Insolvency, Restructuring and Run-Off

Subscribe to Insolvency, Restructuring and Run-Off via RSS
On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”).  The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

…
Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision

In (1) James Robert Tucker (2) Jeremy Spratt (Joint Supervisors of Energy Holdings (No 3)(in liquidation) v Gold Fields Mining LLC [2009] EWCA Civ 173 the Joint Supervisors (JS) of a Company Voluntary Arrangement (CVA) appealed against a decision that they had wrongly excluded a claim form on the grounds that it had been out of time. 

…
Read More UK: Court of Appeal Considers Time Limits for Submitting Claims in a CVA

Paul Taylor, the head of run-off supervision for insurance firms at the FSA, recently reiterated to the run-off sector that the FSA will object to solvent schemes of arrangement unless policyholders would be at least “no worse off” than in an ordinary solvent run-off. Although the FSA’s approval is not formally required for a scheme of arrangement to be implemented, it does have the power to object to a proposed scheme. …
Read More UK: FSA Says Solvent Schemes Must Leave Policyholders “No Worse Off”

In a recent decision of the United States Court of Appeals for the Eighth Circuit, the court reversed a ruling against a D&O insurer in a coverage action arising from a bankruptcy case. 

…
Read More Eighth Circuit: No Extrinsic Evidence Should Be Admitted to Qualify Unambiguous Exclusion

Yesterday, the Edwards Angell Palmer & Dodge team of Nick Pearson, Mark Everiss and Nick Stern continued to attend the 2008 AIRROC/Cavell Commutations Event. During the course of the day they held a series of meetings and took part in the later conference activities. …
Read More 2008 AIRROC/Cavell Commutations Event

Mark Everiss, Selinda Melnik, Nick Pearson, Mary Pat Cormier and Nick Stern of Edwards Angell Palmer & Dodge attended the second day of the AIRROC/Cavell Commutation & Networking Event 2008. Selinda Melnik and Mary Pat Cormier hosted a very  well attended Women’s Networking Lunch. 

…
Read More AIRROC/Cavell Commutation & Networking Event 2008

The 2008 AIRROC/Cavell Commutation & Networking Event in New Jersey USA, which began yesterday and lasts until Wednesday, is being attended by Nick Pearson, Mary Pat Cormier, Selinda Melnik and Nick Stern of Edwards Angell Palmer & Dodge. 

…
Read More AIRROC/Cavell Commutation & Networking Event 2008

Last week, the Australian Government passed legislation in response to the global financial crisis.  Of particular interest to insurers is the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008 (the “FCS Bill”), which is designed to assist policyholders should a general insurer become insolvent.  A general insurer is an insurer licensed to transact insurance business in Australia and includes foreign insurers. 

…
Read More Australia Passes Financial Stability Package

In Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) [2008] EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London. It was common ground that unlike the rest of the investment agreement , the arbitration agreement was governed by English law. …
Read More UK: English High Court Rules on Law Applicable to the Effects of an EU Insolvency Proceeding on Pending Lawsuits

The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing.

…
Read More Third Circuit Upholds Liability of PricewaterhouseCoopers in Ambassador Insolvency