AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
(From Reinsurance)
The English High Court has upheld a challenge to the voting process for solvent schemes of arrangement proposed by a group of 16 insurance companies that underwrote insurance and reinsurance business in pooling arrangements known as the WFUM Pools.
The case, in the Matter of Sovereign Marine & General Ins Co et al., saw a challenge brought by 13 US policyholders, including Goodrich, Textron, Sears Holdings, Exxon Mobil and their affiliated companies. They objected to the proposed scheme on the ground that scheme creditors with existing liabilities and outstanding claims had different rights from scheme creditors with contingent liabilities for asbestos, pollution and other "incurred but not reported" (IBNR) claims, and that these differences required the convening of separate classes for purposes of voting on the proposed schemes. (IBNR claims are claims where the event giving rise to the policyholder's liability (for example, ...