Reinsurance

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In October, www.insurereinsure.com reported on a regulation being proposed by New York Superintendent of Insurance Eric Dinallo that would eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York (click here to view prior post). 

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Read More Update on New York’s Proposed Change in Collateral Requirements on Foreign and Alien Reinsurers

A New York federal court recently found that a lawsuit commenced by two insurance companies in run-off, Seaton Insurance Company and Stonewall Insurance Company, against their run-off manager, defendant Cavell USA Inc. and its principal, Ken Randall, was subject to the exclusive jurisdiction of the English courts, granting defendants’ motion to dismiss on that basis. …
Read More New York Federal Court Enforces Forum Selection Clause, Grant’s Run-off Administrator’s Motion to Dismiss

Last week we reported that Portugal has issued a consultation paper on the implementation of the EU Reinsurance Directive (see the post here). The transposition deadline was 10 December 2007.  Portugal is one of four member states to receive a letter of formal notice from the Commission in relation to its failure to implement the Directive, the others being the Czech Republic, the Netherlands and Poland. …
Read More EU: Commission Takes Action Against 4 Member States for Failure to Implement the Reinsurance Directive

In the June edition of Insurance and Reinsurance Review, we reported on the current status of implementation of the Reinsurance Directive across the European Union (the article can be found here. At the time, we reported that Portugal had not yet commenced its public consultation. That consultation has now been commenced, and is open until 8 July 2008. 

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Read More EU: Portugal Consults on the Implementation of the Reinsurance Directive

Last month, www.insurereinsure.com reported on the U.S. Supreme Court’s decision in Hall Street Associates, L.L.C. v. Mattel, Inc., No. 06-989 (U.S. Mar. 25, 2008), which held that the grounds set forth in the Federal Arbitration Act (“FAA”) for vacating and modifying arbitration awards were “exclusive,” rejecting the notion that parties whose arbitration is governed by the FAA can contractually expand the scope of judicial review of the award beyond the grounds provided by the FAA. …
Read More New York State Court Vacates Portion of Arbitration Award Based on Manifest Disregard of the Law

In a recent decision by the United States District Court for the Southern District of New York, the court held that, despite the confidential nature of arbitration proceedings, a party seeking to confirm an arbitration award in court must establish some justifiable reason as to why the award and any documents filed in conjunction with the petition to confirm should remain confidential in order to overcome the strong presumption against sealing judicial records and prevent public access. 

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Read More New York Federal Court Finds That Arbitration Awards Should Not Be Sealed