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A public hearing on August 20, 2010 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers. The New York State Insurance Department (“NYID”) is soliciting input from the public as it determines whether to revise eligible coverages on the Export List, as set forth in Insurance Department Regulation 41 (11 NYCRR 27). …
Read More New York Insurance Department to Hold Hearing on August 20, 2010 on Whether to Expand the Export List Under Regulation 41

Proposed legislation that would limit a tax deduction for reinsurance premiums paid to a foreign affiliate of a US insurer has drawn the formal opposition of the German government.  Ambassador Klaus Scharioth, in a recent letter to House Ways and Means Chairman Sander Levin (D-MI), said that the so-called Neal Bill (HR 3424) “goes well beyond” the undisputed goal of combating tax avoidance and evasion and, as a result, conflicts with provisions of the German-US tax treaty. …
Read More German Government Opposes US Legislation Limiting Deductibility of Reinsurance Premiums

Plaintiff moved to compel production of defendant American Red Cross’ reinsurance agreements.  Defendant objected on the grounds that it was self-insured up to $1 million, and, in its counsel’s opinion, any judgment in the action would not exceed that amount. …
Read More Federal Court Orders Party to Produce Copies of its Reinsurance Agreements Under Fed. R. Civ. P. 26

In response to the Centers for Medicare and Medicaid Services’ (CMS’) proposed hospital inpatient rule for FY 2011, lawmakers urged the agency to reconsider payment reductions in a July 12 letter.  The following week, the agency released its proposed rules for home health and skilled nursing facilities.  In other news, the Department of Health and Human Services (HHS) issued final rules for achieving “meaningful use” of electronic health records. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – July 26, 2010

We have been tracking developments at the RAA Re Contracts Conference, which took place this week in New York, as previously reported on www.insurereinsure.com. …
Read More Update from RAA Re Contracts Conference – Presentation on Extra Contractual Obligations and Losses in Excess of Policy Limits

The Obama Administration, through the Office of Management and Budget, has reiterated its position that it is against the expansion of the National Flood Insurance Program (“NFIP”) to include coverage for windstorm damage. …
Read More Obama Administration Reiterates Opposition of NFIP Expansion to include Windstorm Coverage

A federal judge has ruled that directors and officers of a company in bankruptcy proceedings may continue to access an eroding liability policy to cover their defense costs.  The court based its decision on a close examination of the policy language, and alternatively held that the individual directors and officers had shown they were entitled to relief from the automatic stay. …
Read More Delaware Bankruptcy Court Rules That Directors & Officers May Access Eroding Policy Despite Company’s Bankruptcy

The U.S. Supreme Court recently asked the Solicitor General to file a brief on behalf of the United States expressing its views on whether the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) and the federal legislation that enforces it, the Federal Arbitration Act (“FAA”),  are subject to the reverse preemption provision of the McCarran-Ferguson Act. …
Read More United States Supreme Court Asks for Federal Government’s Opinion on Applicability of the McCarran-Ferguson Act to the New York Convention

In American Home Assurance Co. v. American Re-Insurance Co., No. 602485/06 (N.Y. Sup. Ct. May 27, 2010), the plaintiffs, several ceding companies, brought a declaratory judgment action against certain reinsurers (collectively, the “Reinsurers”) seeking reimbursement for portions of a settlement plaintiffs made with their insured, Monsanto Corporation. …
Read More New York State Court Finds that Follow the Settlements Doctrine Does Not Apply