Nearly three years after a federal district court dismissed with prejudice a nationwide class action alleging antitrust and RICO claims against insurers and brokers in connection with contingent commission arrangements, the Third Circuit Court of Appeals has revived a limited swath of plaintiffs’ claims. The Third Circuit concluded that plaintiffs’ allegations regarding contingent commission arrangements alone were insufficient to support antitrust and RICO claims.
Read More Third Circuit Revives Limited Portions of In Re: Insurance Brokerage Antitrust Litigation (MDL 1663)
Reinsurance
Connecticut State Court Finds that a Court is Permitted to Remand an Arbitration Award to Panel for Clarification Post-Hall Street
By Troutman Pepper Locke on
Plaintiff Hartford Steam Boiler Inspection and Insurance Company (“Hartford”) appealed a decision permitting a court to remand a dispute over an arbitral award to the arbitration panel for clarification of that award. Hartford argued that the court’s holding was overruled by the U.S. Supreme Court’s decision in Hall Street Associates, LLC v. Mattel, Inc., 552 U.S. 576 (2008). …
Read More Connecticut State Court Finds that a Court is Permitted to Remand an Arbitration Award to Panel for Clarification Post-Hall Street
Join the U.S. Re Under 40s Group on August 26 in New York
By Troutman Pepper Locke on
The next U.S. Re Under 40s Group event will be at the rooftop of Hotel Indigo on August 26, starting at 5:30. The rooftop promises great views of New York and an opportunity to network with others in the industry. …
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Update: New York State Court Finds that Follow the Settlements Doctrine Does Not Apply
By Troutman Pepper Locke on
Recently, in American Home Assurance Co. v. American Re-Insurance Co., No. 602485/06 (N.Y. Sup. Ct. May 27, 2010), the Supreme Court, New York County (Ramos, J.) granted Defendants’ (the reinsurers’) summary judgment motions, finding that Plaintiffs’(the insurers’) claims were not reasonably within the scope of or arguably covered by its underlying policies with Monsanto. As such, the reinsurers were not bound to follow the settlement. …
Read More Update: New York State Court Finds that Follow the Settlements Doctrine Does Not Apply
EAPD Announces Publication of 2010 Insurance and Reinsurance Guide
By Troutman Pepper Locke on
Edwards Angell Palmer & Dodge is proud to provide its clients and friends with a comprehensive introductory guide to insurance and reinsurance regulations, claims, coverage, and transaction-related information and tips. This collection touches on both the US and UK laws and business practices and reflects the work of our attorney teams across practices and around the world. …
Read More EAPD Announces Publication of 2010 Insurance and Reinsurance Guide
New York Considers Amendment to Credit for Reinsurance Regulation
By Troutman Pepper Locke on
The comment period for the New York Insurance Department’s (“NYID”) Proposed Tenth Amendment to New York Regulations 17, 20 and 20-A (the “2010 Proposal”) came to a close on August 4, 2010. The 2010 Proposal, which was released for public comment on July 22, 2010, would reduce the amount of collateral that unauthorized reinsurers must post in order for insurers to receive full credit for reinsurance ceded. …
Read More New York Considers Amendment to Credit for Reinsurance Regulation
Ninth Circuit Reverses District Court’s Vacatur of Arbitration Award
By Troutman Pepper Locke on
Zev Lagstein, M.D. filed a claim for benefits under a disability policy issued by Certain Underwriters at Lloyd’s London (“Lloyd’s”) after he developed heart disease and other ailments. After Lloyd’s failed to pay out on Lagstein’s claim, he brought suit in federal court, which was stayed pending arbitration. A three-member arbitration panel ultimately found in favor of Lagstein, awarding him the full amount of benefits under the disability policy, plus punitive damages and damages for emotional distress. …
Read More Ninth Circuit Reverses District Court’s Vacatur of Arbitration Award
Federal Court Finds that Fraud Claim is not Arbitrable
By Troutman Pepper Locke on
In a decision by the United States District Court for the Southern District of New York, AXA Versicherung AG v. New Hampshire Ins. Co., 05 Civ. 10180 (JSR) (S.D.N.Y. 2010), the court held that certain fraud claims were not a matter of contract interpretation and, therefore, not arbitrable under a provision in a facultative reinsurance agreement that provided for arbitration of disputes “arising out of the interpretation of this agreement.” …
Read More Federal Court Finds that Fraud Claim is not Arbitrable
Last Call — Please Join the U.S. Reinsurance Under 40s Group at its Summer Happy Hour
By Troutman Pepper Locke on
As a reminder, please join the U.S. Reinsurance Under 40s Group tomorrow, August 5th, at its Summer Social Event. The event will take place at Bourbon Street Bar and Grille and begin at 6:00 pm. For more information and to RSVP, please click here. …
Read More Last Call — Please Join the U.S. Reinsurance Under 40s Group at its Summer Happy Hour
New York State Court Denies Motion to Compel Discovery of Reinsurance and Reserve Information
By Troutman Pepper Locke on
In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim. Specifically, Corning alleged that the reinsurance information sought could be relevant to the insurers’ liability for the asbestos claims at issue (including whether the insurers took inconsistent coverage positions with their reinsurers) and to rebut the insurers’ claims of late notice. …
Read More New York State Court Denies Motion to Compel Discovery of Reinsurance and Reserve Information