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State Net Capitol Journal Legislative Updates: Florida Adopts Interstate Insurance Product Regulation Compact

BUSINESS: In FLORIDA, Gov. Scott signs HB 383, which adds the Sunshine State to those that have adopted the Interstate Insurance Product Regulation Compact, which serves as a central point of electronic filing for insurance products like life insurance, annuities, disability income and long-term care...

Consequences of Insurer Insolvency – New Appleman on Insurance Law Library Edition, Chapter 102

By Bruce Baty and Jodi Adolf Abstract * * * Chapter 102 discusses the consequences of an insurer insolvency for the policyholders, agents, excess insurers and reinsurers of the insolvent insurer. The chapter begins in Section 102.01 with a general discussion of the liquidation process...

Case Studies of Insurer Insolvencies – New Appleman on Insurance Law Library Edition, Chapter 104

By Patrick H. Cantilo, Mark F. Bennett, and Arati Bhattacharya Abstract *** In this chapter, five insurance insolvencies are discussed in detail to illustrate a number of the issues that are presented in the management of troubled insurers. The companies discussed are the Legion Insurance...

Discovery In Reinsurance Allocation Disputes After USF&G v. American Re

By Robert M. Hall I. Introduction Reinsurance allocation disputes arose out of mass torts that extend over multiple years and impact on many individuals or properties i.e. pollution and asbestos-related losses. When a cedent settles such losses, allocation to reinsurers can become complicated given...

FHFA Announces Ban for Reimbursement of Expenses For Captive Reinsurance Arrangements

On November 5, 2013, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will no longer reimburse their participating servicers for expenses arising out of captive reinsurance arrangements. Captive reinsurance occurs when the servicer purchases a lender-placed...

Commercial Court Clarifies the Position on Follow Settlement Clauses for Retrocessionaires

On 6 November 2013, the Commercial Court handed down its judgment in Tokio Marine Europe Insurance Ltd v Novae Corporate Underwriting Ltd [2013] EWHC 3362 (Comm). Mr Justice Hamblen held that the defendant retrocessionaire had agreed to follow the insurer's settlements in respect of the underlying...

2013 in Review: 10 Most Important Insurance Regulatory Developments

Fred E. Karlinsky, Richard J. Fidei, Trevor B. Mask, and Benjamin J. Zellner of the law firm of Colodny, Fass, Talenfeld, Karlinsky, Abate & Webb have written an in-depth commentary comprised of a round-up of the ten most important developments in federal and state insurance regulation of 2013. Highlights...

Reforms to the Insurance Sector in India: The Wait Continues

By John Goulios , Biswajit Chatterjee , Daniel Sharma, LL.M. , and Joywin Mathew The winter session of the India parliament concluded on December 20,2013. Against the backdrop of the slowing growth rate and demands from the investment community for economic reforms, one critical piece of legislation...

Report to NAIC on Captives: The Controversy About Principle-Based Reserves and Captives Continues

The use by life insurance companies of captive reinsurance companies to finance XXX and AXXX reserves has been a significant and contentious issue in recent years.[1] Some members of the National Association of Insurance Commissioners (the "NAIC") are deeply opposed to captive-based financing...