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PMA Capital Insurance Company (“PMA”) and Platinum Underwriters Bermuda, Ltd. (“Platinum”) entered into a reinsurance agreement that contained, among other things, a “deficit carry forward” provision.  A dispute arose between the parties concerning the validity and scope of this provision, which was submitted to arbitration. 

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Read More Federal Court Vacates Arbitration Award, Finding That Panel’s Award was Completely Irrational and the Panel Exceeded Its Powers by Unilaterally Removing Provision from Reinsurance Agreement

The Second Circuit Court of Appeals recently affirmed a United States District Court for the District of Connecticut’s judgment awarding summary judgment for an insurer seeking to rescind a life insurance policy on the basis that the policy application contained material misrepresentations of fact. …
Read More Second Circuit Court of Appeals Affirmed Summary Judgment For Insurer Ordering Rescission of a Life Insurance Policy Due to Material Misrepresentations in the Application

The United States District Court for the District of Connecticut recently awarded summary judgment in favor of an insurer holding that the insurer had no duty to defend or indemnify the insureds under a rental car’s supplemental liability insurance policy due to the “use” exclusion. 

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Read More Connecticut Federal Court Awarded Summary Judgment for Insurer Due to “Use” Exclusion of Rental Car Supplemental Liability Insurance Policy

Last week Maryland Governor Martin O’Malley announced that Elizabeth “Beth” Sammis has been appointed as Interim Commissioner of the Maryland Insurance Administration (“MIA”).  Ms. Sammis will replace Ralph S. Tyler, who announced that he would step down from his position as Maryland Insurance Commissioner to accept the position of Chief Legal Counsel to the federal Food and Drug Administration effective January 8, 2010. 

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Read More Interim Maryland Insurance Commissioner Named

The House returned to session last week, as intense negotiations continued behind the scenes on an agreement that will reconcile the differences between the House- and Senate-passed healthcare reform bills.  On Thursday, a compromise was reached on one of the Senate bill’s more controversial provisions, smoothing a possible path toward a final agreement in the coming weeks. 

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Read More Last Week in DC: The Healthcare Reform Debate – January 19, 2010

While the amount of damages and casualties from Tuesday’s magnitude-7 earthquake in Haiti continue to escalate, various reports have indicated that very little of this damage will be covered by insurance.  This is because Haiti is the poorest country and one of the smallest insurance markets in the Western Hemisphere. 

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Read More Reports – Minimal Insurance Coverage for Damages from Haitian Earthquake

The Chilean Insurance Association recently released predictions that the country’s insurance market will grow by 3.7% in 2010 and 6.7% in 2011.  In particular, Jorge Claude, the president of the association, reportedly stated that the group expects life insurance premiums to grow 2.9% in 2010 and 5.8% in 2011. …
Read More Latin America Update: Growth Numbers and Predictions for Chile, Ecuador, Uruguay and Venezuela