Reinsurance & Arbitration
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A New York judge has sent to arbitration fraud and breach of fiduciary duty claims asserted by a reinsurance investment company against its former officers, ruling that the arbitration provisions in the defendants’ employment and separation agreements are valid.
In sanctioning a party’s bad faith litigation conduct by ordering it to pay the other party’s legal fees, the award must be limited to the fees the innocent party incurred solely due to the misconduct, the U.S. Supreme Court has unanimously held.
A reinsurer is obligated to pay defense costs outside of indemnity limits because the reinsurance certificates at issue are concurrent with the underlying policies, Century Indemnity Co. has argued in a brief filed before New York’s highest court.
General Re Life Corp. has asked a Connecticut federal judge to reconsider his confirmation of a clarified arbitration award that requires General Re to pay up to an additional $18 million in reinsurance proceeds to Lincoln National Life Insurance Co.
Arbitrators must decide whether a coverage dispute between Gemini Insurance Co. and certain Lloyd’s of London underwriters is arbitrable, a Texas federal judge has ruled, explaining that the policy’s arbitration clause overrides its service of suit clause.
S.C. Federal Judge Gives Bank Access to Insurer’s Non-Privileged Financial Documents in Reinsurance Dispute
A South Carolina federal judge has declined to quash a subpoena in which a bank accused of mishandling reinsurance funds seeks the plaintiff’s financial documents from state insurance regulators.
A New York federal judge has vacated a reinsurance arbitration award due to a party arbitrator’s failure to disclose his financial relationship with one of the parties, ruling that it constitutes evident partiality because it would lead a reasonable person to conclude that the arbitrator was partial to one side.
A Connecticut federal judge has ordered Excalibur Reinsurance Corp. and Select Insurance Co. to explain why their reinsurance action should not be dismissed, noting that no activity has occurred in the case for six months.
Arbitration agreements that bar consumers from seeking injunctive relief pursuant to California’s Consumer Legal Remedies Act and Unfair Competition Law are contrary to public policy and cannot be enforced, California’s highest court has ruled.
An insurer’s communications with its reinsurers are relevant to bad faith claims asserted against the insurer in a construction defect coverage action because they could reveal why the insurer changed certain coverage positions as time passed, a South Carolina federal judge has ruled.