Topic: Reinsurance

Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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Hit the Rhode (Island) Jack

The Rhode Island state legislature has amended the enabling act to the state’s legacy transfer program, R.I.G.L § 27-14.5-1 et seq. (“R.I. Restructuring Act”), to provide clarification to the marketplace. The enabling act, originally enacted in 2002, was designed to allow for “commutation plans” to provide for reorganization through a court-approved commutation among a reinsurer or insurer and all of its insurance or reinsurance creditors.

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Complimentary Invitation to CCIA Delta Tax Webinar – May 22, 2018

Chris Flanagan, Partner at Locke Lord LLP, and Jim Sabella, CPA and Tax Partner at Dixon Hughes Goodman LLP, will present a webinar on Tax Reform: Implications for Insurers and Reinsurers. This webinar is sponsored by CCIA Delta and hosted by 202works, and will provide key insights into the new tax structure that was signed into law for the 2018 tax season.

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Back to the Future

Prior to the 1990’s Bellefonte Reinsurance Co. v. Aetna Cas. & Sur. Co., 903 F.2d910 (2d Cir. 1990) (“Bellefonte”) decision, the insurance/reinsurance industry operated under the assumption that expenses in addition to loss, unless explicitly excluded, were included coverages under facultative reinsurance certificates.

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NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement

On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European Union on Prudential Measures regarding Insurance and Reinsurance (the “Covered Agreement”). 

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