Reinsurance & Arbitration
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Issue #129, December 2018
A dispute over whether a $1.5 million reinsurance arbitration award should be vacated on the basis of an arbitrator’s undisclosed financial relationship with one of the parties has settled, following a federal appeals court’s reinstatement and remand of the case.
Beechwood Re Ltd. has moved to dismiss an action accusing it of $320 million of an insurer’s policyholder reserves by investing them with a troubled hedge fund, arguing that Senior Health Insurance Company of Pennsylvania (SHIP) failed to plead its fraud claims with the required specificity.
A New York federal judge has stayed pending summary judgment motions in a reinsurance dispute involving a 2008 deadly trucking accident and directed the parties to appear before him at a Jan. 8 conference to discuss a trial schedule.
A Florida federal judge has dismissed a lawsuit in which a medical insurer sought payment of a $139,000 reinsurance claim, noting the parties have reached a settlement.
Three home health aides have filed a purported class action against their employers and a captive reinsurer in New York federal court, accusing them of scheming to siphon millions of dollars in assets from an employee benefit plan.
A New York federal judge has refused to reconsider his denial of Century Indemnity Co.’s motion for summary judgment in a dispute over whether it breached two reinsurance certificates by refusing to pay Utica Mutual Insurance Co.’s defense costs.
A federal appeals court has upheld confirmation of an arbitration award requiring General Re Life Corp. to pay up to $18 million in reinsurance proceeds to Lincoln National Life Insurance Co., finding the clarified award was consistent with the arbitrators’ intent and maintained the underlying resolution of the dispute.
Issue #128, November 2018
State law prohibiting arbitration of insurance disputes does not preempt the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, a Louisiana federal judge has ruled, explaining that while the McCarran-Ferguson Act applies generally to federal statutes, it does not apply to treaties such as the Convention.
The plaintiffs who accuse Applied Underwriters Inc. and its affiliates of charging policyholders grossly inflated premiums have asked a New York federal judge to certify a class of hundreds of businesses who purchased the defendants’ workers’ compensation insurance programs.
A Nebraska federal judge has stayed a dispute arising from Applied Underwriters Inc.’s “EquityComp” workers’ compensation program pursuant to the parties’ confidential settlement agreement.