The Supreme Court published two judgments on how dishonesty affects insurance claims before the end of the most recent Trinity term:10 August 2016
U.S. Court of Appeals Affirms Decision by Lower Court That Retrocessions with Underlying U.S. Risks Between Two Non-U.S. Reinsurers Are Not Subject to U.S. Federal Excise Tax
The Court of Appeal’s decision is significant to non-U.S. reinsurers that have previously paid FET on retrocessions with underlying U.S. risks. Impacted non-U.S. reinsurers should consider filing refund claims to the extent protective claims for refund have not already been filed to recover previously paid amounts of FET on affected retrocession transactions.
Access prior Hogan Lovells’ coverage on Validus and the FET at:
Yes – to an extent. In the case of Versloot Dredging BV and another (Appellants) v HDI Gerling Industrie Versicherung AG and others (Respondents) UKSC 2014/0252 (The Merwestone), the...21 July 2016