STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Confirms Arbitration Award Relieving Nationwide of Reinsurance Obligation
November 16, 2016
NEW YORK — A New York federal judge has confirmed an arbitration award relieving Nationwide Insurance Co. of any obligation to reimburse Yosemite Insurance Co. for a $7 million pollution coverage payout, ruling that the panel’s interpretation of the reinsurance treaty is not subject to judicial review.
In a Nov. 10 order, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York also rejected Yosemite’s argument that the award should be vacated because the umpire did not disclose his participation as Nationwide’s counsel in a 2004 arbitration, finding no impartiality on the umpire’s part....
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