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:
US Legal - Cutting through the contract.
(From Reinsurance)
Byline: Peter Chaffetz and Steven Schwartz.
One of the most basic principles of reinsurance is that the reinsurance contracts are strictly between the cedant and the reinsurer. Yet, on 26 June, a Pennsylvanian court chose to ignore this principle by ruling that four major policyholders of two companies in liquidation could recover reinsurance proceeds directly from the companies' reinsurers.
The court entered this order in Koken v Legion Insurance Company, No. 183 MD (Pa. Commis Ct.), notwithstanding the fact that there was no explicit cut-through provision in the relevant contracts and over the objection of the Pennsylvania insurance commissioner and an intervening reinsurer.
(We refer to the two affiliated companies that are the subject of this dispute collectively as 'Legion').
It is not unusual to see major policyholders attempt to recover from reinsurers when a state supervisory proceeding interrupts the flow of claim payments but it is exceedingly rare for such challenges to succeed.
Normally, two related principles defeat such claims.
- American Airlines Becomes Official Airline of Snowball Express.
- Press release article from: Business Wire October 2, 2007 700+ words
...Steve Blankenship, American Airlines managing director...Initiatives, said, "American Airlines is honored to be...cities to link up with American Airlines flights on the East...VFW, the American Legion, Military Order...
- American Airlines bullish on Indian aviation market.
- News wire article from: Business Line December 15, 2005 700+ words
...largest airline, American Airlines has managed to achieve...names in US corporate legion, like IBM and Dell...helping matters for American Airlines, which flies to...it is not only American Airlines that has launched...
- In antitrust action by Central American airlines against four U.S. airlines and...
- Newspaper article from: International Law Update September 1, 2002 700+ words
...alliance of principal Central American airlines (not a party in this action...plaintiffs' interpretation, a legion of activities transacted by foreign...Citation: Turicentro, S.A. v. American Airlines, Inc., 2002 WL 31008819...
- Financial Experts Unsure Why American Airlines' Shares Have Gone on Wild Ride.
- News wire article from: Knight Ridder/Tribune Business News May 9, 2003 700+ words
...Knight Ridder/Tribune Business News May 9--The parent of American Airlines has lost $6.3 billion in the past 27 months. It's flirting...that Wall Street pros are playing an important role, not legions of small investors willing to bet their nest eggs on American...
- American Airlines Launches "On American Airlines"; New Entertainment Magazine...
- Press release article from: M2 Presswire August 2, 2007 700+ words
M2 PRESSWIRE-2 August 2007-American Airlines: American Airlines Launches "On American Airlines"; New Entertainment Magazine Designed by American Airlines Publishing(C)1994-2007 M2 COMMUNICATIONS LTD RDATE:01082007 Fort Worth, Texas...
- American Airlines 13th Annual Celebrity Golf And Tennis Weekend Will Raise...
- Press release article from: M2 Presswire October 4, 2007 700+ words
M2 PRESSWIRE-4 October 2007-American Airlines: American Airlines 13th Annual Celebrity Golf And Tennis Weekend...athletes and other celebrities are teaming up with American Airlines this weekend to support Susan G. Komen for the...
- American Airlines Makes Getting to Cancun Even Easier With New, Special...
- Press release article from: PR Newswire August 1, 2006 700+ words
...accessible, thanks to a new offer from American Airlines, a founding member of the global...Alliance. For just 20,000 miles, American Airlines AAdvantage(R) members can get...Travel is valid on flights operated by American Airlines, American Eagle or AmericanConnection...
- American Airlines 13th Annual Celebrity Golf and Tennis Weekend Will Raise...
- Press release article from: PR Newswire October 3, 2007 700+ words
...celebrities are teaming up with American Airlines this weekend to support...Cure at the 13th Annual American Airlines Celebrity Golf and Tennis...Club in Carlsbad, Calif. American Airlines is the title sponsor of...
- American Airlines Gives Southern California Residents Ultimate Access to New...
- Press release article from: PR Newswire November 18, 2003 700+ words
...New York than any other airline, American Airlines gives Southern California residents...links to New York. To celebrate American Airlines superior network of flights, from...residents of California can enter American Airlines "Real AAccess" Sweepstakes at aa...
- American Airlines Hosts Veterans Day Tribute, Unveils Two Yellow-Ribbon...
- Press release article from: M2 Presswire November 12, 2008 700+ words
M2 PRESSWIRE-12 November 2008-American Airlines: American Airlines Hosts Veterans Day Tribute, Unveils Two Yellow-Ribbon Aircraft; American Airlines and American Eagle Dedicate Planes with Yellow-Ribbon Decals to Honor Veterans and Active...