Topic: Reinsurance
Florida to Change Foreign Reinsurer Collateral Requirements
Dec 13, 2007 | Florida Developments, Industry Developments, Regulatory, Reinsurance | United States
As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states. New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.
Read MoreNAIC Adopts Memorandum outlining Framework for Reinsurance Regulatory Modernization
Dec 11, 2007 | Regulatory, Reinsurance | United States
During the winter meeting of National Association of Insurance Commissioners (“NAIC”) (November 30 through December 4, 2007), the Reinsurance Task Force (“Task Force”) of the Financial Condition (E) Committee unanimously adopted a framework memorandum outlining a three-part approach to modernizing current U.S. reinsurance regulation.
House Passes Homeowners’ Defense Act, Senate Introduces Companion Legislation
Nov 19, 2007 | Federal Legislative Developments, Regulatory, Reinsurance | United States
Federal Magistrate Finds Reinsurance Communications Discoverable in Coverage Dispute
Nov 16, 2007 | Coverage & Claims, Illinois Developments, Reinsurance | United States
An Illinois Federal Magistrate Judge recently ruled that communications between an insurer and its reinsurer were discoverable in a coverage dispute between a policyholder and the insurer.
Read MoreArkansas Federal Court Finds That the New York Convention Preempts the McCarran-Ferguson Act
Nov 15, 2007 | Arbitration, Coverage & Claims, Reinsurance | United States
In Murphy Oil USA Inc., v. SR International Business Insurance Co. Ltd., et al., the insured sought coverage from its various excess insurers for losses resulting from an oil spill caused by Hurricane Katrina. No. 07-1071, 2007 U.S. Dist. LEXIS 69732 (W.D. Ark., Sept. 20, 2007). Murphy’s excess insurers in turn served a notice of their intent to arbitrate any coverage dispute in London, pursuant to an arbitration clause contained in each insurer’s policy.
Read MoreSupreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards
Nov 14, 2007 | Arbitration, Industry Developments, Reinsurance | United States
On Wednesday, November 7, 2007, the United States Supreme Court heard oral arguments in Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, in which the court is examining whether parties can contract for arbitration agreements that allow for judicial review of an arbitrator’s decision beyond that which is already provided for in the Federal Arbitration Act (“FAA”).
Read MoreNew York State Court to Determine Whether Distribution from Insolvent Union Indemnity Estate Should be Permitted
Nov 12, 2007 | Insolvency, Restructuring and Run-Off, New York Developments, Reinsurance | United States
Recently, a New York state court gave the New York Liquidation Bureau (“NYLB”) permission to notify more than 300,000 creditors of Union Indemnity Insurance Company (“Union Indemnity”) that it plans to make the first distribution from the insolvent property casualty insurer’s estate.
Read MoreKAMP RE Cat Bond About to be Triggered
Nov 12, 2007 | Catastrophe Claims, Industry Developments, Reinsurance | United States
Last week, Standard & Poor’s (“S&P”) revealed that a $190 million catastrophe bond issued by special purpose vehicle KAMP RE 2005 Ltd. (“KAMP RE”) on behalf of Swiss Reinsurance America Corp., (“Swiss Re”) is about to be triggered.
Read MoreCalifornia Appellate Court Rejects Narrow Definition of Attorney-Client Privilege With Respect to Documents Contained in Insurer’s Claims Files
Nov 12, 2007 | Coverage & Claims, Reinsurance | United States
In Zurich American Ins. Co. v. The Superior Court of Los Angeles County, et al., No. B194793 (Cal. App., 2nd Dist., Oct. 11, 2007), an appellate panel reversed a lower court’s order and held that the attorney-client privilege extends to communications between an insurer’s employees regarding legal advice and strategy, even if such communications do not contain advice directly from counsel, when disclosure is reasonably necessary for the transmission of that information or to further the purpose of the legal consultation.
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