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In a matter of first impression under New Jersey law that potentially impacts both the reinsurance and insurance industry and policyholders of insolvent insurance companies, the New Jersey Supreme Court affirmed the appellate division’s ruling that the Fourth Amended Final Dividend Plan (the “FDP”) proposed by the Liquidator for Integrity Insurance Company (“Integrity”) should not be approved because it unlawfully allowed incurred but not reported (“IBNR”) claims to share in the insolvent insurer’s estate. …
Read More Landmark Victory For Reinsurers of Insolvent Integrity Insurance Company

Earlier today, President Bush signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which provides a seven-year extension of the Terrorism Risk Insurance Program, originally created in the wake of September 11 by Terrorism Risk Insurance Act of 2002 (“TRIA”) and extended by the Terrorism Risk Insurance Extension Act of 2005 (“TRIEA”). 

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Read More BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program

As previously reported here, Bermuda held its first general election since 2003 on December 18, 2007.  As a result, Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) was officially elected by public vote as Premier, a position he originally obtained through an internal party battle a year ago.  …
Read More Brown Remains Bermuda Premier With Election Victory

In a ruling that may impact the world of commercial arbitrations, the United States Court of Appeals for the Seventh Circuit affirmed a district court’s denial of a motion to vacate an arbitration award on the basis that it was filed one-day too late. 

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Read More Contesting an Arbitration Award? Seventh Circuit Affirms That Statute of Limitation Runs From Date the Award is Sent

As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states.  New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
Read More Florida to Change Foreign Reinsurer Collateral Requirements

On November 28, 2007, Nebraska Governor Dave Heineman announced his appointment of Ann Frohman as the Director of the Nebraska Department of Insurance (the “Department”).  Frohman served as the Department’s Deputy Commissioner since January 2004. …
Read More Ann Frohman Appointed as Director of Nebraska Department of Insurance

As reported previously in this space here and here, OFC legislation (entitled the “National Insurance Act”) was resubmitted in the House and Senate earlier this year.  While testimony from the NAIC and various trade organizations was taken by the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on October 3 and October 30, the current consensus is that no OFC legislation will be passed this year. …
Read More Treasury Review of Financial Services Regulation Renews Debate on OFC

Last month, Sen. Joseph Lieberman (I. CT) and Sen. John Warner (R. VA), respectively the Chairman and the Ranking Member of the Senate Environment and Public Works Subcommittee on Private Sector and Consumer Solutions to Global Warming and Wildlife Protection, formally introduced to Congress “America’s Climate Security Act of 2007”, which if enacted, would empower the Administrator of the Environmental Protection Agency to establish a Federal program whereby the Environmentally Protection Agency would have the duty and authority to reduce greenhouse gas emissions in the United States. 

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Read More Sen. Lieberman and Sen. Warner Introduce America’s Climate Security Act of 2007

On InsureReinsure.com, we strive to provide information about issues involving the insurance and reinsurance world and we rarely deal with criminal proceedings but there are instances, however, when alleged criminal activities become relevant to our industry.

We have blogged regularly about Richard (“Dickie”) Scruggs and the Scruggs Katrina Group, a group of attorneys representing thousands of policyholders in Katrina-related coverage disputes with their insurance companies.
Read More Dickie Scruggs Indicted for Attempting to Bribe a Judge

Scott Kipper has been selected to replace Joel Ario as the administrator of Oregon’s Insurance Division of the Department of Consumer and Business Services (“DCBS”).  As previously reported here, Joel Ario left the Insurance Division to become the insurance commissioner of the Commonwealth of Pennsylvania.  Kipper’s appointment will be effective on December 27. …
Read More Oregon Selects Scott Kipper To Head Insurance Division