Rhonda Enterprises S.A. (“Rhonda”), a vessel owner, entered into a charter party agreement with certain charterers, Projector S.A. and Projector Asia Pte. Ltd for the carriage of goods from Taiwan to Singapore (collectively, “Projector”).
Reinsurance
Court Enjoins Arbitrators from Determining Jurisdiction Over Non-Parties to Arbitration Agreement
By Troutman Pepper Locke on
UBS AG and its affiliates (“UBS”) commenced arbitration against Lakah Funding Limited, the primary obligor and issuer of certain Eurobonds, and against four guarantors of the bonds.
NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework
By Troutman Pepper Locke on
As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting.
NY Insurance Department: NY Annual Statement Supplement Filed by Foreign (Re)Insurers to Follow Accounting Practices Set Forth in NY Insurance Law
By Troutman Pepper Locke on
The New York Insurance Department issued Circular Letter No. 4 (the “Circular Letter”) on February 19, 2009, which is directed to foreign insurers and reinsurers whose home state regulator or domiciliary regulator has “prescribed or permitted accounting practices that differ from the requirements of the New York Insurance Law.”
U.S. District Court for the Southern District of New York Confirms Arbitration Award
By Troutman Pepper Locke on
In a recent decision of the United Stated District Court for the Southern District of New York, Global Int’l Reinsurance Co. v. TIG Ins. Co., 08 Civ. 7338 (JSR) (S.D.N.Y. Jan 20, 2009), the court granted a cedent’s petition to confirm an arbitration award and denied a reinsurer’s motion to vacate the award in part.
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PERILS AG: European Catastrophe Data Company Established
By Troutman Pepper Locke on
A group of European insurers and reinsurers, including Allianz, AXA, Munich Re, Swiss Re and Zurich, have established PERILS AG, based in Zurich, to collect and provide industry-wide European catastrophe insurance data. PERILS is intended to provide a service similar to that provided by Property Claims Services (PCS) in relation to US catastrophes. …
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U.S. Court of Appeals for the Second Circuit Finds that Insured Cannot Assert a Direct Action Against its Reinsurer
By Troutman Pepper Locke on
Plaintiff Jurupa Valley Spectrum, LLC (“Jurupa”) is a beneficiary of certain surety bonds issued by Frontier Insurance Company, which were reinsured by National Indemnity Company (“NICO”). See Jurupa Valley Spectrum, LLC v. National Indemnity Co. and National Liability & Fire Ins. Co., No. 07-cv-3211 (2d Cir. Feb. 4, 2009).
House of Representatives to Reintroduce the Nonadmitted and Reinsurance Reform Act
Reps. Dennis Moore (D-Kan.) and Scott Garrett (R-N.J.) recently announced their intention to reintroduce the Nonadmitted and Reinsurance Reform Act (the “NRRA”). As we previously reported here and here, the NRRA would establish national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. …
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The U.S. Re Under 40s Presents “It’s Not Your Father’s Reinsurance Anymore – Putting Reinsurance in Your Terms” – a Complimentary Event on March 12
By Troutman Pepper Locke on
The U.S. Reinsurance Under 40s Group, Inc. invites you to our next event, which will take place on March 12 at QBE the Americas’ office in downtown New York. The Re Under 40s Group welcomes Frank Nutter, President of the Reinsurance Association of America (RAA), and his daughter Alycia Kiley, Vice President at Riggs, Counselman, Michaels & Downes (RCM&D), as they present insights on hot industry topics and lead a discussion about how reinsurance companies and organizations can better communicate with young professionals in today’s networked world. …
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Southern District Orders Cedent To Produce Documents Relevant To Reinsurer’s Prompt Notice Defense
By Troutman Pepper Locke on
In a recent decision of the United States District Court for the Southern District of New York, AIU Ins. Co. v. TIG Ins. Co., 07 Civ. 7052 (SHS) (HBP) (S.D.N.Y. Nov. 25, 2008), the court ordered AIU Insurance Company (AIU”) to produce documents relevant to whether prompt notice of certain claims arising under the reinsurance contracts at issue was provided to TIG Insurance Company (“TIG”).