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Idea Nuova, Inc. moved in the U.S. District Court for the Southern District of New York to vacate or modify an arbitration award issued in favor of GM Licensing Group, Inc.  The bases for Idea Nuova’s motion included, among other things, that the arbitrator had acted in manifest disregard of the law. …
Read More New York District Court Recognizes Continued Viability of Manifest Disregard of the Law in the Second Circuit

The International Association of Insurance Supervisors (IAIS) has said that it is preparing guidance to the regulatory and supervisory community in relation to insurance securitisation which is expected to be finalised in 2011. 

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Read More International Association of Insurance Supervisors to Prepare Common Standards for Insurance Securities

In a recent decision from the United States Court of Appeals for the Seventh Circuit, WellPoint, Inc. v. John Hancock Life Ins. Co., No. 08-2283 (7th Cir. Aug. 7, 2009), the court ruled that a party seeking to challenge the appointment of a replacement arbitrator must do so at the time of the appointment or else lose its ability to make such a challenge. 

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Read More Seventh Circuit Rules that Challenge to a Replacement Arbitrator Must be Made at the Time of the Appointment and Not at the Conclusion of the Arbitration

In a decision filed August 6, 2009, the U.S. Court of Appeals for the Fifth Circuit affirmed the district court’s denial of a request under 28 U.S.C. § 1782 for discovery for use in a private international arbitration proceeding.  Section 1782 provides a mechanism by which parties to a foreign or international proceeding may petition a federal district court to order a party residing in that district to provide documentary or testimonial evidence to a foreign or international tribunal. …
Read More Fifth Circuit Affirms Denial of Request for Discovery for Use in a Private International Arbitration Proceeding Pursuant to 28 U.S.C. § 1782

Mechanical Dynamics & Analysis, LLC (“MD&A”) performed repairs on a generator at a power plant owned by the Arizona Public Service Company (“APS”).  Thereafter, the generator failed and was out of service for 111 days, resulting in a loss of more than $20 million for APS. …
Read More Federal Court Orders Insurer to Produce Information about its Reinsurance Agreements

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – September 2009, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – September 2009

Republic Western Insurance Company (“Republic”) reinsured certain workers’ compensation policies issued by Reliance Insurance Company.  In October 2001, Reliance was placed into liquidation under the supervision of the Liquidator.  After Republic failed to pay certain claims arising under its reinsurance treaties with Reliance, the Liquidator demanded arbitration. 

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Read More Reinsurer’s Motion to Seal Documents Related to Arbitration Granted by Pennsylvania Court

This updates our March 30, 2009 posting.  On July 27, 2009, the National Association of Insurance Commissioners (“NAIC”) released a revised draft of the Reinsurance Regulatory Modernization Act of 2009 (the “Act”), which was the result of a proposal adopted at its 2008 Winter Meeting to modernize reinsurance regulation. 

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Read More NAIC Releases Second Draft of Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework

As the House of Representatives prepared to leave for its month-long August recess last week, Rep. Richard Neal (D-MA) introduced legislation to repeal a controversial tax deduction used by foreign reinsurers.  The bill, H.R. 3424, would disallow the deduction for excess non-taxed reinsurance premiums with respect to United States risks paid to affiliates. 

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Read More Insurance and Financial Regulatory Reform Update