Reinsurance & Arbitration
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Issue #143, February 2020
The liquidator of Integrand Assurance Co. told a Puerto Rico federal judge that it wants to voluntarily dismiss its lawsuit against policyholder Puma Energy Caribe LLC, noting that part of the complaint was mooted when the insurer was placed into liquidation.
A Texas judge has recommended awarding a life insurer summary judgment in a lawsuit accusing it of charging exorbitant premiums following its assumption of policies, finding the plaintiff was given ample notice of the assumption reinsurance agreement and its terms.
Senior Health Insurance Company of Pennsylvania has moved for summary judgment on fraudulent conveyance claims brought by the receiver of the Platinum Partners Credit Opportunities Master Fund, arguing that she lacks standing to assert the claims on behalf of two related “feeder funds” because they are not “creditors” of the PPCO Master Fund.
Certain affiliates of Beechwood Re Ltd. have moved for summary judgment on aiding and abetting claims brought by the receiver of the Platinum Partners Credit Opportunities Master Fund, arguing they are barred by the Wagoner rule and the doctrine of in pari delicto.
A federal judge has stayed an action accusing a captive reinsurer of violating the Employee Retirement Income Security Act pending a U.S. Supreme Court ruling on Article III standing in another ERISA case.
In a guest summary, Alex Silverman discusses a recent ruling in which the U.S. District Court for the Western District of Washington enforced a mandatory arbitration clause, despite state law prohibiting such provisions in insurance contracts.
Rachel Schwartz of Carlton Fields discusses the 11th Circuit U.S. Court of Appeal's recent ruling that defendants in a lawsuit involving allegedly exorbitant sewer charges waived their right to arbitrate by litigating the actions extensively before moving to compel arbitration.
A New York federal judge has allowed a Japanese insurer extra time to answer a complaint accusing it of breaching a security trust agreement by refusing to release nearly $20 million in assets from Takata Reinsurance Inc. (TKRI)’s operating account.
The Eighth Circuit U.S. Court of Appeals has refused to revisit its ruling that an arbitrator did not exceed his powers by interpreting a federal crop insurance policy issued through a reinsurance agreement with the Federal Crop Insurance Corp. (FCIC).
A New York federal judge has ordered arbitration of a reinsurance dispute between TIG Insurance Co. and a reinsurer, finding it is encompassed by the broad arbitration clauses in the treaties at issue.