Reinsurance & Arbitration
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Issue #147, June 2020
"Arbitration Should Play a Key Role in Resolving COVID-19 Insurance and Reinsurance Disputes," by Larry P. Schiffer
In this article, Larry P. Schiffer of Squire Patton & Boggs (US) discusses the advantages to using arbitration to resolve COVID-19 coverage disputes, noting that ARIAS arbitrators "have extensive insurance industry experience and understand how coverages like business income and extra expense with civil authority work and what those are meant to cover."
Frequent HarrisMartin contributor Robert M. Hall notes in his most recent article that the far greater weight of case law does not support fiduciary obligations between cedents and reinsurers.
Lexington Insurance Co. has dropped its lawsuit accusing R&Q Reinsurance Co. of breaching a reinsurance contract by failing to partially fund an asbestos settlement involving Lexington’s insured, National Service Industries Inc. (NSI).
A Puerto Rico federal judge has dismissed a policyholder’s counterclaims accusing Integrand Assurance Co. of refusing to pay its environmental contamination claims, ruling that the insurer’s liquidation proceedings bars such actions.
A reinsurer has sued an insurer in Michigan federal court for $3,707,961 in damages, accusing it of improperly agreeing to settle underlying claims filed by a health care provider against two insured employee benefit plans.
A Delaware court has denied a petition by a group of life insurers to revise Scottish Re (U.S.) Inc.’s plan for addressing contractual offset rights to allow for a group offsetting methodology, ruling that it contravenes Delaware bankruptcy law.
A senior member of the House Financial Services Committee has proposed a multi-million-dollar reinsurance program modeled after the Terrorism Risk Reinsurance Act, which would create a backstop for pandemic risks.
United States Fire Insurance Co. seeks dismissal of a lawsuit in which it disclaims its obligation under a reinsurance agreement to pay defense or indemnity for a class action lawsuit accusing its cedent of breaching health insurance policies by discounting the insureds’ medical bills.
Issue #146, May 2020
Certain Underwriters at Lloyds London are urging a Montana federal judge to send a $2.65 million reinsurance action to arbitration, arguing that the reinsurance agreement at issue requires resolution of such disputes before a three-member panel.
Accident Insurance Co. has moved for a new trial following a South Carolina federal judge’s determination that U.S. Bank National Association did not breach its duties as the trustee of a reinsurance account or commit civil conspiracy.