July 2022 – Issue 7 – Cayman Islands

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We are pleased to bring you the summer 2022 edition of Conyers Coverage, the Cayman Islands insurance newsletter. The Cayman Islands insurance and reinsurance industry has had a strong start to the year and Conyers is...more

Pillsbury - Policyholder Pulse blog

Pillsbury Insurance Insolvency Watch: Legacy U.S. and London Insurers Set Claims Bar Dates for Policyholders

In recent weeks, two insurers with significant legacies of occurrence-based general liability coverage took important steps to liquidate their estates. Bedivere Insurance Company (OneBeacon) Liquidation - The first...more

Carlton Fields

Virginia Supreme Court Considers Terms Of Assumption Reinsurance Transaction In Determining Obligations Of Insolvent Insurer

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A group of Kentucky hospitals sought reimbursement for legal fees incurred in two lawsuits related to the insolvency of their insurer, Reciprocal of America (“ROA”). In the 1970s and 1980s, the hospitals created two trusts to...more

Locke Lord LLP

Excess and Surplus Lines Laws in the United States

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Preface States’ Implementation Of NRRA IN 2016 - The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more

Carlton Fields

Excalibur Reinsurance Corporation Placed Into Liquidation

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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

Foley & Lardner LLP

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

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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

Carlton Fields

Rhode Island Enacts Amendments To Credit For Reinsurance Act

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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

Carlton Fields

Reinsurer Placed Under Order Of Rehabilitation

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An Illinois circuit court entered an agreed order of rehabilitation against a reinsurer, Millers Classified Insurance Company, following a complaint for rehabilitation filed by the Illinois Department of Insurance. Millers...more

Carlton Fields

Commutation, Settlement, And Release Agreement Of Legion Insurance Company (In Liquidation) Filed Under Seal And Approved

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A Pennsylvania Court has approved the commutation, settlement and release agreement between Legion Insurance Company (In Liquidation) and Midwest Employers Casualty Company. Legion was judicially determined insolvent in 2003,...more

Carlton Fields

Southern Title Insurance Company Declared Insolvent And Ordered Liquidated

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In July of this year, the State Corporation Commission of the Commonwealth of Virginia issued an Order declaring Southern Title Insurance Company insolvent and ordering its liquidation. Among other things, the Order...more

Carlton Fields

New Jersey’s “Direct Action Statute” Is Not A Bar To Judgment Creditor’s Coverage Action

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A New Jersey appellate court recently addressed that state’s “direct action statute,” concluding that it did not prevent judgment creditors from pursuing a coverage action arising out of an LMX reinsurance spiral. The...more

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