STORY FROM: Reinsurance & Arbitration
Services Provider, Insurer, Prevail in Reinsurer’s Appeal of N.J. Reinsurance Commissions Ruling
November 27, 2017
TRENTON, N.J. — A New Jersey appellate court has ruled in favor of a services provider and an insurer in a dispute over reinsurance commissions, finding they were not bound by a settlement agreement requiring payment of the commissions to a reinsurance intermediary.
On Nov.9, the New Jersey Appellate Division held that while the intermediary’s claims were not untimely, there is no evidence that the provider and insurer agreed, contractually or otherwise, to pay the commissions.
In 2005, insurance broker Marsh Saldana Inc. was working with American Foreign Underwriters Cop. (AFU) to obtain property and casualty insurance for 78 municipalities ...
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