Til Death Do Us Part: Issues Troubling the Long-Term Partnerships Between Life Insurers and Their Reinsurers
Title: Til Death Do Us Part: Issues Troubling the Long-Term Partnerships Between Life Insurers and Their Reinsurers
Date & Time: Thursday, October 18th from 12:00 – 1:15 pm ET / 11:00 am – 12:15 pm CT
Location: Live online webinar
Continuing education: 1.5 NYCLE, Approved for initial certification and recertification
Webinar Panel: Eric Haab, Foley & Lardner, LLP, Susan E. Mack, Adams and Reese LLP & Thomas M. Zurek, OneAmerica
Unlike the frequently short term nature of Property/Casualty reinsurance agreements, most life reinsurance treaties last literally for life – until the last reinsured whole life policyholder dies. The typical lifespan of such treaties requires the quarterly administration of premiums and claims from anywhere between 25 and 50 years. Given this long term relationship, historically life insurers and reinsurers have worked together over the course of decades to resolve potential disagreements amicably, with give and take and both sides and in the spirt of utmost good faith. Formal life reinsurance arbitrations were thus extremely rare, and until recent years most participants in the industry could count on one hand the arbitrations they had been involved with over the prior quarter century.
In recent years, however, a spate of troubling issues have plagued the industry, leading reinsurers and cedents to resort to arbitration with greater frequency. Given their prior lack of reinsurance disputes, however, life reinsurers and insurers have often lacked experience with the dispute process. Likewise, because of the technical and actuarially driven nature of life reinsurance treaties, the most qualified arbitrators are often actuaries, who generally lack first-hand knowledge of standard arbitration procedures. Industry consolidation has exacerbated this problem by creating more conflicts, with major direct writers usually doing business with virtually all of major life reinsurers. These factors have left the industry with a shortage of experienced arbitrators with the requisite business and technical backgrounds at a time when they are needed more than ever.
Most life reinsurance treaties require that arbitrators must have served as officers of life insurance or reinsurance companies to qualify as arbitrators. Those arbitrators that meet that qualification would be well served to become more educated not only in the arbitral process, but with respect to some of the troubling issues causing friction in the long marriages between life insurers and their reinsurers.
- Opportunities for arbitrators to become educated regarding issues causing reinsurance disputes and for which qualified arbitrators are needed.
- Opportunities for life insurers and reinsurers who may lack experience with life reinsurance arbitrations to learn more about how lawyers and arbitrators are addressing some of the issues they are facing.
- Opportunities for counsel to gain insights into the nature of disputes that likely will continue to trouble life insurer and life reinsurers.
Refund/Cancellation Policy: The cutoff date for a full refund of the webinar registration is Wednesday, October 17th. Failure to cancel by this date will result in forfeiture of the entire registration fee.
Questions? For questions about this seminar, please contact firstname.lastname@example.org or call 703-574-4087.
Meet the Panel
ARIAS•U.S. Arbitrator Certification:
This webinar is eligible for 1/3 of a credit toward initial certification or renewal. For certification candidates, attendance at three live webinars will provide one credit toward Option C requirements. For ARIAS·U.S. Certified Arbitrators, attendance at three live webinars will satisfy the seminar attendance requirement for renewal. Click here for more information.
CLE Credit: ARIAS·U.S. is an accredited provider of New York State Continuing Legal Education training – 1.5 CLE credits are available to those who attend this webinar; all credits are for areas of professional practice.
Financial Hardship Policy
Financial Hardship Policy Statement: As required by the New York and Illinois CLE Boards, if a member of the state’s bar would like to attend an ARIAS•U.S. conference, but finds that he or she would incur a financial hardship by doing so, an application for waiver of the attendance fee may be made to the Board of Directors of ARIAS•U.S. Such application would be held in strict confidence.