News & Analysis as of


Prospects for ACA Market Stabilization Measures Remain Uncertain

by Baker Donelson on

With ongoing uncertainty and turmoil in the individual health insurance market, Congress has spent weeks debating whether to include a bipartisan Affordable Care Act (ACA) stabilization measure as part of the "must pass"...more

Corporate Insurance Newsletter – February 2018

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for February has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please...more

Special Focus: NAIC Hearing Regarding The Implementation Of The Covered Agreement

by Carlton Fields on

On July 31, 2017 we posted a Special Focus article on the final approval of the Covered Agreement(“the Agreement”) negotiated and entered into by U.S. and E.U. dealing with reinsurance collateral reform and insurance...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Blog: Court of Appeal addresses “experience of insurance or reinsurance” for the purposes of appointing an arbitrator

by Cooley LLP on

In Allianz Insurance PLC & Ors v Tonicstar Limited [2018] EWCA Civ 434, the Court of Appeal decided that, under an arbitration clause requiring the appointed arbitrators to have “not less than ten years’ experience of...more

Nebraska Federal Court Applies First-To-File Rule To Reinsurance Breach Of Contract Disputes, Transfers Case To Connecticut

by Carlton Fields on

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

Federal Court Denies Reinsurer’s Post-Trial Motions In Long-Running Dispute Which Resulted In A Verdict In Its Cedent’s Favor

by Carlton Fields on

A federal district court has denied both a motion for judgment as a matter of law or for a new trial and a motion to correct the interest calculation filed by Fireman’s Fund Insurance Company after a jury award of $35 million...more

Reinsurer Prevails In Dismissing Breach Of Contract, Bad Faith Claims Asserted By Underlying Policyholder

by Carlton Fields on

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

Insurance and blockchain: What policyholders need to know

Distributed Ledger Technology, commonly referred to as “blockchain,” is a secure way for companies and individuals to share information without third-party oversight. Blockchain decentralizes electronic record-keeping so...more

NAIC holds first hearing on EU-U.S. covered agreement reinsurance collateral elimination

by Hogan Lovells on

In a much anticipated public hearing, The National Association of Insurance Commissioners (“NAIC”) discussed how U.S. states should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S....more

NAIC considers changes to Credit for Reinsurance Model Law and Regulation to address the US-EU Covered Agreement

The National Association of Insurance Commissioners (NAIC) held a public hearing in New York on February 20, 2018, to receive comments on the steps it should take to address the reinsurance collateral provisions of the...more

Court Enforces Arbitration Award, Finds Reinsurer Must Pay Settlement Between Retrocessionaire And Policyholder

by Carlton Fields on

Granting a motion to enforce an arbitration award, the U.S. District Court for the Southern District of New York has held that a reinsurer is liable for a $5 million settlement entered into between a policyholder and the...more

NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement

by Locke Lord LLP on

On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European...more

SEC Settles Claims Against Individual And Entities It Claimed Used Investments In Reinsurance Business To Finance Lavish Lifestyle

by Carlton Fields on

A federal district court in Connecticut has entered final judgments pursuant to agreements between the SEC and three defendants—David Haddad, Trafalgar Square Risk Management, LLC, and New England RE, LLC—in a case alleging...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A quiet Monday appears to be leading to a busy Tuesday morning, with Qualcomm upping its bid for NXP (in a move that could help it fend off Broadcom) and Albertson’s looking to join forces with what’s left of Rite Aid Corp...more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

Wyoming Enacts Legislation And Adopts New Regulations Governing Credit For Reinsurance And Term And Universal Life Insurance...

by Carlton Fields on

New regulations relating to credit for reinsurance and term and universal life insurance reserve financing took effect in Wyoming on November 30, 2017. The regulations implement amendments to Wyoming statutes that took effect...more

Recent New York Decision Offers Hope for Long-Overdue End to Resolute’s Free Pass

by Reed Smith on

In a promising development for policyholders, a New York state trial court recently signaled a potential end to the free pass courts often have provided to third-party claims administrators (TPAs), such as Resolute...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

Saved by the En Banc: CFPB Appears Here To Stay

by K&L Gates LLP on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

Insurance Receiver’s Preemption Argument Under Mccarran-Ferguson Fails To Avoid Arbitration Of Reinsurance Dispute

by Carlton Fields on

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

D.C. Circuit Court Affirms the Legality of Captive Reinsurance Arrangements

by Pepper Hamilton LLP on

While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more

Just Before the Super Bowl, the D.C. Circuit in PHH Mortgage gives Industry a Field Goal, Withholds Touchdown

Following nearly three years of litigation, the D.C. Circuit handed down a 7 to 3 ruling in PHH Corp. v. Consumer Financial Protection Bureau. The two hundred fifty page opinion addressed not only the constitutional...more

S.D.N.Y. Dismisses Insurer’s Claims Against Reinsurance Broker Under Economic Loss Doctrine, Finds No Special Relationship

by Carlton Fields on

A New York federal court has dismissed a ceding insurer’s counterclaims against its reinsurance broker, finding the insurer’s claims for negligence and breach of fiduciary were barred by New York’s economic loss doctrine, and...more

Full D.C. Circuit Rejects CFPB Interpretation of RESPA, Holds Agency Structure Constitutional

by Weiner Brodsky Kider PC on

The full D.C. Circuit Court of Appeals on Wednesday reinstated a three-judge panel’s decision holding that the CFPB’s interpretation of Section 8 of the Real Estate Settlement Procedures Act (RESPA) is contrary to law and...more

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