Topic: Reinsurance

Senate Banking Committee Chair Urges FIO And the NAIC To Monitor Private Equity and Affiliated Offshore Reinsurance in the Life Insurance Industry

Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, ‎Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the ‎National Association of Insurance Commissioners (NAIC) to examine the increasing role of ‎private equity and alternative investment classes in the life insurance market as well as ‎offshore reinsurance. ‎

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A 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).

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US 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”).

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