Reinsurance

Subscribe to Reinsurance via RSS
Earlier this week, the NAIC announced its proposal, as discussed in our  June 7, September 12 and October 9 postings, to modernize U.S. reinsurance regulation to its international counterparts during a panel discussion at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS). 

…
Read More NAIC Shares its Proposal to Modernize Reinsurance Regulation with the IAIS

On October 25, 2007, Edwards Angell Palmer & Dodge will sponsor the first event of the U.S. chapter of the Reinsurance 40 and Under Group (“Reinsurance Under 40s”), a new and exciting organization open to all professionals in the reinsurance industry under the age of 40. 

…
Read More Reinsurance Under 40’s Event to Take Place on October 25, 2007 in New York

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

…
Read More U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

On October 9, the Connecticut Attorney General (the “CT AG”) filed a Complaint against Guy Carpenter and Excess Reinsurance Inc.  The Complaint is 107 pages long and contains numerous highly-disputed allegations about the structure of the reinsurance markets over the last fifty years as well as hotly contested claims about the activities of the participants in certain reinsurance facilities. 

…
Read More Connecticut AG Files Complaint against Guy Carpenter and Excess Re – Direct Summary

Recently, the United States District Court for the Western District of Washington held that a facultative reinsurer was not bound to follow the fortunes of its cedent for a loss that was outside the scope of the reinsured policy and not paid in good faith. 

…
Read More Washington Federal Court Finds that Facultative Reinsurer is not Obligated to Pay a Loss Outside the Scope of the Underlying Policy

This blog serves as an update to our June 7 and September 12 postings. 
 
Last week, we attended the Fall NAIC meeting in Washington D.C.  During the meeting, the Reinsurance (E) Task Force discussed a proposal to modernize current reinsurance regulation. 

…
Read More NAIC Reinsurance Task Force Considers Modernizing Reinsurance Regulation

Recently, in New Regency Productions, Inc. v. Nippon Herald Films, Inc., No. 05-55224 (9th Cir. Sept. 4, 2007), the United States Court of Appeals for the Ninth Circuit upheld a district court’s vacatur of an arbitration award based upon evident partiality of the arbitrator, holding that an arbitrator has a duty to investigate possible conflicts arising from new employment and an obligation to disclose that employment to the parties. 

…
Read More Ninth Circuit Finds Evident Partiality In Arbitrator’s Failure To Investigate Potential Conflicts Arising From New Employment

Over two years ago, the European Commission (“EC”) initiated an inquiry into the state of competition in the European Union (“EU”) business insurance industry.  In explaining the purpose of the inquiry, the EC notes in its Final Report that “[t]aking into account indications that competition in this sector within the common market may be restricted or distorted, the sector inquiry aimed at further investigating the sector and the practices concerned with a view to ultimately identifying any concrete restrictive practices or distortions of competition that may fall within the scope of Articles 81 or 82 of the Treaty.” 

…
Read More European Commission Issues Final Report on Business Insurance Industry

The reports, studies and opinions about the reinsurance market for 2008 have continued to emanate from Monte Carlo over the past two weeks.  Aon and Guy Carpenter released reports timed to the Monte Carlo Reinsurance Rendezvous, which indicate that the reinsurance market stabilized in 2007, with capacity increasing to meet the increased demands in 2006 arising after the large catastrophes of 2005 and prior years. 

…
Read More Reinsurance Reports: Stabilized Market; Softening of Prices

The United States Court of Appeals for the Seventh Circuit recently affirmed a district court’s decision finding that a cedent’s appointment of an arbitrator in a reinsurance arbitration was invalid because it did not fall within the time limitations set forth by the reinsurance contract at issue. 

…
Read More Seventh Circuit Enforces 30-Day Deadline to Select Party-Appointed Arbitrator