Reinsurance & Arbitration
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Issue #141, December 2019
11th Cir. Clarifies Standard for New York Convention’s Public Policy Defense to Foreign Arbitration Awards
Michael Wolgin discusses a recent opinion in which the 11th Circuit U.S. Court of Appeals said it would not refuse to enforce a foreign arbitration award simply because the remedies available under the foreign law were less favorable than the remedies available under United States law.
A Puerto Rico federal judge has been asked to stay an arbitration in which the receiver of Integrand Assurance Co. is seeking more than $56 million in reinsurance coverage for claims arising from two hurricanes that devastated Puerto Rico in September 2017.
The United States government is appealing a ruling that Colorado law bars the U.S. Department of Health and Human Services from using money owed to an insolvent insurer to pay sums the insurer owes under the Patient Protection and Affordable Care Act’s (ACA) reinsurance and risk-adjustment programs.
A Connecticut federal judge has stayed an action targeting Applied Underwriters workers’ compensation program in light of a California state court order placing California Insurance Co. (CIC) in conservation.
An Ohio federal judge has allowed OneBeacon Insurance Co. to appeal his refusal to dismiss a state court reinsurance action, noting that the 6th Circuit has repeatedly certified claim preclusion rulings for interlocutory appeal.
Conn. High Court to Decide Whether Parties May Circumvent State Deadline for Challenging Arbitration Award
The Connecticut Supreme Court will consider whether parties can avoid the state’s 30-day deadline for applying to vacate an arbitration award by including a choice-of-law provision in the arbitration agreement stating that it is governed by the Federal Arbitration Act, which contains a three-month limitation for seeking vacatur.
A lawsuit accusing two insurers of violating the Employee Retirement Income Security Act by failing to disclose their reinsurance relationship with one another has settled, according to a Massachusetts federal judge.
A New York federal judge has ruled that aiding and abetting claims may proceed against two valuation companies accused of providing a runoff insurer with false valuation reports, causing it to invest $320 million in the troubled Platinum Partners hedge fund.
Certain Underwriters at Lloyds has been accused of breaching a reinsurance contract issued to a Montana risk pool by refusing to reimburse them $2.65 million for the settlement of an underlying wrongful conviction lawsuit.
The question of whether related reinsurance disputes should be consolidated must be determined by a new panel of arbitrators chosen according to the express terms of the reinsurance agreement, a federal appeals court has affirmed.