The Connecticut Insurance Department has issued a Bulletin (Number FS-4AR-06) relating to 2006 and 2007 financial filing requirements by accredited reinsurers, and a notice of intention to amend its regulations to delete a provision that relates to the disposition of the assets of a single beneficiary trust on the insolvency of the reinsurer/grantor.
NAIC Task Force report on reinsurance collateral adopted
Although there are not yet any minutes or summary posted on the NAIC's Internet site, news reports indicate that the NAIC's Reinsurance Task Force, by a vote of 15-5, has adopted the latest draft proposal to change the collateral rules for reinsurance. Additional information will be posted here as it becomes available. Read the news story. The proposal should now go to the NAIC's Financial Condition Committee.
Journal of Reinsurance articles
The Fall issue of the Journal of Reinsurance is out. Published by the Intermediaries & Reinsurance Underwriters Association, articles in the current issue include:
- Randy Maniloff, How Do You Catch a Cloud and Pin It Down? Solving the Problem of Wind v. Water for Hurricane Katrina;
- Insurance Company Run-Off and Reorganization Special Task Force Report, prepared for the Connecticut Department of Insurance;
- Nigel Montgomery, Antony Newman and Kenneth Wylie, Disposing of Discontinued Operations: Part VII Transfers and Schemes of Arrangement in the UK; and
- Joseph Sano, Judicial Consolidation of Arbitrations: From Chaos to Predictibility.
Further information about the articles, and suscription information, may be found at the IRU's Internet site.
UPDATE: Argonaut Insurance arbitrator appointment dispute
In an August 24 post, we reported on a District Court decision allowing Lloyds to appoint both arbitrators in a dispute with Argonaut Insurance due to Argonaut not appointing an arbitrator in a timely manner. Argonaut filed a Notice of Appeal of that decision, but the District Court recently entered an Order denying Argonaut's motion for a stay of the enforcement of the decision pending the appeal. This likely means that the arbitration will proceed with the two arbitrators appointed by Lloyds while the appeal proceeds.
District Court adopts Magistrate Judge's recommendations as to personal jurisdiction
A District Court has entered an Order adopting a Magistrate Judge's Report and Recommendation, denying a motion to dismiss, for lack of personal jurisdiction, filed by a guarantor of a quota share reinsurance agreement. Sirius America Ins. Co. v. SCPIE Indemnity Co., Case no. 05-7923 (USDC S.D.N.Y. Nov. 1, 2006). The Report & Recommendation was the subject of an October 5 posting on this blog. The Order recites that the Court had not received any objections to the Report & Recommendation.