While reinsurance deals with some of the most complex risks in the insurance system, understanding reinsurance doesn’t have to be complex. Join Goldberg Segalla partners Bruce Engel and Larry Mason as they present an overview...more
On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more
On 17 October 2022, the English Commercial Court delivered three very significant, related judgments, which in part considered aggregation of business interruption losses arising from COVID-19....more
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
In 2016, Best's Review published our article titled "The Bellefonte Cap Returns." As we explained, the Cap stemmed from the decision of the U.S. Court of Appeals for the Second Circuit in 1990 in Bellefonte Reinsurance Co. v....more
As a leading jurisdiction for the domicile of captive insurance companies and, more recently, reinsurance companies (together “insurance vehicles”), the laws of the Cayman Islands have a central role and require careful...more
Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more
A recent decision by a North Carolina federal court adds to a list of cases requiring insurance company defendants in coverage actions to produce reinsurance agreements as part of their initial disclosures under Federal Rule...more
The Eastern District of California recently granted partial summary judgment to a class of plaintiffs suing a reinsurer and related entities with respect to a reinsurance arrangement regarding private mortgage insurance that...more
We don’t expect many of you to remember a 1950’s song (as most weren’t yet born!), What’s Behind the Green Door.* The vocalist, Jim Lowe, was certainly not thinking about insurance when he sang it, but in the insurance world...more
As has been reported widely in the press, policyholders are seeking damages from insurers for “late payment” due to insurers rejection of their Covid-19 BI related claims. In particular, many small and medium sized businesses...more
A key question being asked in the markets is whether reinsurers are obliged to follow their cedants’ Covid-19 related settlements? Covid-19 continues to dominate the headlines and the lives of people around the world....more
As legislators in New Jersey debate a new law that would force insurers to pay COVID-19-related claims that are excluded under the plain language of their new law, insurers are left to contemplate a number of critical...more
The Bellefonte Cap - The Bellefonte Cap is a shorthand reference to the "reinsurance accepted" limit set forth in a facultative certificate generally capping the reinsurer's obligations with respect to loss and expense...more
On March 2, 2020, the U.S. District Court for the Southern District of New York issued its long-anticipated ruling in the Global v. Century case. More than five years after applying the Bellefonte Rule to hold that a...more
Rhode Island adopted the NAIC Credit for Reinsurance Model Regulation in 2014. Recently, Rhode Island made technical changes to the regulation and substituted forms issued by the Rhode Island Department of Insurance by...more
Plaintiff sells workers’ compensation insurance through its “EquityComp” program approved by New Jersey law. Defendant purchased an EquityComp policy....more
The NAIC has published proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation that are intended to facilitate compliance by the states with the provisions of the Covered...more
On April 10, 2018 Michigan Governor Rick Snyder (R) signed Michigan Senate Bill 638 into law to amend the state’s insurance code to conform to the National Association of Insurance Commissioner (“NAIC”)’s model law on...more
The District of Nebraska recently ruled in favor of Charter Oak Oil Co. (“Charter Oak”)’s attempt to dismiss a breach of contract case by Applied Underwriters Captive Risk Assurance Co. (“AUCRA”) based on the first-to-file...more
A federal district court in Pennsylvania recently dismissed all claims asserted by an insured against a reinsurer in a coverage dispute over an explosion at plaintiff Three Rivers Hydroponics (“Three Rivers”)’s commercial...more
The receiver for Gramercy Insurance Company sought to avoid arbitration of a reinsurance dispute with Contractor’s Bonding, Ltd., by arguing the FAA was reverse preempted under the McCarran-Ferguson Act....more
In a case involving a reinsurance participation agreement (RPA), a California trial court has examined the interplay between two seemingly irreconcilable contract provisions: one that provided for the arbitration of any...more
In Excess Insurance Co. Ltd. v Factory Mutual Insurance Co., 3 NY3d 577 (N.Y. 2004), New York’s high court held that, under a facultative reinsurance agreement, the reinsurer’s liability was limited to a per occurrence cap,...more
Farella’s Insurance Recovery Group lawyers regularly collaborate with and learn from different players and functions within the insurance industry. To provide more value to our readers, we have reached out to a series of...more