Edwards Wildman hosted a roundtable at the 2013 NAIC Fall National Meeting in Washington, DC with Richard Schlesinger, Chief of Reinsurance and Surplus Lines, from the New Jersey Department of Banking and Insurance for a discussion about the New Jersey Reinsurance Certification Program.
Read MoreIn Equitas Limited v Walsham Brothers & Company Limited [2013] EWHC 3264 (Comm), Equitas claimed that the defendant broker, Walsham, received substantial sums (claims on outwards policies and premiums on inwards policies) which it should have remitted to the syndicates (or, after an assignment to Equitas in 1996, to Equitas).
Read MoreThe case of Tokio Marine Europe Insurance Ltd v Novae Corporate Underwriting Ltd [2013] EWHC 3362 (Comm) concerned losses suffered by a Thai subsidiary of Tesco plc arising out of severe floods in Thailand in 2011. The Tesco subsidiary claimed for losses of approximately £125m under various insurance policies underwritten by certain ACE group companies (referred to collectively as ACE).
Read MoreOn November 6, 2013, the Federal Insurance Office (FIO) released its 2013 Report on the Impact of Part II of the Nonadmitted and Reinsurance Reform Act (NRRA). The purpose of the NRRA, which became effective on July 21, 2011, is to improve the uniformity of state regulation of reinsurance and surplus lines insurance.
Read MoreBy letter dated October 29, 2013, Florida Chief Financial Officer Jeff Atwater inquired with the Florida Office of Insurance (“OIR”) as to why insurance rates have not been reduced for many Florida homeowners given that reinsurers have lowered their rates. Atwater requested a response to the inquiry by December 18, 2013.
Read MoreThis program will offer an overview of the Employee Retirement Income Security Act of 1974 (“ERISA”). It will examine recent cases involving allegations that an insurer or its affiliate violated a fiduciary duty owed to an ERISA plan it serviced, with an emphasis on cases concerning “revenue sharing” with a mutual fund that the plan offers its participants. It is designed for in-house counsel, human resource managers and benefit specialists who focus on employee benefit matters.
Read MoreIn the case of Amlin Corporate Member Limited & Ors v Oriental Assurance Corporation [2013] EWHC 2380 (Comm), (we have previously reported on related proceedings here and here) the Claimant reinsurers sought a declaration that a warranty in the reinsurance contract had been breached by an insured vessel sailing despite a storm warning having been issued at the port of sailing and on part of the route.
Read MoreIn a decision that has implications for reinsurance, the Massachusetts Supreme Judicial Court last week decided that the Federal Arbitration Act preempts the Massachusetts Arbitration Act where the relevant contract involves interstate commerce. The decision is McInnes v. LPL Financial, LLC, et al., No. SJC-11356 (Aug. 12, 2013), and is available at the court’s website.
Read MoreEdwards Wildman Speaker: Robert W. DiUbaldo
12:00 PM – 1:15 PM (Central Time)
Please join us on August 28 from noon to 1:15 pm (Central) for this free webinar. Attorneys from Edwards Wildman Palmer LLP and Surdyk & Baker, engineers from St. John-Mittelhauser & Associates and underwriting and claims professionals from the Catlin Group will discuss the recently enacted Illinois Hydraulic Fracking Regulatory Act and its potential consequences, and will answer your questions.
As previously reported here, the New York Department of Financial Services (“DFS”) began a string of investigations last month into possible violations by non-U.S. reinsurers of U.S. sanctions against Iran as set forth in the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”) that became effective on July 1, 2013.
Read More
