The Last Word
Arbitration awards may only be vacated in certain limited circumstances.
Read MoreTopic: Reinsurance
Locke Lord Team Represented Convex in Obtaining Reciprocal Reinsurer Status
A Locke Lord team led by Zachary Lerner and Robert Romano (both of New York) assisted Convex Insurance UK Limited (CIL) and Convex Re Limited (CRL) in obtaining reciprocal reinsurer status, the first alien insurers to receive such designations in the United States.
Read MoreNo David vs. Goliath?– Alabama Finds State’s Bad Faith Law Does Not Apply to Reinsurance
Plaintiff often use ‘bad faith’ as a cudgel to intimidate insurers in what is usually nothing more than a breach of contract cause of action. A recent decision suggests that, at least in Alabama, it is a tactic that may be unavailable in the context of reinsurance.
Read MoreAIRROC Spring Membership Meeting 2021
Partners Brian Casey and Benjamin Sykes will discuss “The Non-InsurTechs – How Technology Focused InsurTechs Are Changing the Face of the Industry Without Selling a Single Policy” at the AIRROC 2021 Virtual Spring Membership Meeting on March 9, 2021.
Read MoreA Fortunes Cookie For The U.S. Reinsurance Industry
Much of American law is derivative of British law, and this is particularly true in the realm of reinsurance law. In the UK, courts distinguish between ‘follow the fortunes clauses’ and ‘follow the settlements clauses’ and attribute different meanings to each, which is often a significant factor in the determining claims and coverage related issues. Unlike the UK, courts in the US appear not to distinguish between the two clauses, and often refer to them interchangeably, as was the case in Fireman’s Fund Ins. Co. v. OneBeacon Ins. Co., No. 14 CIV. 4718, 2020 WL 6135101 (S.D.N.Y. Oct. 19, 2020).
Read MoreTop 10 Insurance Laws And Regulations Of The Decade
The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read MoreNAIC Anticipated to Adopt Revised Reinsurance Law and Regulation
The NAIC has scheduled an Executive Committee meeting on June 25, 2019 to consider finalizing proposed revisions to the NAIC Credit for Reinsurance Model Law and Regulation (Models). It is anticipated that the Executive Committee will adopt the revised Models during this meeting.
Read MoreInsurance and Reinsurance Newsletter – January 2019
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.
Read MoreUS Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).
Read MoreDon’t Throw Me into the Briar Patch – Consolidation of Reinsurance Arbitration
Employers Insurance Company of Wausau (“Wausau”) recently was adverse to The Hartford (“Hartford”), creating a procedural briar patch in a California federal court over the issue of consolidation of multiple disputes under different reinsurance treaties.
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