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You are here: Home / Arbitration / Court Decisions / Brokers / Underwriters / DEVELOPMENTS IN TWO PRIOR REPORTED UK MATTERS REGARDING BROKERS AND NORTH KOREA

DEVELOPMENTS IN TWO PRIOR REPORTED UK MATTERS REGARDING BROKERS AND NORTH KOREA

September 6, 2007 by Carlton Fields

In posts to this blog on September 22, 2006 and February 21, 2007, we reported on developments in a case in UK courts alleging fraud by a broker in the placement of reinsurance and a fraudulent, undisclosed binder addendum that substantially increased the brokers' compensation. The UK Court of Appeals has affirmed decisions of the lower court in this matter. R + V Versicherung AG v. Risk Insurance and Reinsurance Solutions SA, [2007] EWCA Civ. 807 (July 30, 2007).

In a December 5, 2006 post, we described a dispute over allegedly fraudulent reinsurance claims from North Korean insurers. The insurers filed suit in the UK to enforce the judgment of a North Korean court, and a judge has stricken a defense alleged by the reinsurers that they had reached a settlement of the claims. The court found that there was no reasonable prospect that the defense could be established given the absence of a written confirmation of the alleged settlement. Other defenses remain at issue. Korea National Insurance Corp. v. Allianz Global Corporate & Specialty AG, [2007] EWHC 1744 (Comm. July 24, 2007).

Filed Under: Brokers / Underwriters, Reinsurance Claims

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