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In a recent decision of the United States District Court for the Southern District of New York, Cooke & Partners, Ltd. v. Certain Underwriters at Lloyd’s, London, No. 08 Civ. 3435 (RJH) (S.D.N.Y. Mar. 26, 2009), the Court compelled the assignee of a liquidator’s claims to arbitrate its disputes with the reinsurers of the liquidated company. 

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Read More Southern District of New York Compels Arbitration of Assignee of Liquidator’s Claims Under the New York Convention

On June 25, 2009, the Non-Admitted and Reinsurance Reform Act of 2009 (S. 1363) was reintroduced into the Senate by Senators Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.).  S. 1363 is a companion bill to H.R. 2571, discussed here, which was introduced into the House on May 21, 2009.

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Read More Non-Admitted and Reinsurance Reform Act Reintroduced into the Senate

In Taylor v. Sentry Group of Companies, No. 08-35116 (9th Cir. May 20, 2009), the plaintiff was severely injured in an automobile accident, with medical expenses alone exceeding $200,000.  The tortfeasor’s insurance policy had a limit of only $25,000.  The tortfeasor’s insurer offered the plaintiff the entire policy limits as settlement on three separate occasions.  Each offer was rejected by the plaintiff. …
Read More Ninth Circuit Holds That Insurer’s Failure to Offer More Than Policy Limits Is Not Bad Faith

In response to recent investigations of reimbursements of out-of-network treatment, New York Governor Paterson announced a proposed regulation that will require health and accident insurers, including health maintenance organizations (collectively, “insurers”), to inform insureds as to the actual reimbursement amount for out-of-network treatment before receiving such treatment. 

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Read More New York Announces Proposed Regulation on Health Insurance Reimbursements

In a 5-4 decision, the United States Supreme Court in Ricci v. DeStefano offered little in the way of practical guidance to employers walking the fine line of race-neutral hiring and employment practices, but provided no shortage of controversy for pundits and commentators. …
Read More A Catch-22 for Employers: Supreme Court Rules Against City of New Haven in Reverse Discrimination Case

Petitioner Global Reinsurance Corporation of America (“Global”) and its predecessor companies provided reinsurance coverage to Home Insurance Company.  Global reinsured its contracts with Home by obtaining retrocessional reinsurance coverage from, among others, respondent Argonaut Insurance Company (“Argonaut”). …
Read More New York Federal Court Confirms Arbitration Award Requiring a Retrocessionaire to Reimburse a Reinsurer for IBNR Claims, but Recognizes the Viability of Manifest Disregard of the Law

Eric R. Dinallo, Superintendent of the New York Insurance Department, recently proposed an amendment to Regulation 41 (11 NYCRR 27) that governs the standards for excess lines placement (the “Proposed Regulation).  The Proposed Regulation seeks to include additional risks to be insured by excess lines carriers on the New York Export List. …

Read More New York Export List Proposed Regulation

General Reinsurance Corporation (“Gen Re”) reinsured certain commercial excess liability policies issued by Mid-Continent Casualty Company (“Mid-Continent”).  See Mid-Continent Cas. Co. v. General Reins. Corp., No. 07-5050 (10th Cir. May 22, 2009).  After a dispute arose between the parties, Mid-Continent filed a lawsuit against Gen Re in federal district court in Oklahoma, and Gen Re sought to compel arbitration under the Federal Arbitration Act (“FAA”). …
Read More U.S. Court of Appeals for the Tenth Circuit Finds that Arbitration Agreements in Reinsurance Contracts Are Enforceable under Oklahoma Law