However, most reinsurance contracts do not absolve the ceding insurer's responsibility to pay the insurance claims should the reinsurer
It is necessary to understand the underlying reasons for big disparities in reinsurer
PwC has issued a report saying that the shares of nine in 10 listed reinsurers
The Reinsurance Regulatory Modernization Framework, drafted by the NAIC Reinsurance Task Force, establishes a "conceptual framework" for creating 2 new classes of reinsurers
in the United States: U.
It is unwinding the reinsurer
, according to a source, because the cost of capital is too high.
41) The rationale underlying the doctrine is that the interest of the cedent and reinsurer
are aligned and the interests of both parties are furthered by allowing the cedent to settle the dispute against its insured on the best terms possible.
insured is treated as having purchased insurance from the reinsurer
directly--such that a 4% FET would apply.
On your next renewal, look into how your reinsurer
has structured itself.
Superior National Insurance Group announced Wednesday it has filed a contract fraud suit against two reinsurers
, seeking more than $200 million in damages for canceling workers' compensation coverage.
The Florida Office of Insurance Regulation reviews reinsurers
for approval after companies undergo a selective application process requiring them to have capital and surplus of at least $100 million, proof of financial strength by at least two nationally recognized rating organizations, and evidence of continued financial soundness and stability.
Facultative business can give rise to conflicts between reinsurers
and cedants in the handling of claims, particularly if the cedant is concerned with reputational risk and has no meaningful exposure.
The next closes reinsurer
was Swiss Re America Corp.
Cedants, direct writers who reinsure contracts that they have sold, are responding by retaining more of the business that they write, using a captive reinsurer
to accept excess reserve needs and collateralizing letters of credit, the report says.
Consequently, insurance buyers in industries such as energy, where losses are often catastrophic, are expanding efforts to ensure the security of their insurer by probing deeply into a facet of their insurer's operations that used to garner little attention from insurance buyers: its reinsurer
92-39, which required a foreign insurer or reinsurer
to obtain a certificate of foreign residence from a local tax authority.