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Insurance/Reinsurance
A House bill, HR-890, would allow Holocaust survivors and their families to file suit against European insurance companies for failing to pay on insurance policies.
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A South Carolina U.S. District Court has found that state arbitration acts relating to the insurance industry can trump the Federal Arbitration Act.
In the case, the court held that the McCarran-Ferguson Act (15 U.S.C.A. § 1011 et seq.) allows the South Carolina Uniform Arbitration Act to "reverse preempt" the FAA.
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The U.S. Supreme Court is reviewing a case with multiple arbitration issues, leaving open the possibility that another hot ADR case could be decided by the nation's top Court later in this current 2010-2011 term..
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In April 2005, a meeting was held at the offices of QBE International, Limited, in London, attended by several prominent insurance companies. The group sought areas in which inter-company disputes were most costly and most ripe for reform and cooperation. They settled upon disputes between re-insurers and ceding companies, and in the ensuing months worked with CPR to devise a set of “best practices” that would be applicable throughout Europe (and indeed around the world) and that would address the most common sources of waste and inefficiency.
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The U.S. Supreme Court has asked for the U.S. Solicitor General’s view on an arbitration case, which the Court will then use to decide whether to grant cert in the matter. The Court, according to a report by Scotusblog this morning, has asked the U.S. Solicitor General “to offer the government’s views on whether the Federal Arbitration Act is a federal law that seeks to regulate insurance, and thus overrides any conflicting state law on insurance regulation.”
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A mediated settlement last week between American International Group Inc., and former CEO Maurice Greenberg, keeps mediator Layn R. Phillips, a partner in the Newport Beach, Calif., office of Irell & Manella, overseeing the matter, in a manner that looks more like an arbitrator. Phillips will decide legal fees that could range up to $150 million, and has potentially broad authority to resolve outstanding issues.
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AIG, former CEO Maurice R. Greenberg, and former CFO Howard I. Smith agree to arbitrate a chunk of the claims involved in the fight over liability over accounting irregularities that led in part to a government bailout of the insurer.
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Excerpts from the article from Arias US Quarterly, Volume 16, Number 1 (First Quarter 2009): Beyond the "Discretion of the Arbitrator": Applying the Standard of "Reasonable Necessity" to Determine the Appropriate Scope of Discovery in Insurance/Reinsurance Arbitration.
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An insurer’s recent attempt to escape from an unfavorable arbitration award resulted in the Court of Appeal confirming that an award rendered under the 1996 Arbitration Act can only be challenged under that Act — even where the parties agreed to apply the substantive law of another jurisdiction.
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It’s a basic tenet of claims management: ‘An open litigation file is an expensive file.’ Litigation files in reinsurance are not only expensive – they are divisive, belligerent, selfdefeating, uncertain, high-value, maddeningly slow, corrosive to the efforts of the underwriting side, and any number of other nasty attributes.
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