STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Remands Arbitration Award for Clarification in Reinsurance Dispute
October 4, 2019
NEW YORK — A New York federal judge has asked an arbitration panel to clarify an award issued in a reinsurance dispute involving death benefits, explaining that it is unclear which party’s interpretation of the award is correct.
In a Sept. 25 order, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York asked the arbitrators to clarify whether and to what extent the insurer is required to indemnify the reinsurer for the “payment of death benefits by escheatment, including by early escheatment.”
Allianz Life Insurance Company of North America agreed to reinsure ...
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