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The Insurance Federation of New York, Inc. is hosting a breakfast with New York Superintendent James J. Wrynn on Friday March, 19, 2010 at 8:15 a.m. at Edwards Angell Palmer & Dodge LLP ‘s New York office. …
Read More Edwards Angell Palmer & Dodge’s New York Office Hosts New York Superintendent James J. Wrynn

National Union Fire Insurance Company of Pittsburgh, PA entered into a reinsurance treaty with Odyssey America Reinsurance Corporation, which contained an arbitration clause.  After a dispute arose between the parties and was submitted to arbitration, a panel issued a ruling in Odyssey’s favor. 

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Read More Federal Court Upholds an Arbitration Panel’s Award Requiring a Cedent to Pay its Reinsurer’s Attorneys’ Fees

The New York Insurance Department published the final version of its regulation regarding the transparency of insurance producer compensation (“Regulation 194”) in the New York State Register on February 10, 2010.  Regulation 194 is slated to take effect January 1, 2011, but the Independent Insurance Agents and Brokers of New York (the “IIABNY”) has recently announced its decision to proceed with legal action in order to prevent Regulation 194 from taking effect. …
Read More IIABNY to Sue New York over Producer Compensation Disclosure Regulation

The Liquidator of Midland Insurance Company moved to remand to state court a lawsuit asserted against Dunav Re to recover for claims billed to Dunav Re by Midland under certain reinsurance treaties. …
Read More Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court

This updates our January 27, 2010 posting.  At the Insider Scope conference in London on February 10, 2010, New York Insurance Department (“NYID”) Superintendent James Wrynn announced that the NYID is targeting September 2010 for the publication of its action plan for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). …

Read More New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)

Join the U.S. Reinsurance Under 40s Group’s at their next event, “Preserving Liquid Assets” Lecture and Wine Tasting, on February 10 at the offices of Edwards Angell Palmer & Dodge in New York. 

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Read More REMINDER: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting

This updates our January 7, 2010 posting.  According to media reports, following meetings with insurance executives from over 50 companies, the New York Insurance Department has selected Special Counsel Maria Filipakis to supervise the reopening of the New York Insurance Exchange (the “Exchange”). …
Read More New York Insurance Exchange Working Groups Formed

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for property/casualty insurance policies and reinsurance contracts.  The Department is requesting comments on its draft by January 22, 2010. …
Read More Circular Letter Regarding Contract Certainty Issued for Comment by the New York Insurance Department