Reinsurance

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In August, a group of cedents filed a petition to confirm an arbitration award (the “Final Award”) entered in their favor against their reinsurer, National Casualty Company.  National Casualty moved to dismiss the motion to confirm based upon lack of subject matter jurisdiction, arguing that the Final Award did not satisfy the amount in controversy requirement. …
Read More Federal Court Orders Arbitration Award To Be Sealed Temporarily

In a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 20 U. S. property‑casualty reinsurers wrote $19.0 billion of net premiums during the nine-months ended September 30, 2008, an increase of $1.1 billion from the same period in 2007. 

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Read More RAA Releases Nine-Months 2008 Underwriting Results

On Tuesday, November 18, 2008, the House Committee on Financial Services held a hearing regarding oversight of the Economic Stabilization Act of 2008 (the “Act”), government lending and insurance facilities, and their impact on the current economy and credit availability. …
Read More Aon General Counsel Testifies Before House Committee on Financial Services on Proposed Insurance Program to Restore Liquidity to Financial Institutions

On the same day that it released a report indicating that insurance premiums should experience double-digit growth through 2010, Brazilian insurance regulator SUSEP announced the suspension of 10 of the nation’s 30 reinsurance brokers. …
Read More Brazil Regulatory Update: SUSEP Expects Double-Digit Premium Growth Through 2010, Suspends 10 Reinsurance Brokers

Comos previamente discutido aquí, el Presidente de Costa Rica, Dr. Oscar Arias Sánchez, firmó este año una ley terminando el monopolio del gobierno de más de 80 años sobre la industria aseguradora del país.  Hasta hoy, ninguna empresa privada ha solicitado autorización para entrar al mercado, pero las autoridades de Costa Rica han comenzado de investigar acusaciones de ventas del seguro extranjero (click aquí) y algunas compañías han indicado públicamente su interés en el mercado, incluyendo Grupo Mundial de Panamá, que ha indicado que se está preparando para entrar al mercado de Costa Rica en 2009. …
Read More Nueva Ley y Regulaciones de Seguro de Costa Rica

As we previously discussed here, Costa Rican president Oscar Arias Sanchez this year signed into law a bill ending the more than 80-year government monopoly over the country’s insurance industry.  Although no private companies have yet applied for licensing, the Costa Rican authorities have begun cracking down on sales of foreign insurance (please click here) and several companies have publicly indicated an interest in the market, including Grupo Mundial of Panama, which has indicated that it is preparing to enter the Costa Rican market in 2009. …
Read More New Costa Rican Insurance Law and Regulations

In Kenney, Becker LLP, et al. v. Kenney, 2008 U.S. Dist. LEXIS 1995 (S.D.N.Y. 2008), the United States District Court for the Southern District of New York held that a party that issued a nonparty subpoena in an arbitration arising under the Federal Arbitration Act (“FAA”) in bad faith and without the panel’s approval was subject to sanctions under both Rule 45 of the Federal Rules of Civil Procedure and the court’s inherent authority to impose attorneys’ fees. 

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Read More New York Federal Court Sanctions Party for Issuing Improper Nonparty Subpoena in Arbitration

In Improv West Associates, et al. v. Comedy Club, Inc., 514 F.3d 833 (9th Cir. 2007), the U.S. Court of Appeals for the Ninth Circuit vacated an arbitration award on the basis that the arbitrator’s refusal to abide by well-established California law in rendering its decision was in manifest disregard of the law. 

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Read More U.S. Supreme Court Vacates Court of Appeals’ Decision Applying Manifest Disregard of the Law Standard to Arbitration Award, Remands for Consideration in Light of Hall Street

In a recent decision of the United States District Court for the Western District of Missouri, the court held that a reinsurer was required to follow the settlements of its cedent, finding that the treaty contained language sufficient to be deemed a “follow-the-settlements” provision. 

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Read More Court Rules that Reinsurer Must Follow The Settlements of Cedent