Jurisdictions

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Neles-Jamesbury Inc. v. Pohjola Ins. Co. Ltd. involved a breach of contract action between a Massachusetts-based insurer, Neles-Jamesbury, Inc. (“NJI”) and a Finnish reinsurer, Pohjola Ins. Co. Ltd. (“Pohjola”). Pohjola provided worldwide reinsurance coverage for Metso Oy, a Finnish corporation, and its subsidiaries. NJI was acquired by Metso Oy, and Metso Oy requested that Pohjola provide gap coverage for NJI during the acquisition period. …
Read More Massachusetts District Court Grants Reinsurer’s Motion to Dismiss for Lack of Personal Jurisdiction

On 20 January 2011, the China Insurance Regulatory Commission (CIRC) issued a statement banning the country’s insurers, their asset management firms and other affiliates from providing guarantees for other companies’ debt. This ban does not cover lawsuit-related debt guarantees, export credit guarantees and marine insurance guarantees. …
Read More China: CIRC Bans Insurers from Guaranteeing Third-Party Debt

Earlier this month, Representatives Charles Boustany (R-La.) and John Larson (D-CT) introduced the Medical FSA Improvement Act of 2011 (the “Act”) in the House of Representatives.  The Act aims at increasing participation in medical flexible spending accounts (“FSAs”). …
Read More House Representatives Aim at Abolishing “Use It or Lose It” Rule for Flexible Spending Accounts

This updates our May 13, 2010 blog posting.  Last month, the New Jersey legislature passed the “Reinsurance and Surplus Lines Stimulus and Enhancement Act” (A2670, the “Act”).  The Act amends state law to permit surplus lines insurers domiciled in New Jersey to write surplus lines insurance in the state.  This would make New Jersey the second state in the U.S. after Illinois to allow its domestic surplus lines companies to write insurance in the home state’s surplus lines market. …
Read More New Jersey Passes Legislation to Ease Restrictions on Surplus Lines and Credit for Reinsurance

In BNY Corporate Trustee Services Limited v Eurosail–UK 2007–3BL Plc and others, the Court of Appeal ruled on the interpretation of the so-called “balance-sheet” test of insolvency under section 123(2) of the Insolvency Act 1986. This is essentially that a company is deemed unable to pay its debts if the value of its assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. …
Read More UK: Court of Appeal Case on the “Balance-Sheet” Test of Insolvency

Nikolaus von Bomhard, chief executive of Munich Re AG the world’s largest reinsurer, views insurance protection against the risk of nuclear incidents as unaffordable for insurers and power plant operators, according to a recent interview he gave in the German national Sunday newspaper Welt am Sonntag. …
Read More Nuclear Risk Too Expensive To Underwrite?

AXA Seguros, S.A. De C.V. v Allianz Insurance plc (Allianz) and others [2011] EWHC 268 (Comm) concerned a claim for privilege in reports produced by an engineering firm in relation to damage to the Don Nogales highway in Mexico. AXA had insured a company which had responsibility for the Don Nogales highway. Allianz and others (the Reinsurers) reinsured AXA. The reinsurance policy only covered damage to highways constructed to “internationally acceptable standards“. …
Read More UK: Engineering Firm Reports Not Privileged