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    Winding up insurers - priority payment of reinsurance proceeds
    2011-06-27

    Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Share (finance), Debt, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Liquidator (law), Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Consolidations and winding ups
    2011-06-27

    Over the past few months there have been a number of insurance portfolio transfers and a winding up of a general insurer.  Various judges of the Federal Court have considered aspects of the Insurance Act (Cth) 1973.

    Portfolio transfers

    There have been two scheme transfers of insurance portfolios from Australian branches of overseas insurers to Australian subsidiaries.  While objections to the transfers were raised, the Federal Court confirmed the schemes.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Reinsurance, Liquidation, Holding company, Constitutional amendment, Corporations Act 2001 (Australia), American International Group, Federal Court of Australia
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Bankruptcy court orders advancement of defense costs without adjudicating insurer’s coverage defenses
    2007-10-12

    The United States Bankruptcy Court for the Southern District of New York granted preliminary injunctions ordering a directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage, and without adjudicating the coverage defense. Axis Reinsurance Co. v. Bennett et al., Adv. No. 07-01712 (S.D.N.Y. Bankr. Aug. 31, 2007); Grant v. Axis Reinsurance Co., Adv. No. 07-2005 (S.D.N.Y. Bankr. Sep. 11, 2007). The bankruptcy court applied New York law and relied heavily on the case In re WorldCom, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Injunction, Accounts receivable, Preliminary injunction, Consideration, Reinsurance, Liability insurance, Indictment, Initial public offering, Warranty, Securities fraud, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurance intermediary insolvency: a CASS Act
    2015-06-09

    In addition to the general insolvency measures found in the Insolvency Act 1986, insurance intermediaries are subject to specific client money rules, which have a particular effect if they become insolvent. Though in the context of investment firms rather than the insurance sector, the recent UK Supreme Court case of Lehman Brothers International (Europe) (in administration) v CRC Credit Fund and ors [2012] UKSC 6 (LBIE) is a useful decision against which to consider the application of many of these client money rules.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP, Reinsurance, Insolvency Act 1986 (UK), UK Supreme Court
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Insurance intermediary insolvency: A CASS Act
    2015-05-12

    First publised in CRI

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP, Reinsurance, Insolvency Act 1986 (UK), UK Supreme Court
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Liquidators face (re)insurance problems
    2015-08-06

    Key Points:

    Section 562A of the Corporations Act does not apply where liquidator realises a sum of money by assigning the proceeds of the reinsurance claim to a third party.

    Liquidators of insurance companies face a major quandary when assessing reinsurance recoveries.

    A new Court decision may undercut the legislative policy that reinsurance proceeds should be quarantined from the normal rules for paying out creditors of insolvent companies.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Reinsurance, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Karen O'Flynn , Mark Waller
    Location:
    Australia
    Firm:
    Clayton Utz
    The insolvent insurer, the liquidator, and the reinsurance proceeds yet to come: lessons from AMACA
    2011-03-03

    Your insurer goes bust – can you as an insured claim the reinsurance proceeds? An important decision in the NSW Supreme Court gives useful guidance on when a court will allow departures from the statutory scheme controlling the application of reinsurance proceeds (Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90).

    The insurer goes broke, and there are all these claimants at the door…

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Unsecured debt, Consideration, Debt, Reinsurance, Liquidation, Underwriting, Liquidator (law), Prejudice, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    Romanian insurance and reinsurance undertaking ASTRA SA deemed insolvent by the FSA
    2015-08-27

    On 26 August 2015, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking ASTRA SA, considering the report of the special administrator, KPMG Advisory. 

    According to the FSA, on 30 June 2015, ASTRA SA had: (i) a negative available solvency margin of approximately RON 871 million (approximately EUR 197 million), (ii) a liquidity ratio of 0.03, and (iii) a capital shortage of approximately RON 968 million (approximately EUR 220 million). 

    Filed under:
    Romania, Insolvency & Restructuring, Insurance, CMS Cameron McKenna Nabarro Olswang LLP, Reinsurance
    Authors:
    Florentin Giurgea
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Amendments to provisions regarding re-insurers solvency margins
    2014-04-29

    On 16 April 2014, the Official Gazette published Norm 5 of 2014 of the Romanian Financial Supervisory Authority (the“FSA”) as a supplement to several regulations relating to the calculation of the re/insurer’s solvency margin, the minimum solvency margin and the safety fund (“Norm 5/2014”).

    Filed under:
    Romania, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Reinsurance
    Authors:
    Dr. Marius Petroiu , Florentin Giurgea
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Romanian government controversially adopts the Insolvency Code
    2013-10-16

    The Romanian government has adopted, by means of Government emergency ordinance no. 91, the Insolvency Code. The Code gathers and amends all pre-insolvency and insolvency provisions in Romanian legislation relating to companies, groups of companies, credit institutions, insurance and reinsurance companies, as well as cross-border insolvency proceedings. It will enter into force on October 25, 2013 and will also apply to already ongoing insolvency proceedings.

    Filed under:
    Romania, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Debtor, Accounts receivable, Reinsurance
    Authors:
    Horia Draghici , Andrei Cristescu
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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