News & Analysis as of

Reinsurance

New York Federal Court Dismissed Action, Finding That Insurer’s Reimbursement Under Insured’s Captive Reinsurance Agreement Did...

by Carlton Fields on

In this case, plaintiffs Keller Foundations LLC, a limited liability construction company (“Keller”), Hayward Baker Inc., a construction services corporation (“HBI”), and their parent Keller Group PLC (“Keller Group”) brought...more

Game Changer: Oklahoma’s new insurance business transfer law could set precedent for other states

by Hogan Lovells on

On 7 May 2018, Oklahoma Governor Mary Fallin signed into law the Insurance Business Transfer Act that, effective 1 November 2018, will allow an insurer or reinsurer, through a court supervised process, to transfer a portfolio...more

Excess and Surplus Lines Laws in the United States

by Locke Lord LLP on

PREFACE THE NRRA TODAY - 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 purpose of the NRRA was to create...more

NAIC International Insurance Forum Wrap-Up

by Locke Lord LLP on

The NAIC International Insurance Forum held May 14 – 15 in Washington, D.C. brought together distinguished panelists and speakers providing insight on several insurance topics of interest. A discussion of several of these...more

Kentucky Adopts 2016 Amendments To NAIC Credit For Reinsurance Model Law

by Carlton Fields on

On April 26, 2018, Governor Matt Bevin of Kentucky signed House Bill No. 464, adding Kentucky to a growing list of states to have amended their Insurance Codes to conform with the 2016 amendments to the NAIC Credit for...more

NAIC Holds International Insurance Forum in Washington

by Locke Lord LLP on

This week the NAIC held its annual International Insurance Forum in Washington, D.C. The event featured speakers from around the globe and included industry leaders, regulators, academics, trade group leaders and consumer...more

Nebraska Adopts Reinsurance Credit Amendments To Insurance Law Based On NAIC Model

by Carlton Fields on

On April 11, 2018 Nebraska Gov. Pete Ricketts (R) signed Legislative Bill 815 into law, joining the surge of states amending their insurance laws regarding when ceding insurers may claim credit for reinsurance....more

Insurance Horizons 2018

by Hogan Lovells on

Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and...more

Back to the Future

by Locke Lord LLP on

Prior to the 1990’s Bellefonte Reinsurance Co. v. Aetna Cas. & Sur. Co., 903 F.2d910 (2d Cir. 1990) (“Bellefonte”) decision, the insurance/reinsurance industry operated under the assumption that expenses in addition to loss,...more

Tax Counsel Ordered To Produce Documents Related To Odyssey Reinsurance’s Continuing Quest To Collect $3.2 Million Default...

by Carlton Fields on

Odyssey Reinsurance Company (“Odyssey”) has obtained an order compelling John Scannell to produce subpoenaed documents related to Odyssey’s efforts to collect a $3.2 million judgment rendered against Richard and Diane Nagby....more

Kansas Enacts Captive Insurance Act

by Carlton Fields on

On April 12, 2018, Kansas Governor Jeff Colyer signed into law SB 410– a bill establishing the Captive Insurance Act, which creates two new types of captives – branch and special purpose – and specifies the regulatory...more

Decade-Long Battle Between Policyholder, Reinsurer, And Retrocessionaire To Continue As Reinsurer Files Notice Of Appeal

by Carlton Fields on

A Brazilian mining and steelmaking company (Companhia Siderurgica Nacional, S.A. (“CSN”)), a Brazilian insurance company (IRB Brazil Resseguros, S.A. (“IRB”)), and an American insurance company (National Indemnity Company...more

New York Federal Court Largely Denies Motions for Summary Judgment on Issues in Breach of Facultative Reinsurance Certificate...

by Carlton Fields on

Defendant, Munich Re, moved for summary judgment relating to defense costs and allocation and Plaintiff, Utica, moved for summary judgment as to Munich Re’s claim for reimbursement. The Court denied the motions with the...more

“Title Insurance: Is the Sky the Limit?”

In 2017, real estate sale and purchase numbers continued to rise. The largest single property sale reported in New York City in 2017 was the sale of 245 Park Avenue, for a purchase price of $2,210,000,000. As 2018 begins...more

Michigan Amends Reinsurance Credit Statute To Conform To NAIC Model Law

by Carlton Fields on

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

NAIC Panels to Begin Work on Model Law to Extend Covered Agreement to Non-EU Jurisdictions

by Locke Lord LLP on

The National Association of Insurance Commissioners (NAIC) has directed its committees to move forward with amending the Reinsurance Model Law and Regulation (Models) to be consistent with the EU/U.S. Covered Agreement...more

Orrick's Financial Industry Week In Review

ECB Publishes Opinion on Proposed Regulation Amending EBA Regulation - The European Central Bank ("ECB") published an opinion (CON/2018/19) (dated April 11, 2018) on a proposed Regulation amending (among other things) the...more

Court Vacates Arbitration Award In Crop Insurance Dispute That Awarded Remedies Preempted By Federal Law

by Carlton Fields on

The plaintiff, a farming company, demanded arbitration against Diversified Crop Insurance Services over the nonpayment of federally reinsured claims....more

West Virginia Amends Credit For Reinsurance Statute To Conform To NAIC Model, Effective January 1, 2019

by Carlton Fields on

West Virginia House Bill 4230, approved by Governor Justice on March 27, amends the statutory requirements relating to when an insurer may claim credit for reinsurance to conform to the NAIC model law....more

Notice of Entry into Force of EU-US Bilateral Agreement on Insurance and Reinsurance Prudential Measures Published in OJ

A notice confirming the entry into force of the bilateral agreement between the EU and the US on insurance and reinsurance measures was published in the Official Journal of the EU (“OJ“) on April 9, 2018. The notice states...more

Court Applies The “Intertwined-Ness Test” To Find That A Non-Signatory Could Invoke Equitable Estoppel To Compel Arbitration

by Carlton Fields on

The court applied a two-part “intertwined-ness test” to determine whether an arbitration agreement allowed a non-signatory to invoke equitable estoppel to compel arbitration....more

Covered Agreement Implementation Discussions Move Forward

by Locke Lord LLP on

The National Association of Insurance Commissioners (NAIC) held a public hearing on February 20, 2018 to discuss the reinsurance provisions of the Bilateral Agreement between the U.S. and the EU on Prudential Measures...more

States Choosing Divergent Paths for Individual Market Coverage

With Congress failing to reach agreement on a stabilization package for the individual market and repeal of the individual mandate set to take effect for 2019, states are considering different strategies, some that will...more

California Federal Court Remands Fraud Claims In Workers’ Compensation Reinsurance Action To State Court

by Carlton Fields on

In a March 15, 2018 order, noting that only state law claims remained in the case, a California federal court remanded to state court a lawsuit against an insurance company and its affiliates, which alleged that they...more

Minnesota Court of Appeals Affirms Dismissal of Claims Against Reinsurer Under Filed-Rate Doctrine

by Carlton Fields on

The filed-rate doctrine precluded recovery of deficiency assessments the Workers’ Compensation Reinsurance Association (WCRA) levied against employers which were alleged to have been wrongfully collected in 2013 and 2014 when...more

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