Reinsurance

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Brazil’s Superintendencia de Seguros Privados (SUSEP) recently granted IRB Brasil Resseguros S.A. (IRB), the government-controlled entity that formerly held a reinsurance monopoly in Brazil, an extension of time through December 31, 2008 to conform to the new regulations that opened the Brazilian reinsurance market to local and foreign competition. …
Read More Brazil: IRB Brasil Resseguros S.A. Granted Extension of Deadline to Conform to Resolution No. 168

With stock market turbulence and industry consolidation in 2008 have come financial strength ratings downgrades for more than 100 insurers and reinsurers.  While such downgrades can result in numerous consequences, one potentially unrecognized consequence is non-compliance with regulatory reporting guidelines in numerous jurisdictions in Latin America and other parts of the world. …
Read More Ratings Downgrades Can Result in Regulatory Non-Compliance in Many Countries

MBIA Inc. announced yesterday that MBIA Insurance Corporation (“MBIA”), its financial guaranty insurance company subsidiary, had completed a reinsurance transaction with Financial Guaranty Insurance Company (“FGIC”) whereby MBIA will reinsure FGIC’s risks that consist entirely of U.S. public finance bonds with total net par outstanding of about $166 billion. 

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Read More MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company

Please join the U.S. Reinsurance Under 40s Group at their ReIndustry Speak on October 23, sponsored by Swiss Re, to hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), speak about our industry. 

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Read More U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23

EAPD lawyer Machua Millett recently participated in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market. …
Read More Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)

This blog updates our September 24, 2008 posting.

The NAIC Financial Condition (E) Committee voted to adopt the reinsurance modernization and collateral proposal (the “Proposal”), which was approved by the Reinsurance Task Force earlier this week. 

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Read More NAIC Financial Condition (E) Committee Approves Reinsurance Modernization Proposal

On September 16, 2008, the Florida Office of Insurance Regulation (OIR) announced that, in its capacity as the Financial Services Commission, the Florida Cabinet approved a rule permitting approved, unaccredited reinsurance companies to conduct business in Florida without posting 100% collateral. 

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Read More Florida Relaxes Collateral Rules for Unaccredited Reinsurers

Following the recent passing of the Insurance Amendment Act 2008, the Bermuda Monetary Authority (BMA) has announced that it will introduce the Bermuda Solvency Capital Requirement (BSCR), an enhanced solvency regime to apply to Bermuda’s Class 4 reinsurers. The BSCR is intended to establish risk-based capital adequacy standards for high impact reinsurers. …
Read More Bermuda Monetary Authority Announces New Rules on Insurance Solvency for Class 4, Reclassification of Class 3 and New Class of SPVs

Robert Lewis Rosen Associates, Inc. (“RLR”) petitioned the United States District Court for the Southern District of New York to vacate an arbitration award issued in favor of William Webb (“Webb”) on the grounds that the arbitrator acted in manifest disregard of the law. 

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Read More New York Federal Court Finds That Doctrine of Manifest Disregard of the Law is No Longer Good Law