IAIS policy paper: reinsurance does not create or amplify systemic risk *

Global - August 1 2012
The International Association of Insurance Supervisors recently released a policy paper entitled Reinsurance and Financial Stability which addresses specific issues related to the insurance industry along with evaluating the marketplace as a whole.

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District court confirms reinsurance arbitration award against two Brazilian companies *

Brazil, USA - July 30 2012
Several developments have occurred in the ongoing reinsurance dispute between Aurum Asset Managers and several Brazilian companies.

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Second Circuit finds no direct action right against reinsurer *

USA - July 18 2012
The Second Circuit handed down a summary order affirming the dismissal of Callon Petroleum’s complaint in a reinsurance dispute against National Indemnity.

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Fourth Circuit: state statute does not reverse preempt federal law *

USA - July 16 2012
The Fourth Circuit issued an opinion “preserving the United States’ ability to speak with one voice” in regulating foreign arbitrations.

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Eleventh Circuit affirms district court’s decision that arbitral panel was “foreign” for purposes of discovery statute *

USA - July 5 2012
On an appeal arising out of a foreign shipping contract billing dispute between Consorcio Ecuatoriano de Telecomunicaciones S.A. and Jet Air Service Equador S.A., the Eleventh Circuit held that the arbitral tribunal before which the dispute is pending is a foreign tribunal for purposes of 28 U.S.C. 1782’s discovery rules.

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