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In the recent case of Teal Assurance Company Ltd v (1) WR Berkley Insurance (Europe) Ltd (2) Aspen Insurance UK Ltd (2011) EWHC 91 (Comm), the Commercial Court considered the order in which losses eroded liability in a complex professional indemnity tower. …
Read More UK: Commercial Court Considers when Liability is Triggered in a Complex P.I. Tower

Earlier this week, Jeff Atwater, Florida’s Chief Financial Officer (“CFO”), announced several high-level appointments at the Florida Department of Financial Services (the “Department”), including the appointment of an Inspector General and new directors for the Divisions of Treasury, Consumer Services, and Agent and Agency Services. …
Read More New Leadership Roles Announced at the Florida Department of Financial Services and the Florida Office of Insurance Regulation

President Barack Obama’s recently released Budget of the U.S. Government for the Fiscal Year 2012 (the “Proposed 2012 Budget”) would disallow the deduction U.S. cedents are currently permitted to take for “excess non-taxed” reinsurance premiums paid to their foreign affiliates.  The Proposed 2012 Budget provides no further detail regarding the proposed disallowance, but projects that the disallowance would reduce the U.S. deficit by over $2.6 billion by 2021. …
Read More Obama Proposes Tax on Excess Reinsurance Premiums paid by Cedents to Offshore Affiliates

On Tuesday, March 1, 2011, the U.S. Reinsurance Under 40s Group will be hosting an event at Lucky Strikes Lane in New York City, which is located at 624-660 West 42nd Street.  The event goes from 7:00 pm to 10:00 pm, and will be held in a private room within Lucky Strikes (the “Luxe Suite”) that includes a private bar, four private bowling lanes, HD projection screen and a pool table. …
Read More Come Join the U.S. Re Under 40’s on March 1st at Lucky Strikes Lane in NYC

This updates our June 30, 2010 blog posting.  The New York Insurance Department (“NYID”) issued a draft circular letter last year regarding the implications of excess withdrawals from annuities with guaranteed minimum withdrawal benefits (“GMWB”).  On February 7, 2011, the NYID finalized and issued the circular letter as Circular Letter No. 5 (“Circular Letter”). …
Read More New York issues Circular Letter requiring Consumer Disclosures Explaining Excess Withdrawals from Annuities

Aon International Energy, Inc. (“Aon Energy”) has entered a $36,000 settlement with the Office of Foreign Assets Control (“OFAC”) after allegations that the broker violated the Iranian Transactions Regulations.  Aon Energy served as a broker on behalf of a European reinsurance company and placed facultative retrocession reinsurance with two European retrocessionaires. …
Read More Aon Energy Settles with OFAC After Alleged Sanctions Violations

The Massachusetts Appeals Court recently held that an insurer’s refusal to pay any fees incurred by independent counsel hired by the insured was in bad faith, but also held that the insurer was only liable for reasonable fees that the insured actually paid, not counsel’s full rate. …
Read More Massachusetts Appeals Court Finds Insurer In Bad Faith In Fee Dispute

In Global Process Systems Inc v Syarikat Takaful Malaysia Berhad [2011] UKSC 5, the Supreme Court unanimously upheld the Court of Appeal’s decision (previously reported here) that the appellant insurer was not entitled to rely on an exclusion for inherent vice contained within the contract as the proximate cause of the loss in question was a “peril of the sea”, not the nature of the subject matter insured. …
Read More UK: Supreme Court confirms narrow scope of inherent vice exclusions

In Jubilee Motor Policies (Lloyd’s Syndicate 1231) v Volvo Truck & Bus (Southern) Ltd & Anor [2010] EWHC 3641 (QB) the High Court was asked to strike out a claim brought by the claimant insurer, Jubilee, for a contribution under the Civil Liability (Contribution) Act 1978 (the Act). …
Read More UK: English High Court Confirms Narrow Construction of “same damage” under the Civil Liability (Contribution) Act 1978