Legal/ Regulatory

Bermuda expects blacklist removal this month after EU group backing

Bermuda has been recommended for removal from the European Union’s blacklist of non-cooperative tax jurisdictions by a key EU group, with the island’s officials telling The Insurer they expect to be taken off the list within weeks.

EU upholds CCR’s state-aid despite challenge by rival Scor

Scor’s long-running challenge to the effective cat reinsurance monopoly of French state-owned carrier Caise Centrale de Réassurance (CCR) received a significant set back with a ruling by the European Union’s General Court earlier today.

Florida legislature passes FHCF and surplus lines changes

Florida’s Senate has passed an omnibus insurance bill – which now heads to the governor’s desk – that includes provisions to increase the required loss adjustment expenses (LAE) reimbursement covered by the state’s catastrophe fund and to tweak surplus lines rules.

JenCap in legal dispute with former MJ Kelly president Jon Adams

Carlyle-backed JenCap is embroiled in a legal dispute with the former president of its 2016 acquisition MJ Kelly (MJK) and a start-up MGA called River Valley Underwriters (RVU) it alleges he is behind, The Insurer can reveal.

Florida’s AOB reform to reduce rate need to 10.1% from 25.2%: Citizens

Citizens has said the assignment of benefits (AOB) reform passed in Florida will slash the primary rate increases needed on homeowners insurance, as other observers suggest the impact will also reverse the expected reinsurance hardening at 1 June in subsequent renewals.

AOB reform passes Florida legislature, heads to governor to sign

Florida’s Senate has voted 25-14 to approve a bill to tackle assignment of benefits (AOB) abuse, with the state’s governor confirming that he will sign the bill into law.

Lloyd’s (re)insurer Arig ordered by regulator to address “glaring deficiencies”

Middle Eastern (re)insurer Arig saw trading in its shares temporarily suspended and has been ordered by regulator the Central Bank of Bahrain to address “glaring defiencies in the Company’s governance framework”.

Ironshore oil rig dispute with Halliburton heads to arbitration

A dispute between Ironshore and Halliburton over a $12mn oil rig explosion payout is heading for arbitration after the Fifth Circuit reversed a district court ruling that Ironshore waived all of its subrogation rights and did not have a binding arbitration agreement.

Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss

The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.

Florida Senate committee clears bill to increase FHCF LAE cap

An omnibus bill that would make a raft of insurance-related changes is heading for the Florida Senate floor after passing the Appropriations Committee.

German and UK regulators pen post-Brexit supervisory agreement

German financial services watchdog BaFin and the UK’s Prudential Regulation Authority (PRA) have penned an agreement to secure continuity of oversight for insurance firms operating in the UK and Germany post-Brexit.

AOB reform bill clears Florida Senate committee

A key Florida Senate committee has cleared a bill that would reform assignment of benefits, following the state’s full House of Representatives passing its own AOB bill last week.

Appeals court gives reinsurers a victory in Equitas asbestos ruling

The keenly-anticipated Equitas v MMI judgment has provided the reinsurance industry with welcome judicial guidance that insurers cannot present 100 percent of employers’ liability (EL) mesothelioma claims to any year of cover they choose.

PRA demands business plans of underperforming insurers

The Prudential Regulation Authority has required all insurers with poor recent underwriting results to provide it with a copy of their 2019 business plan and a justification of why their plans are appropriate.

Indian regulator maintains 5% cession rate for GIC Re

The Insurance Regulatory and Development Authority of India (Iradi) has maintained the 5 percent obligatory cession for GIC Re for 2019-20.

Markel: no “bad faith” in CatCo reserving

An external legal team parachuted into the discredited ILS retro fund manager CatCo has found no “bad faith” in the under-reserving that took place after the 2017 loss events.

Rays of legislative hope in the Sunshine State?

Florida’s House of Representatives has passed legislation reforming assignment of benefits (AOB), increasing the state cat fund’s reimbursement retention and tweaking surplus lines rules. The Insurer analyses the odds of the state’s Senate turning any of that into reality and reveals the bills (re)insurers should be watching.

Increased hopes for Florida reform as bills pass House

Today’s passage of legislation by Florida’s House of Representatives to curb AOB abuse and raise the LAE cap in the state’s cat fund has led to increased optimism of meaningful reform in the current legislative session.

Florida’s House passes AOB reform and cat fund LAE increase

Florida’s House of Representatives has passed legislation that would clamp down on assignment of benefits (AOB) abuse, although not without first stripping auto glass suits from the bill. The House also passed a bill to increase the reimbursement of loss adjustment expenses covered by the state’s cat fund.

Integrand’s London market reinsurers petition to compel arbitration

XL Catlin, MS Amlin Underwriting, Aspen Insurance UK and Liberty Specialty Services have filed to compel arbitration in their dispute with Puerto Rican carrier Integrand over hurricane losses, following similar moves by Odyssey Re and Swiss Re, The Insurer can reveal.

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