On February 12, 2009, House Representative Henry “Hank” Johnson (D-GA) re-introduced legislation relating to the Federal Arbitration Act, which is now called the Arbitration Fairness Act of 2009. In June 2008, we first reported on the initial introduction of this legislation, the Arbitration Fairness Act of 2007 (click here for previous post).
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Reinsurance
Solvency II Approved by European Parliament
By Troutman Pepper Locke on
On 22 April 2009 the European Parliament approved the proposed Solvency II directive. This brings implementation of the regime in October 2012 another step closer. …
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New York State Court Orders Pre-Arbitration Discovery in Aid of Contemplated Arbitration
By Troutman Pepper Locke on
In the Matter of Trader Pro LLC v. Pires, No. 012334/09 (N.Y. Sup. Ct., Apr. 16, 2009), the Petitioners moved for an order pursuant to CPLR 3102[c] for the issuance of pre-arbitration subpoenas to the Respondents, in order to determine the identity of other potential parties for an arbitration that Petitioners intended to commence. …
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Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage
By Troutman Pepper Locke on
As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”). As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events.
New York State Court Orders Parties to Arbitrate Dispute, even where Plaintiff Alleges that Contract Containing Arbitration Clause Was Induced by Fraud
By Troutman Pepper Locke on
Defendant New York Merchants Protective Co. Inc. (“NYMP”) is engaged in the business of installing and/or maintaining alarm systems. See Custom Metal Inc. v. New York Merchants Protective Co. Inc., 21343/08 (Nassau County, Sup. Ct., Apr. 6, 2009). Plaintiff Custom Metal Inc. (“Custom Metal”) was a customer of NYMP and entered into a contract in 2003 by which NYMP was responsible for installing and maintaining a security system at Custom Metal’s principal place of business.
U.S. Reinsurance Under 40s Group to Host Reception in Philadelphia
By Troutman Pepper Locke on
On Wednesday, April 29, 2009, the U.S. Reinsurance Under 40s Group will host its first ever event in Philadelphia! The event will take place between 5:30 p.m. and 7:30 p.m. at the Union League of Philadelphia, which is located at 140 S. Broad Street (between 15th and Samson streets). …
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U.S. Reinsurance Under 40s Group to Host Lloyd’s Non-Marine Under 30s Group on May 6th for Spring Event in New York City
By Troutman Pepper Locke on
On Wednesday, May 6, 2009, the U.S. Reinsurance Under 40s Group will host the the Lloyd’s Under 30’s Non-Marine Group at its annual Spring event in New York City. The Lloyd’s Under 30’s Non-Marine Group was established more than 30 years ago, and is an organization that is open to all those under the age of 30 years who are engaged in the Lloyd’s Non-Marine market.
NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
By Troutman Pepper Locke on
On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes. …
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New York State Court Vacates Arbitral Award Where Party Failed to Follow Procedures Set Forth in Arbitration Clause
By Troutman Pepper Locke on
A credit card agreement between Cheryl DiLorenzo and, by assignment, FIA Card Services, N.A. (“FIA”) contained a provision that permitted either party to submit any dispute between them to arbitration before J.A.M.S./Endispute (“JAMS”).
Federal Court Grants Receiver’s Motion to Remand Under the McCarran-Ferguson Act’s Reverse Preemption Doctrine
The United States District Court for the Northern District of Florida granted the receiver for The Aries Insurance Company (“Aries Insurance”) its motion to remand the case. The court remanded the receiver’s action to the state court in accordance with the requirements of the McCarran-Ferguson Act’s reverse preemption doctrine.