Til Death Do Us Part: Issues Troubling the Long-Term Partnerships Between Life Insurers and Their Reinsurers

Webinar Information

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

 

Course Description

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.

Objectives:

  • 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.

Registration Information

Members Non-Members
$180 $250

Registration: Register today! Please contact the ARIAS team at info@arias-us.org or call 703-574-4087, for last minute registrations.

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 info@arias-us.org or call 703-574-4087.

 

Meet the Panel

Eric Haab
Foley & Lardner LLP

Eric Haab is a partner and dispute resolution attorney with Foley & Lardner LLP, where he concentrates his practice in the areas of reinsurance, insurance, and insurance insolvency. For more than 25 years, Mr. Haab has represented ceding companies and reinsurers in the U.S., UK, Europe, and Asia in the litigation and arbitration of complex reinsurance disputes.
In addition to his property/casualty matters, since the early 1990s Mr. Haab’s practice has involved numerous life, accident, and health reinsurance disputes, providing Mr. Haab with a depth of understanding of the cutting-edge business and legal issues facing life insurers and reinsurers that is rare in the life reinsurance sector. As a trusted advisor to many of the industries’ leading companies, Mr. Haab frequently counsels clients with respect to untested and novel issues and provides advice regarding treaty revisions designed to avoid future conflicts..Mr. Haab’s recent matters include numerous disputes and counseling regarding YRT life reinsurance premium rate increases, cases involving life reinsurance administration and accounting issues, disputes regarding the reinsurance of GMxB annuity benefits, disputes concerning the reinsurance of “pre-need” life insurance policies, alleged misrepresentations in the pricing of life reinsurance treaties, life insurance underwriting disputes, medical stop loss reinsurance, various portfolios of personal accident reinsurance, high-layer catastrophic worker’s compensation coverage, property-catastrophe reinsurance, Bermuda Form coverage issues, and numerous cases involving asbestos liabilities.Prior to joining Foley, Mr. Haab was a partner in the Chicago office of Lovells LLP. He was a founding member of that office and served as its managing partner for six years.

Susan E. Mack
Adams and Reese LLP

Susan E. Mack serves as Special Counsel with the Jacksonville, Florida office of Adams and Reese LLP following her 25-year career as General Counsel and Chief Compliance Officer of both insurers and reinsurers in the life/health and property/casualty sectors of the insurance industry. Adams and Reese LLP, an AmJur 200 law firm, has 280 lawyers in seven Southern states and the District of Columbia.

Ms. Mack is a founding director of ARIAS (US). She was the first woman to ever be on the ARIAS (US) Board. Currently, she holds ARIAS (US) certifications as an umpire and arbitrator and is also a qualified mediator. In addition to her current insurance regulatory practice, Ms. Mack accepts assignments as an arbitrator, mediator and expert witness.

Ms. Mack promotes the organization’s development by her service on the ARIAS (US) Ethics Committee. She is admitted to practice in Florida, California, Connecticut, North Carolina and South Carolina.

Thomas M. Zurek
OneAmerica

Thomas (Tom) M. Zurek is senior chief legal counsel, executive vice president and secretary for OneAmerica. He’s a member of the executive council, an ex officio member of the board of directors and secretary for all board and corporate functions.

Tom, former general counsel for OneAmerica, plans to retire in 2019 and is working with his successor, Richard (Rich) M. Ellery, to ensure an orderly transition. To accomplish this, Rich will report to Tom until the retirement is effective.

Tom started at OneAmerica in 2002. Earlier in his career, he was executive vice president and general counsel for the American General Life companies. He’s served on the Iowa State Bar Association board of governors and was an adjunct professor of law at Drake University.

He earned a B.S. degree in business administration at Drake and a J.D. from the Drake University Law School.

 



Continuing Education

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.