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• W327868710 abstract "ALTHOUGH reinsurance has existed for centuries, the body of reinsurance law is immature because until fairly recently virtually all disputes between ceding companies and their reinsurers were resolved amicably by business people within the context of preserving and extending long-term business relationships. Reinsurance was a business of honorable undertakings in which the handshake was king. In recent years, however, the handshake has been dying. More and more reinsurance disputes are being resolved either in court or in litigated arbitrations. The reasons for this increased litigiousness are several, including principally that * the business is no longer conducted by a small and friendly club, as many more market participants exist now than 30 years ago; * the ability to resolve disputes within the context of long-term business relationships has decreased substantially as many market participants are now running off books of business and others have alternative reinsurance options; and * the amounts in dispute, which primarily arise from environmental damage and toxic tort litigation, are often so large that friendly compromises can't be reached. With this increase in reinsurance disputes, the relevant law has undergone significant development. What makes following these developments especially interesting is that the body of reinsurance law is national and international in scope, rather than state based, like most areas of law. Moreover, because the law is so immature, cases at even the trial level or in non-precedent setting arbitrations are followed and given significance. WHAT'S HAPPENING The new developments are in three key areas - process disputes; substantive legal disputes; and transaction-intensive disputes. A. Process Disputes Many reinsurance agreements require disputes to be resolved by binding arbitration. In recent years, considerable developments have occurred in the law of arbitration, both within reinsurance and in other contexts. Since arbitrations themselves have become litigious and costly, and since the decisions of arbitrators are generally not subject to later review, considerable debate has arisen as to what process is preferable - arbitration or litigation. B. Substantive Legal Issues There are two burning substantive legal issues. 1. Declaratory Judgment Expenses Can an insurer that spends large amounts of money contesting coverage with its insured later share these coverage litigation costs with its reinsurers as an allocated loss adjustment expense? 2. Reinsurance for Environmental Cleanup and Toxic Tort Settlements In recent years, insurers have begun settling with insureds who have been charged with polluting the environment or injuring people with toxic products. From a reinsurance point of view, the problem in that these are generally global settlements in which the insurance company ends all disputes it has with its insured under all policies for all years for all allegations of environmental or toxic injury. Many questions are raised as settling insurers try to pass portions of these settlements on to their reinsurers. These include questions as to the number of insured occurrences, whether reinsurers should pay for policy buybacks, whether reinsurers should pay for what may be perceived as business or economic settlements, and how much of these settlements should be allocated to each policy year. C. Transaction-intensive Disputes For the most part, resolutions of transaction-focused disputes have been put on back burners. But as questions over the process and underlying legal issues are resolved, increased attention will be given to the underlying facts that precipitated these reinsurance collection disputes. The underlying disputes are of two main types. 1. Poor (Bad Faith) Claims Handling If, as a result of apparent poor claims handling, a ceding company must pay a very large judgment, should its reinsurers be forced to follow its fortunes? …" @default.
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• W327868710 modified "2023-09-28" @default.
• W327868710 title "Updating Reinsurance Law Developments: The Gloves Are Beginning to Come Off" @default.
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